In stark contrast, NCR saw over 5.54 lakh units of new supply launched in this period, of which just 26% units are completed.
Another 19% are scheduled to be completed within the next 12 months, and another 19% between 1-2 years.
The southern markets of Chennai, Bengaluru and Hyderabad are seeing the highest share of ready or completed houses. Latest ANAROCK research reveals that out of the total new housing unit launches in each top city between 2013 and Q3 of 2020, Chennai has the highest share of ready/completed homes at 61% of its total inventory, followed by Bengaluru with 48% and Hyderabad at 44%.
Chennai saw new launches of over 1.32 lakh units during the period, of which 61% is already completed. In stark contrast, NCR saw over 5.54 lakh units of new supply launched in this period, of which just 26% units are completed.
Altogether more than 23 lakh units were launched between 2013 and third quarter of 2020 across the top 7 cities, of which 34% or around 7.92 lakh units are completed. Another 19% are scheduled to be completed within the next 12 months, and another 19% between 1-2 years.
Anuj Puri, chairman, ANAROCK Property Consultants, says, “Predominantly driven by end-users from the IT/ITeS sector, the conservative housing markets of the southern cities also benefit from the proactive project completion focus of developers active there. Out of all the projects launched and completed between 2013 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 than 500 units each). This is significantly less than the average completion time in NCR, where it is 6 years and 7.2 years,” respectively.
The average time taken to complete smaller projects in the top cities is about 5.1 years and for large projects 6.6 years. Chennai stands head and shoulders over its peers, followed closely by Bengaluru and Hyderabad, the study states.