Mumbai Developers Faster Than Delhi Realty Firms; Average Waiting Time 6.5 years For Home Buyers In the Country
New Delhi: Mumbai realty market is better than that of Delhi NCR in terms of average waiting time for the homebuyers to get their houses which they bought during constructions stages.
The average time in Delhi for large projects to get completed is about 7.2 years where as it is 6.5 years in Mumbai.
The national average is also 6.5 years. However, the average in South Indian cities is lower.
In Bengaluru and Hyderabad, the average waiting time is 5.5 years while in Chennai, it is 5.6 years, according to a report by ANAROCK Property Consultants.
In Pune, the average waiting time for homebuyers is 6.2 years while in Kolkata it is 6.3 years.
Large projects are those that have 500 homes or more.
“Latest data reveals that the average completion time for large residential projects in NCR, launched and completed between 2010-2019, was 7.2 years. For the top 7 cities collectively, the average completion time for large projects stood at 6.5 years in this period," said Anuj Puri, Chairman, ANAROCK Property Consultants.
Among the significant reasons for Delhi NCR market to trail behind all other markets are project delays due to land ligation issues. Even lack of professionalism on the part of developers and also the periodic construction ban on construction by the Supreme Court and are some of the reasons.
For smaller housing projects of less than 500 homes, Delhi has an average waiting time of 6 years.