Record-High Home Deliveries Expected in 2024: Over 5.3 Lakh Units to be Handed Over
Get ready for a surge in home deliveries as the Indian real estate sector witnesses a significant uptick in 2024.
Real EstateProperty PricesSwamih FundAnarockNaredcoReal Estate NewsMay 28, 2024
According to the National Real Estate Development Corporation (NAREDCO), nearly 4.35 lakh units were completed in the top 7 cities in 2023, with expectations of a significant increase this year. Anarock's data indicates that at least 44% more units were completed in 2022 compared to 2021, and the number has been on the rise since.
Regional developers are also contributing to this surge in deliveries. Noida-based real estate developer County Group will deliver over 4 million sq ft across three housing projects in 2024, overcoming the challenges faced during the pandemic. Anant Raj Ltd. will be delivering its 20-acre township, Ashok Estates, this year, in which about 700 units of independent floors are under construction by plot buyers.
Experts believe that a decade of significant change in the Indian real estate sector, led by various game-changing reforms and policies like RERA and the SWAMIH alternate investment fund, has reignited confidence and hope in the sector. Implemented across many states since 2017, RERA finally brought regulation to the real estate sector, safeguarding the interests of homebuyers by ensuring transparency, timely project completion, and accountability among developers.
Since its inception in 2019 until December 2023, the SWAMIH Fund has completed approximately 26,000 homes in the country, and 80,000 more are projected to be completed over the next three years. The SWAMIH Fund has played a crucial role in addressing the sector's liquidity issues, especially amid challenging economic conditions.
The Indian real estate sector has witnessed a significant transformation over the past decade, driven by various reforms and policies aimed at regulating the industry and protecting the interests of homebuyers.
Anarock is a leading real estate consultancy firm that provides expert advice and insights to developers, investors, and homebuyers. County Group is a Noida-based real estate developer that has delivered several projects across the National Capital Region. Anant Raj Ltd. is a prominent real estate developer with a legacy of over three decades in the industry. Birla Estates Pvt. Ltd. is a leading real estate developer that has partnered with Anant Raj Ltd. to develop the Ashok Estates township.
Frequently Asked Questions
How many homes are expected to be delivered in 2024?
Over 5 3 lakh homes are expected to be delivered in 2024 making it the highest number in a decade
What has contributed to the surge in home deliveries in 2024?
The surge in deliveries can be attributed to the Covid-19-related delays and projects revived through the government-backed SWAMIH fund
What is the role of RERA in the Indian real estate sector?
Implemented across many states since 2017 RERA finally brought regulation to the real estate sector safeguarding the interests of homebuyers by ensuring transparency timely project completion and accountability among developers
How many homes has the SWAMIH Fund completed since its inception?
The SWAMIH Fund has completed approximately 26 000 homes in the country and 80 000 more are projected to be completed over the next three years
What is the impact of the SWAMIH Fund on the Indian real estate sector?
The SWAMIH Fund has played a crucial role in addressing the sector's liquidity issues especially amid challenging economic conditions and has also boosted the growth of many ancillary industries in the real estate and infrastructure sectors
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