Hyderabad sees 74% completion rate in housing projects
Out of a total of 110 projects launched in the city between H2 2017 and the entire year of 2018, a total of 81 have been successfully completed, according to the latest data from Anarock Research.
Hyderabad: Hyderabad has achieved a commendable 74 per cent completion rate in housing projects launched in the period following the implementation of the Real Estate Regulatory Act (RERA).
Out of a total of 110 projects launched in the city between H2 2017 and the entire year of 2018, a total of 81 have been successfully completed, according to the latest data from Anarock Research.
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RERA was introduced with the primary aim of safeguarding homebuyers from the woes of delayed and stalled housing projects. It has largely succeeded in achieving this objective, not only in Hyderabad but also across the top seven cities in India.
The data reveals that out of 1,642 RERA-registered residential projects launched in the top seven cities during the same period, 86 per cent have been completed despite challenges such as the COVID-19 pandemic and supply chain disruptions caused by the war in Europe. Chennai takes the lead with a 90 per cent completion rate.
Anuj Puri, Chairman of Anarock Group, said, “when it comes to ensuring timely delivery of residential real estate projects, RERA has delivered resoundingly wherever it has been fully deployed. The overall completion rate of 86% across the top 7 cities in the 1.5 years following RERA implementation is remarkable.”
According to Anarock, several projects across cities remain unfinished for various reasons. In some cases, there are large-size projects which take longer to complete while in others, projects by smaller developers have been roadblocked by liquidity and/or regulatory compliance issues.
Amid soaring inflation of input costs, only financially strong developers are able to keep their projects on track.
RERA- Project completion rate
– Chennai: 90%
– Pune: 89%
– MMR (Mumbai Metropolitan Region): 89%
– Bengaluru: 85%
– Hyderabad: 74%
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