New Delhi: Real estate developers in India’s top seven cities have significantly reduced project completion times by an average of 18-20%, according to a recent report by real estate consultancy Anarock. The report attributes this improvement to stringent regulatory measures and the adoption of advanced construction technologies.
Anarock’s analysis examined projects launched and completed between 2010-2019 and 2014-H1 2024 in the major cities, revealing notable reductions in completion times. Over the past decade, the average time required to complete smaller projects (fewer than 500 units) decreased to four years, while larger projects (more than 500 units) now take approximately 4.9 years to complete. This marks a significant reduction from the 2010-19 period, where small projects took an average of 4.9 years and large projects took 6.1 years. Overall, the average completion time has fallen by 18% for small projects and 20% for large projects across the top seven cities during the review period. Official from Anarock stated, “The stringent rules imposed on project delays by regulatory authorities have been a key factor in reducing completion times.” The data indicates that developers in Chennai have been the most efficient, taking the least time to complete both small and large projects over the past decade.
In contrast, Kolkata reported the longest completion times for large projects, while Mumbai Metropolitan Region (MMR) and Delhi-NCR had the highest completion times for small projects.For projects launched and completed between 2014 and H1 2024, Anarock’s data shows that the average completion time in Chennai was 3.6 years for large projects and 3 years for small projects. In Kolkata, builders took 5.7 years for large projects and 4.4 years for small ones. In MMR, the average completion time was 4.7 years for small projects and 5.2 years for large projects. Pune reported an average of 4.3 years for small projects and 5.4 years for large ones. Delhi-NCR homebuyers waited an average of 4.7 years for small projects and 5.4 years for large ones.
Hyderabad developers completed small projects in an average of 3.1 years and large projects in 4.2 years. In Bengaluru, the completion times were 3.5 years for small projects and 4.8 years for large ones over the past decade. The data highlights a reduction in completion time for larger projects ranging from 10% to 36% across the seven cities, with execution times for smaller projects decreasing by 8% to 30%.
