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New Delhi: At least 86 percent of the total 1,642 housing projects launched between July 2017 and December 2018, across seven major cities have been completed so far, helped by tighter regulations under realty law RERA, according to real estate consultant Anarock.
These 1,642 housing projects are registered under the real estate regulatory law — RERA.
However, in terms of number of residential units, the developers have completed only 71 percent of the residential properties that they launched across seven cities during these 1.5 years. These cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, Hyderabad and Kolkata.
“When it comes to ensuring timely delivery of residential real estate projects, RERA has delivered resoundingly, wherever it has been fully deployed,” real estate consultant Anarock Chairman Anuj Puri said.
“The overall completion rate of 86 percent across the top seven cities in the 1.5 years following RERA implementation is remarkable, especially considering the market circumstances prior to its deployment,” Puri said.
According to the Anarock data, the seven cities saw a total of 1,642 projects launched, cumulatively accounting for 2,58,100 units in H2 2017 and the whole of 2018. Of these, 1,409 projects comprising 1,83,490 units have been completed so far.
Some of the larger projects are taking more time, while some projects of small developers face a liquidity crunch, it added.
The Real Estate (Regulation and Development) Act, 2016 — called RERA — was passed in Parliament in March 2016. Certain Sections of RERA were notified with effect from May 1, 2016, and the remaining sections from May 1, 2017.
The law provides for mandatory registration of projects (above 500 square metres and above eight apartments) with RERA before launch.
“The introduction of RERA has reinvigorated prospective homebuyers with unwavering confidence, assuring them that their investments are protected, and their dream homes will be completed on schedule,” Signature Global Chairman Pradeep Aggarwal said.
State governments have played a pivotal role in enforcing this law effectively, he said.
As per the Anarock report, Chennai saw the highest number of project completions among the top seven cities.
Out of 119 projects launched in Chennai, between H2 2017 and the whole of 2018, 107 projects are complete as on date.
In Bengaluru, a total of 172 housing projects were launched during this period, of which 147 projects (85 percent) have been completed.
In Hyderabad and Delhi-NCR, the completion rate is 74 percent each.
Real estate developers have completed 81 housing projects out of 110 launched in Hyderabad, while in Delhi-NCR, 64 projects have been completed out of 86 projects launched.
In Kolkata, as many as 83 projects were launched and out of that 58 projects are already complete.
Developers launched 679 housing projects in Mumbai Metropolitan Region (MMR), and out of that 602 projects (89 percent) have been completed.
Similarly, in Pune, the builders launched 393 housing projects between July 2017 and December 2018. Out of that, 350 projects (89 percent) are completed.
PTI