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.
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