The Indian real estate sector anticipates the delivery of over 5.3 lakh homes in 2024, marking the highest number in a decade. COVID-19-related delays and projects revived through the government-backed SWAMIH fund are attributed to this surge in deliveries. According to the National Real Estate Development Corporation (NAREDCO), 4.35 lakh units were completed in the top 7 cities in 2023, with expectations of a significant increase this year. Anarock’s data reveals a 44% increase in completed units in 2022 compared to 2021, with the trend continuing upward. Noida-based real estate developer County Group is set to deliver over 4 million sq. ft across 3 housing projects in 2024, overcoming pandemic-related challenges.
Furthermore, Anant Raj Ltd. is scheduled to deliver its 20-acre township, Ashok Estates, with approximately 700 units of independent floors under construction this year. A joint venture between Anant Raj Limited and Birla Estates Pvt. Ltd. has completed about 220 independent floors for possession. The Indian real estate sector has experienced a significant transformation over the past decade, driven by reforms like RERA and the SWAMIH alternate investment fund. Implemented in 2017, RERA has brought regulation to the sector, ensuring transparency, timely project completion, and developer accountability. The SWAMIH Fund, initiated in 2019, has completed around 26,000 homes, with an additional 80,000 projected over the next 3 years. This fund has addressed liquidity issues and spurred growth in ancillary industries, unlocking liquidity of over US$ 4.21 billion (Rs. 35,000 crore).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
