Nearly 86 per cent of the total 1,642 housing projects launched between July 2017 and December 2018 across seven major cities in India have been completed, helped by tighter regulations under realty law RERA, according to real estate consultant Anarock. These 1,642 projects are registered under the real estate regulatory law RERA.
"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, while adding, "The overall completion rate of 86 per cent across the top seven cities in the 1.5 years following RERA implementation is remarkable, especially considering the market circumstances prior to its deployment."
The Real Estate (Regulation and Development) Act, 2016, called as RERA, was passed in Parliament in March 2016. Certain Sections of RERA were notified with effect from May 1, 2016 and remaining sections from May 1, 2017. The law provides for mandatory registration of projects (above 500 square meters and above eight apartments) with RERA before launch.
In its latest report, Anarock said that out of a total 1,642 RERA-registered residential projects launched in the seven major cities during July 2017-December 2018 period, at least 1,409 are completed. "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.
According to the Anarock release, Chennai saw the highest number of project completions among the top seven cities. Of 119 projects launched in Chennai, between H2 2017 and the whole of 2018, 107 are complete as on date. In Bengaluru, a total of 172 housing projects were launched during this period, of which 147 projects (85 per cent) have been completed. In Hyderabad and Delhi-NCR, the completion rate is 74 per cent 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 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 per cent) have been completed. Similarly, in Pune the builders launched 393 housing projects between July 2017 and December 2018. Out of that, 350 projects (89 per cent) are already complete.