A report of a renowned realty portal shows an increase in the delivery of apartments by 33% across nine major cities of the country in the period between January and June, this year. The figures have risen to as many as 1.93 lakh units since the enactment of RERA in May 2017. This is evident of the fact that the rules and regulations have pushed developers to accelerate the execution of the unfinished projects.
As per the report, the number of projects that have been scheduled for delivery towards the end of the year 2019, is around 8.6 lakh units. In comparison to the January-June period of 2017, the number of units delivered by the developer this year has increased from 1,44,654 to 1,93,061 units, which is quite an improvement.
The nine cities that have been covered by the report are – Pune, Mumbai, Noida, Hyderabad, Kolkata, Chennai, Ahmedabad, Bengaluru, Gurugram. The realty markets of Sohna, Bhiwadi and Dharuhera are also included in Gurugram. On the other hand, Yamuna Expressway and Greater Noida have been covered under Noida. Thane and Navi Mumbai have been incorporated in Mumbai.
In the words of the Chief Investment Officer of the said Real Estate portal, the developers are concentrating more on finishing the existing projects than launching new ones for doing away with penalties. As a result, the figures have risen in terms of home deliveries. He further added that this attitude of the developers is going to trend throughout the 2nd half of this year and even in the next year. A delivery of 8,59,437 units is anticipated by that time.
Compared to the other 7 cities, Chennai and Pune witnessed a decline in the number of deliveries by 28% and 8%, respectively. Whereas Noida saw a three times increase in the number of units delivered during the same period of the previous year, from 10,510 to 28,510 units.
Mumbai accounted for 85% increase in the number of deliveries from 24,169 units in the previous year’s corresponding period to 44,663 units in January-June 2018.
The total number of delivered units between January and June this year are:
Ahmedabad – 13,380 units
Gurugram — 24,677 units
Hyderabad — 11,887 units
Bengaluru — 28,279 units
Kolkata — 8,314 units
The deliveries in Pune decreased from 24,000 to 22,229 units while the number of units decreased from 15,485 to 11,122 units.
According to the aforementioned property portal, this improvement in the number of deliveries would encourage the sentiment of home buyers and consequently lead to a rise in sales in this festive season.
Hope, the news has left you on a positive note. Do you have any residential flat for sale in Kolkata or looking for one to purchase? Feel free to get in touch with Transventor Property Management Services to execute your deal in the most hassle-free way.