In NCR, around 86 projects comprising of 34,520 units were launched during the post-HRERA (Haryana Real Estate Regulatory Authority) period from H2 2017 and entire 2018. Out of these, 64 projects which constitute around 74% are complete, according to latest report by real estate consultants. As per report, the primary aim of the Real Estate Regulatory Act (RERA) was, and continues to be, safeguarding homebuyers from the harrowing issue of delayed and stalled housing projects. “To a large extent, this objective is being achieved as at least 86% of residential projects launched in top seven cities - Chennai, Mumbai Metropolitan Region (MMR), NCR, Pune, Bangalore, Hyderabad and Kolkata - during the post-RERA period completed” the report by Anarock claimed.
Over 1,642 housing projects were launched across these top 7 cities in H2 2017 & 2018 immediately after RERA implementation in May 2017; of this 1,409 projects are already complete. The report further claimed Chennai witnessed highest 90% completions of projects launched in this period, followed by MMR & Pune with 89% each. MMR saw the most launches (679 projects) in this 1.5-year period, of which 602 are complete. Kolkata (where RERA was not implemented in the said period) saw the least project completions of 70% out of 83 projects launched in H2 2017 & 2018; 58 projects are completed.
CREDAI NCR and CMD, Gaurs Group said even though all these projects were launched immediately before the pandemic (2017-18) and thus severely affected by lockdowns, it illustrates the developers’ commitment to timely delivery. “Riding on the back of a huge demand, NCR also witnessed a large number of new project launches, especially of 3BHK plus houses, luxury homes and a boom in commercial properties. Various infrastructural projects launched by the state governments have also increased realty’s RoI” Manoj Gaur, President said.
Pradeep Aggarwal, founder & chairman, Signature Global (India) Ltd said "The introduction of RERA has reinvigorated prospective homebuyers with unwavering confidence, assuring them that their investments are protected, and their dream homes will be completed on schedule. State governments have played a pivotal role in enforcing this law effectively, yet there's an opportunity for further enhancements to empower homebuyers to invest their savings with absolute certainty."
Mohit Jain, managing director, Krisumi Corporation said “Undoubtedly, regulatory reforms have paved the way for a transformative era marked by transparency and accountability, rekindling trust among both homebuyers and investors”. He also said that the commendable efforts of both state and central governments in enforcing RERA have yielded positive outcomes. As a result, developers have honed their focus on delivering not just homes, but quality homes.
Nayan Raheja, Raheja Developers said “Around 75% of projects that were launched have been completed and are being rolled out for possession, and this has been a commendable achievement for the NCR’s real estate sector. NCR has been a key player with remarkable projects, as it has become a sought-after destination for leading developers from across the country due to multiple factors”.
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