Latest ANAROCK Research data finds that at least 86% of residential projects launched in the post-RERA period from H2 2017 and entire 2018 are completed. Only H2 2017 & 2018 projects have been considered because on an average, it does not take more than 5 years to complete most housing projects, with the exception of large townships.
Out of a total of 1,642 RERA-registered residential projects launched in the top 7 cities in these 1.5 years, at least 1,409 are completed despite major headwinds like Covid-19 and the supply chain disruptions of the war in Europe. With 90%, Chennai saw the highest number of project completions among the top 7 cities. Out of 119 projects launched in the city in between H2 2017 and the whole of 2018, over 107 are complete as on date
Notably, these project completions took place during a period when construction activity was severely impacted by the pandemic-induced lockdowns. From H2 2017 onward, a 'delivery at all cost' approach has taken firm root, predictably spearheaded by the country's leading developers. More than 4.02 lakh homes were completed in 2022 across the top 7 cities - the highest yearly completions since 2017.
Projects that remain incomplete across cities 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 road blocked 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. Progress on many projects has also been held back by the impact of the recent pandemic on construction activity.
The top 7 cities saw a total of 1,642 projects launched, cumulatively accounting for approx. 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.
