Real Estate

Chennai leads in realty project completions, followed by Hyderabad, Bengaluru: Anarock

Anil Urs Bengaluru | Updated on October 08, 2020 Published on October 08, 2020

Southern cities' completion rate for small projects is 4.1-4.3 years; 5.5- 5.9 years for large ones

The proactive project completion focus by developers in southern cities has benefited end-users mainly from the IT/ITeS sector, said Anuj Puri, Chairman - Anarock Property Consultants.

“Out of all the projects launched and completed between 2013 and till date, the average time to complete projects in Chennai, Bengaluru and Hyderabad is between 4.1-4.3 years for smaller projects (with 100-500 units each) and between 5.5 - 5.9 years for large projects (more than500 units each). This is significantly less than the average completion time in NCR, where it is 6 years and 7.2 years, respectively,” he added.

In a market where ready-to-move properties are the Gold Standard for homebuyers, the southern markets – Chennai, Bengaluru, and Hyderabad – have been remarkably resilient.

The latest Anarock research revealed that out of the total new housing unit launches in each top city between 2013 till Q3 2020, Chennai has the highest share of ready/completed homes at 61 per cent of its total inventory, followed by Bengaluru with 48 per cent and Hyderabad at 44 per cent.

New launches

Chennai saw new launches of over 1.32 lakh units between 2013 and Q3 2020, of which 61 per cent is already completed. In stark contrast, NCR saw over 5.54 lakh units of new supply launched in this period, of which just 26 per cent units were completed.

Cumulatively, the top cities saw more than 7.92 lakh units (34 per cent) completed out of the total of >23 lakh units launched between 2013 and Q3 2020. The average time taken to complete smaller projects in the top cities is about 5.1 years, and 6.6 years for large projects. Chennai stands head and shoulders over its peers, followed closely by Bengaluru and Hyderabad.

City-wise launches/completion

* Chennai saw new launches of more than 1.32 lakh units between 2013 till Q3 2020. Of this, 61 per cent or about 80,440 units are already completed. The average time taken to complete small projects is 4.1 years, and 5.5 years for large ones.

* In Bengaluru, out of the total new supply of nearly 3.83 lakh units during the period, nearly 48 per cent or more than1.85 lakh units are ready. The average completion time is 4.3 years for small projects, and 5.6 years for large ones.

* Hyderabad saw a new supply of more than1.16 lakh units during the period, of which 44 per cent (about 51,710 units) is completed. Average completion time is 4.2 years for small projects and 5.9 years for large ones.

* Kolkata saw a new supply of more than 1.41 lakh units, of which 40 per cent or nearly 56,100 units are completed. Average time taken is 4.8 years for small projects and 6.4 years for large ones.

* In Pune, out of the total launches of over 3.50 lakh units, nearly 29 percent (1.02 lakh units) have been completed. Average time for small and large project completion is 5 years and 6.3 years respectively.

* MMR saw new launches of nearly 6.26 lakh units during the period. Of this, 28 percent (1.73 lakh units) is completed. average completion time is 5.4 years for small projects and 6.5 years for large ones.

* NCR saw new launches of nearly 5.54 lakh units during the period, of which 26 percent (1.45 lakh units approx.) is completed. Average completion time is 6 years for small projects and 7.2 years for large ones.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 08, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.