NEW DELHI: The last decade (2014-H1 2024) has seen homebuyers’ wait for possession in large under-construction projects in the top seven cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period, according to Anarock data.
“Large and listed players account for nearly 34% of the market today. The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in reducing the completion time,” said Anuj Puri, chairman, Anarock Group.
For all large projects launched and completed between 2014 and H1 2024, the average completion time was lowest in Chennai with 3.6 years, while Hyderabad and Bangalore clocked in at 4.2 and 4.8 years respectively.
“For most large projects in NCR and MMR, developers had purchased land outright, thereby compromising their overall financial health and delivery capability. On the other hand, most projects in the main southern cities are joint developments where landowners usually get a certain share of the developed units. In NCR, extreme weather conditions and the statutory restrictions imposed on construction when the pollution levels rise also play affect construction timelines in the region. Most developers have gradually reduced their leverage and with stronger financial conditions, are able to focus on execution,” said Puri.In Kolkata, large projects launched and completed between 2014 to H1 2024 took the longest average time to complete, at 5.7 years while in Mumbai Metropolitan Region (MMR), it took an average of 4.7 years to complete small projects, and around 5.2 years for large projects.
In Pune, the average project completion time was 4.3 years for small projects, and 5.4 years for large ones while in NCR, homebuyers waited an average of 4.7 years for small projects and 5.4 years for large ones.
In Chennai and Hyderabad, the average completion time for small projects was 3 years and 3.1 years respectively, and 3.6 and 4.2 years for large projects, respectively. In Bangalore, it was 3.5 years for small projects and 4.8 years for large ones.
