Hyderabad achieves 74% housing project completion rate with RERA

Hyderabad: Hyderabad has achieved an impressive 74 percent completion rate for housing projects initiated after the implementation of the Real Estate Regulatory Act (RERA). Between the second half of 2017 and the entire year of 2018, a total of 110 projects were launched in the city. Remarkably, 81 of these projects have been successfully finished, as per the latest data from Anarock Research.

RERA was introduced with the primary objective of shielding homebuyers from the frustrations of delayed and halted housing projects. It has not only met this objective in Hyderabad but has also been successful in the top seven cities across India. Data reveals that among 1,642 RERA-registered residential projects launched in these top seven cities during the same timeframe, a remarkable 86 percent have been completed. This achievement is notable, considering the challenges posed by the COVID-19 pandemic and supply chain disruptions due to the European war. Chennai leads the way with a remarkable 90 percent completion rate.

Anuj Puri, Chairman of Anarock Group, commented, “RERA has unquestionably delivered on its promise of ensuring the timely delivery of residential real estate projects wherever it has been fully implemented. An overall completion rate of 86 percent across the top seven cities in the 1.5 years following RERA’s implementation is a noteworthy accomplishment.” According to Anarock, several projects across various cities remain incomplete for diverse reasons. Some involve large-scale projects that naturally take longer to finish, while others, typically initiated by smaller developers, have encountered roadblocks due to liquidity and regulatory compliance issues.

Amidst the backdrop of escalating input costs, only financially robust developers can maintain progress on their projects.