|
Private Sector | Orissa - India | PID: 203211
|
Due to RERA, advancements in construction technology, and the growing market share of large developers, the average wait time for possession in large under-construction projects in the top 7 cities has decreased from 6.1 years (2010-2019) to 4.9 years (2014-H1 2024).
Anuj Puri, Chairman of ANAROCK Group, noted, "Latest data reveals that the average time to complete large residential projects of 500+ units in the top 7 cities has reduced to 4.9 years from 6.1 years in the previous decade. Large and listed developers now account for nearly 34% of the market, and stringent regulations on project delays have significantly contributed to reducing completion times.”The study analyzed all projects launched and completed between 2010-2019 and 2014-H1 2024, focusing on developments with less than 500 units and those with over 500 units.
Southern cities excelled in project completion times. For large projects launched and completed between 2014 and H1 2024, Chennai had the shortest average completion time at 3.6 years, followed by Hyderabad at 4.2 years, and Bangalore at 4.8 years.
Puri explained, "In NCR and MMR, developers often purchased land outright, impacting their financial health and delivery capabilities. In contrast, many projects in southern cities are joint developments where landowners receive a share of the developed units. Additionally, extreme weather conditions and statutory restrictions in NCR also affect construction timelines. With reduced leverage and stronger financial conditions, developers can now focus more on execution.”
| Updated on: 31 - Jul - 2024
|
|
|
|