Hyderabad lags behind in completing the RERA-approved projects on time. According to an analysis of data obtained from seven main cities across the nation, the Hyderabad city market ranked sixth in this aspect, completing only 74% of the RERA-approved projects during the past five years, according to data released by real estate consultants Anarock Consultants.
The RERA came into force in Telangana on July 31, 2017. But none from the real estate sector took it as seriously. There were instances of builders not registering their property with the RERA, and those who registered with it did not honour the rules. Moreover, several pre-launch sales of projects were reported unhindered.
The new chairman of RERA trained his eyes on such deviations and took a serious view of the lapses. Therefore, it is likely that the number of properties registered with RERA will increase.
In fact, even major players in the real estate sector are completing skyscraper projects in three or four years. However, they quote the period of completion as five years to RERA and buyers as a precautionary measure. They are completing the projects much earlier and giving possession of the property to customers. Even by this count, at least 26% of the projects were not completed.
A total of 2.58 lakh units in 1642 properties received RERA approval in seven cities of the country since 2018, but only 1.83 lakh units were completed in 1409 projects, completing only 86% of the total registered properties.
In the Hyderabad market, 24,215 units in 110 projects obtained RERA approval, but only 81 projects were through, constituting 74%.
Chennai had the maximum of 90% of the projects completed, while Kolkata figured at the other end of the spectrum with 70%.
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