Record-Breaking 5.3 Lakh Homes to be Delivered in India in 2024, Highest in a Decade

Surge in Home Deliveries Post-Covid Delays and SWAMIH Fund Revivals

New Delhi: Over 5.3 lakh homes are set to be delivered in 2024, marking the highest number of home completions in a decade. This surge is attributed to delays caused by the Covid-19 pandemic and the revival of projects through the government-backed SWAMIH fund. The National Real Estate Development Corporation (NAREDCO) reports that nearly 4.35 lakh units were completed in the top seven cities in 2023, with a significant increase expected this year.

Rising Trends in Real Estate Completions

Data from Anarock indicates a 44% increase in completed units in 2022 compared to 2021, with numbers continuing to rise. The completion of these projects is a testament to the resilience and recovery of the real estate sector.

Major Developers Overcome Pandemic Challenges

Noida-based County Group announced it will deliver over 4 million sq ft across three housing projects in 2024, successfully overcoming pandemic-related challenges. Amit Modi, director of County Group, emphasized that delivering homes to more than 1,600 families across three projects, a year ahead of the committed RERA timelines, reflects their commitment to both sales and timely delivery.

Significant Projects Nearing Completion

Anant Raj is set to deliver its 20-acre township, Ashok Estates, this year, with approximately 700 units of independent floors under construction by plot buyers. Additionally, about 220 independent floors are ready for possession, developed by a joint venture between Anant Raj and Birla Estates.

Impact of Reforms and Policies

Experts highlight that a decade of significant changes in the Indian real estate sector, driven by reforms and policies such as RERA and the SWAMIH alternate investment fund, has reignited confidence in the market. Implemented across many states since 2017, RERA has brought regulation, ensuring transparency, timely project completion, and developer accountability, safeguarding homebuyers' interests.

Achievements of RERA and SWAMIH Fund

According to recent government data, approximately 1.23 lakh real estate projects have been registered across states since RERA's inception, with more than 1.21 lakh consumer grievances addressed. Since its inception in 2019, the SWAMIH Fund has completed approximately 26,000 homes, with 80,000 more projected to be completed over the next three years.

Conclusion

The significant increase in home deliveries in 2024 indicates a strong recovery and robust growth in the Indian real estate sector. The completion of these projects, driven by government initiatives like the SWAMIH Fund and regulatory frameworks such as RERA, underscores the sector's resilience and ability to adapt to challenges. This trend is expected to continue, providing a positive outlook for homebuyers and developers alike.