NEW DELHI: Implementation of the new real estate law RERA from May last year has forced developers to focus on execution of projects, leading to 33 per cent rise in deliveries of flats to over 1.93 lakh units in 9 major cities during January-June 2018, says a report. According to the findings of News Corp-backed realty portal PropTiger, nearly 8.6 lakh units are scheduled to be handed over to buyers by 2019-end.
It also said the developers delivered 1, 93,061 units during first half of 2018 against 1, 44,654 units in the corresponding period of last year. The top nine cities tracked by the company are – Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, Mumbai, Noida and Pune. Noida includes Greater Noida and Yamuna Expressway, while Mumbai includes Navi Mumbai and Thane. Gurugram includes Bhiwadi, Dharuhera and Sohna markets.
“Since the advent of RERA, developers have shifted their focus on completing existing projects rather than launching new ones in order to avoid penalties. This has resulted in increasing home deliveries across cities, which is a very positive development,” said Ankur Dhawan, Chief Investment Officer, PropTiger.com. This trend is expected to continue in the second half of 2018 as well as in 2019 when a total of 8, 59,437 units are expected to be delivered, he added. PTI
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