Reducing Completion Time: How India's Top 7 Cities are Speeding Up Construction Projects
Real estate developers in India's top 7 cities are cutting project completion time by 20% due to tighter regulations and advanced construction technologies.
Real EstateRealtyHousingConstructionProject Completion TimeReal Estate NewsJul 14, 2024
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. However, during the 2010-19 period, the average time taken by builders was 4.9 years for small projects and 6.1 years for larger ones.
The stringent rules imposed on project delays by regulatory authorities have played a key role in reducing the completion time. Anuj Puri, Chairman of Anarock, noted that the regulatory bodies have been instrumental in bringing about this change.
Chennai has emerged as the city with the least completion time for both small and large projects over the last 10 years. On the other hand, Kolkata took the maximum time to complete large projects, while Mumbai Metropolitan Region (MMR) and Delhi-NCR took the highest time period for small projects.
According to Anarock's data, the average completion time in Chennai was 3.6 years for larger projects and 3 years for small projects. In Kolkata, builders 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. Hyderabad and Bengaluru followed closely, with average project completion times ranging from 3.1 years to 4.8 years.
Information
Anarock is a leading real estate consultant that provides comprehensive services to its clients. With a strong presence in India's top cities, Anarock has been instrumental in shaping the country's real estate landscape.
Anarock is a renowned real estate consultant that offers a range of services, including project feasibility studies, market research, and investment advisory. With a team of experienced professionals, Anarock has established itself as a trusted partner for developers, investors, and homebuyers alike.
Keywords Real Estate, Realty, Housing, Construction, Project Completion Time
Frequently Asked Questions
What is the average reduction in project completion time across India's top 7 cities?
The average reduction in project completion time is around 18-20%.
Which city has the least completion time for both small and large projects?
Chennai has the least completion time for both small and large projects.
What is the main reason behind the reduction in project completion time?
The main reason is the implementation of tighter regulations and the adoption of advanced construction technologies.
Which city took the maximum time to complete large projects?
Kolkata took the maximum time to complete large projects.
What is the average completion time for small projects in Mumbai Metropolitan Region?
The average completion time for small projects in Mumbai Metropolitan Region is around 4.7 years.
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