Hyderabad has achieved an impressive 74 percent completion rate for housing projects initiated in the period following the enforcement of the Real Estate Regulatory Act (RERA).
Between the latter half of 2017 and the entirety of 2018, a total of 110 projects were launched in the city, with 81 of them successfully reaching completion, as per the latest data from Anarock Research.
The primary objective behind RERA's introduction was to safeguard homebuyers from the challenges of delayed and stalled housing projects. It has been largely successful in achieving this goal, not just in Hyderabad but also across the top seven cities in India.
The data highlights that, among the 1,642 RERA-registered residential projects launched in the top seven cities during the same period, an impressive 86 percent have been completed, even in the face of challenges like the COVID-19 pandemic and disruptions in the supply chain due to the European conflict. Chennai leads the pack with a remarkable 90 percent completion rate.
Anuj Puri, Chairman of Anarock Group, commented, “RERA has demonstrated its effectiveness in ensuring the timely delivery of residential real estate projects wherever it has been fully implemented. The overall completion rate of 86% across the top 7 cities in the 1.5 years following RERA implementation is truly noteworthy.”
According to Anarock, several projects in various cities remain incomplete for a range of reasons. Some involve large-scale projects that naturally require more time for completion, while others are hindered by liquidity issues and regulatory compliance challenges, particularly in the case of smaller developers.
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