Chennai Leads in Project Completions, Followed by Hyderabad and Bengaluru
- Chennai saw over 1.32 lakh units new units launched b/w 2013 till Q3 2020, with 61% currently ready to move – highest share of completed units among all top cities
- Bengaluru has 48% share of completed projects in the same period, while Hyderabad has a 44% share
- NCR has the least completed units – just 26% is ready of a total of 5.54 lakh units launched b/w 2013 till Q3 2020
- MMR has 28% completed units out of a total 6.26 lakh units launched in this period
- Collectively, over 23 lakh units were launched in the top 7 cities b/w 2013 till Q3 2020 – 34% is completed units while 19% may complete within one year
- Southern cities’ project completion rate for small projects (100-500 units) is 4.1 – 4.3 years & 5.5 – 5.9 years for large projects (>500 units); in NCR, avg. project completion time is 6 & 7.2 years respectively
Mumbai, 9th October 2020: In a market where execution risks are a prime focal point, the Southern markets – Chennai, Bengaluru, and Hyderabad – have been remarkably resilient. Latest ANAROCK research reveals 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% of its total inventory, followed by Bengaluru with 48% and Hyderabad at 44%.
Chennai saw new launches of over 1.32 lakh units between 2013 and Q3 2020, 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.
|Average time (in years) to complete residential projects|
|Cities||100-500 units||>500 units|
Source: ANAROCK Research
Altogether >23 lakh units were launched between 2013 and Q3 2020 across the top 7 cities, of which 34% (approx. 7.92 lakh units) is completed. Another 19% is scheduled to complete within the next 12 months, and another 19% between one to two 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 (>500 units each). This is significantly less than the average completion time in NCR, where it is 6 years and 7.2 years, respectively.
|Cities||Housing Units (in lakh) launched b/w 2013 – Q3 2020||Completed (%)|
Source: ANAROCK Research
Cumulatively, the top cities saw more than 7.92 lakh units (34%) 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.
- Chennai saw new launches of more than 1.32 lakh units between 2013 till Q3 2020. Of this, 61% or approx. 80,440 units are already completed. The avg. 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% or >1.85 lakh units are ready. The avg. completion time is 4.3 years for small projects, and 5.6 years for large ones.
- Hyderabad saw new supply of >1.16 lakh units during the period, of which 44% (approx. 51,710 units) is completed. Avg. completion time is 4.2 years for small projects and 5.9 years for large ones.
- Kolkata saw new supply of >1.41 lakh units, of which 40% or nearly 56,100 units are completed. Avg. 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% (1.02 lakh units approx.) have been completed. Avg. 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% (1.73 lakh units approx.) is completed. Avg. 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% (1.45 lakh units approx.) is completed. Avg. completion time is 6 years for small projects and 7.2 years for large ones.