BENGALURU: Southern cities have not only bucked the trend in property sales, but are also markedly ahead of their northern, western and eastern counterparts in project completions.
For all large projects launched and completed over the last decade, the average completion time was least in Bengaluru and Hyderabad, with around 5.5 years each. Chennai came close behind, with an average completion time of 5.6 years.
In Delhi-NCR, homebuyers’ average waiting period was the longest at 7.2 years for large projects, followed by Mumbai Metropolitan Region (MMR) with an average time of 6.5 years, according to Anarock Research.
“Among the major reasons for NCR to trail behind are project delays due to land ligation issues, many developers’ lack of professionalism in project delivery, and also the periodic construction bans by both the National Green Tribunal (NGT) and the apex court due to rising pollution levels, ” said Anarock chairman Anuj Puri.
For most projects in NCR, developers had purchased land outright, thereby compromising their overall financial health and delivery capability.
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