Out of a total of 1,642 RERA-registered residential projects launched in the top 7 cities during this 1.5-year timeframe, a substantial 1,409 projects have reached completion, despite substantial challenges such as the Covid-19 pandemic and supply chain disruptions caused by the European conflict. Among the top 7 cities, Chennai leads with a 90% project completion rate, with over 107 out of 119 projects launched in the city during H2 2017 and the entirety of 2018 now fully completed.

Anuj Puri, Chairman of ANAROCK Group, commented, “RERA has undeniably delivered on its promise of ensuring timely delivery of residential real estate projects wherever it has been fully implemented. Achieving an overall completion rate of 86% across the top 7 cities in the 1.5 years following RERA’s implementation is truly remarkable, especially considering the market conditions prior to its enactment.”

Significantly, these project completions occurred during a period when construction activity was severely affected by pandemic-induced lockdowns. Starting from H2 2017, a ‘delivery at all costs’ approach gained traction, primarily led by leading developers in the country. In 2022 alone, more than 4.02 lakh homes were completed across the top 7 cities, marking the highest annual completions since 2017.

Puri added, “While Chennai achieved the highest number of project completions at 90%, Kolkata had the lowest rate at 70%. This divergence can be attributed to Kolkata’s delayed implementation of RERA, which was not in effect until late 2022. Furthermore, compared to other major cities, real estate activity in Kolkata has remained relatively subdued.”

Several factors contribute to projects remaining incomplete across cities. Some projects, especially large-scale ones, naturally take longer to complete, while others by smaller developers face challenges related to liquidity and regulatory compliance. The recent pandemic-induced inflation in input costs has also hindered the progress of many projects.

City-wise Trends
The top 7 cities witnessed the launch of a total of 1,642 projects, accounting for approximately 2,58,100 units between H2 2017 and the entirety of 2018. Out of these, 1,409 projects, comprising 1,83,490 units, have already reached completion.
In the Mumbai Metropolitan Region (MMR), the most new launches occurred during H2 2017 and 2018, with 679 residential projects comprising approximately 83,570 units. Among these, 602 projects (89%) have been completed to date.
Pune recorded the launch of 393 projects during this period, with 350 projects (89%) now successfully completed. The total number of units in Pune stands at approximately 33,380.
Bengaluru saw the launch of around 172 projects, totaling approximately 42,150 units, of which 147 (85%) are complete.
Hyderabad had 110 projects launched in this period, with 81 (74%) reaching completion. The total units launched in Hyderabad were approximately 24,215.
In the National Capital Region (NCR), approximately 86 projects, comprising approximately 34,520 units, were launched during this period. Of these, 64 (74%) have achieved completion. NCR’s lower project completion rate can be attributed to the launch of some large projects in the region.
Chennai emerged as the frontrunner in project completions, with 119 projects launched in the period, of which 107 (90%) are complete. The total number of units across all launched projects in Chennai is approximately 20,900.
Kolkata witnessed 83 residential projects, totaling approximately 19,350 units, launched between H2 2017 and the entirety of 2018. Out of these, 58 (70%) are complete, representing the lowest percentage share among the top 7 cities.