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AVERAGE COMPLETION TIME FOR RESIDENTIAL PROJECTS IN INDIAN CITIES DROPS: ANAROCK REPORT
The Business Guardian
|July 15, 2024
In a major development reshaping the real estate landscape of India’s top cities, the average time taken to complete large residential projects has seen a notable reduction, according to recent data from the Anarock Group.
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Over the last decade, from 2014 to the first half of 2024, the completion time for large projects comprising 500 or more units in the top seven cities has decreased to 4.9 years, down from 6.1 years in the preceding decade. The data suggest that the decline marks a 20 per cent improvement, attributed largely to factors such as the implementation of RERA (Real Estate Regulatory Authority), advancements in construction technology, and the growing dominance of established, listed developers in the market. Anuj Puri, Chairman, ANAROCK Group, says, “Latest ANAROCK data reveals that the average time to complete large residential projects of 500+ units in top 7 cities clocked in at 4.9 years from 2014-H1 2024, from 6.1 years in the prece
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