Faster Realty Project Completion: The Tech and Regulatory Push
Discover how modern construction technology and stricter regulations are revolutionizing the real estate industry, ensuring timely delivery of projects and changing the game for developers and home buyers alike.
Construction TechnologyReal Estate Regulatory AuthorityTimely DeliveryLarge Scale ProjectsMarket TrendsReal Estate NewsJul 14, 2024
According to a report by Anarock, a leading real estate consulting firm, the average completion time for smaller projects of fewer than 500 units in the top seven cities is now four years, while larger projects with more than 500 units take about 4.9 years to complete. The market share of large and listed developers has also increased significantly, contributing to the timely delivery of projects.
The implementation of RERA has been a key factor in reducing completion time, as it imposes stringent rules on project delays. Large and listed players now account for nearly 34% of the market, and their increased presence has led to a focus on execution and timely delivery.
When it comes to completing large projects, southern cities such as Chennai, Hyderabad, and Bengaluru are ahead of their northern, western, and eastern counterparts. Chennai has the lowest average completion time at 3.6 years, while Hyderabad and Bengaluru clock in at 4.2 and 4.8 years, respectively.
In contrast, the NCR region faces challenges due to extreme weather conditions and statutory restrictions imposed on construction when pollution levels rise. However, most developers have reduced their leverage and, with stronger financial conditions, are able to focus on execution.
Experts believe that construction time will further decrease as larger projects gain momentum across cities and implement new construction technology. The continuity of execution across major projects is becoming a big factor for financially sound developers whose sales volumes have enabled continued cash flows.
The real estate industry is undergoing a significant transformation, and the adoption of modern technology and stricter regulations is at the forefront of this change. As the industry continues to evolve, home buyers can expect timely delivery of projects, and developers can focus on execution and growth.
Frequently Asked Questions
What is the average completion time for smaller projects in the top seven cities?
According to a report by Anarock, the average completion time for smaller projects of fewer than 500 units in the top seven cities is now four years.
What is the main factor contributing to the reduction in completion time?
The implementation of RERA and the adoption of modern construction technology are the main factors contributing to the reduction in completion time.
Which city has the lowest average completion time for large projects?
Chennai has the lowest average completion time for large projects at 3.6 years.
What challenges does the NCR region face in terms of construction timelines?
The NCR region faces challenges due to extreme weather conditions and statutory restrictions imposed on construction when pollution levels rise.
What is the expected outcome of the increasing adoption of construction technology?
Experts believe that construction time will further decrease as larger projects gain momentum across cities and implement new construction technology.
Tags:
Related News Articles
Indian Real Estate Sector to Witness Unprecedented Growth with Rs 3 Trillion Capital Commitment
The Indian real estate sector is poised for a massive growth spree with an estimated capital commitment of Rs 3 trillion over the next two years. Developers are betting big on the boom in residential property and sustained leasing activity in commercial p
MahaRERA to Host Workshops for Seamless Transition to New Website
MahaRERA to conduct training sessions for real estate stakeholders to navigate new website and MahaCRITI system
Navigating the Real Estate Investment Market: Trends, Opportunities, and Challenges
The global real estate investment market is expected to witness significant growth over the forecast period, driven by increasing demand for commercial and residential properties. This report provides a comprehensive analysis of the market, including its
NCLAT Rejects Tax Claim Against Reliance Communications, Citing Insolvency Initiation
The National Company Law Appellate Tribunal (NCLAT) has dismissed a tax claim filed by the state tax department against Reliance Communications, stating that the assessment was made after the initiation of the insolvency resolution process.
Mumbai MMR Sees 7% Growth in Residential Registered Transactions
In the third quarter, Godrej Properties jumped from fourth place to the top among developers with the highest registered home sales value, marking a significant rise in the Mumbai Metropolitan Region (MMR).
Diwali 2024: Real Estate Offers in Delhi NCR - From Gold Coins to Free Lamborghinis
While festive offers are tempting, real estate experts advise homebuyers to scrutinize the fine print and assess the true value of the add-ons.