 "Real Estate, Realty, Housing")
According to the data, the reduction of completion time for larger projects is in the range of 10 per cent to 36 per cent across these seven cities | Representative Image
Real estate developers across seven major cities are taking an average 18-20 per cent less time to complete a project because of tight regulations and the use of latest construction technologies, according to Anarock.
Real estate consultant Anarock data analysed all projects that were launched and completed between 2010-2019 and 2014-H1 2024 across the top seven cities.
In the last decade, the average time taken to complete smaller projects of less than 500 units across these seven cities was four years, while builders took 4.9 years to complete large projects of more than 500 units each.
During 2010-19 period, the average time taken by builders was 4.9 years for small projects and 6.1 years for larger ones.
So, the average completion time across seven major cities has fallen by 18 per cent in small projects and 20 per cent in large projects during the period under review.
“The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in reducing the completion time,” Anarock Chairman Anuj Puri said..
As per the data, builders in Chennai took the least time to complete both small and large projects in the last 10 years..
Maximum completion time for large projects was in Kolkata, while for small projects Mumbai Metropolitan Region (MMR) and Delhi-NCR took highest time period.
For all projects launched and completed between 2014 and H1 2024, Anarock data showed that the average completion time in Chennai was 3.6 years for larger projects and 3 years for small projects.
Among other cities, the consultant data showed builders in Kolkata took 5.7 years for larger projects and 4.4 years for smaller ones.
In Mumbai Metropolitan Region, it took an average of 4.7 years to complete small projects, and around 5.2 years for large projects.
The average project completion time in Pune was 4.3 years for small projects, and 5.4 years for large ones. In Delhi-NCR, homebuyers waited an average of 4.7 years for small projects and 5.4 years for large ones.
Builders in Hyderabad took 3.1 years for small projects and 4.2 years for large projects.
In Bengaluru, it was 3.5 years for small projects and 4.8 years for large ones during the last 10 years.
According to the data, the reduction of completion time for larger projects is in the range of 10 per cent to 36 per cent across these seven cities. The fall in execution time is in the range of 8 per cent to 30 per cent in case of smaller projects.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 14 2024 | 6:39 PM IST
