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Indian Real Estate Surges: Record-Breaking Deliveries & Transformative Trends
Team Finance Saathi
29/May/2024
Key Points:
1: Indian real estate anticipates over 5.3 lakh home deliveries in 2024, the highest in a decade, attributed to COVID-19 recovery and the SWAMIH fund.
2: Reforms like RERA and initiatives like the SWAMIH fund have revolutionized the sector, ensuring transparency, timely completion, and accountability.
3: Major developers like Anant Raj Ltd. and County Group are spearheading delivery surges, overcoming pandemic challenges and contributing to the sector's growth.
The Indian real estate sector is experiencing a remarkable surge in 2024, with anticipated deliveries of over 5.3 lakh homes, marking the highest number in a decade. This surge can be attributed to various factors, including COVID-19-related delays that have now been overcome and projects revived through the government-backed SWAMIH fund. 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. This upward trend is further substantiated by data from Anarock, revealing a 44% increase in completed units in 2022 compared to 2021, with the trend continuing its ascent.
One of the significant contributors to this surge is the Noida-based real estate developer County Group, set to deliver over 4 million square feet across 3 housing projects in 2024. Despite pandemic-related challenges, County Group has managed to overcome obstacles and contribute significantly to the sector's growth.
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. Additionally, a joint venture between Anant Raj Limited and Birla Estates Pvt. Ltd. has completed about 220 independent floors for possession. These developments highlight the active participation of major developers in meeting the growing demand for housing in India.
The Indian real estate sector has undergone a significant transformation over the past decade, driven by regulatory reforms such as the Real Estate (Regulation and Development) Act, 2016 (RERA) and initiatives like 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 been instrumental in addressing liquidity issues and spurring growth in ancillary industries, unlocking liquidity of over US$ 4.21 billion (Rs. 35,000 crore).
The impact of these reforms and initiatives is evident in the sector's performance, with around 26,000 homes completed through the SWAMIH fund and an additional 80,000 projected over the next 3 years. This influx of completed units not only addresses the housing shortage but also stimulates economic growth by creating employment opportunities and driving demand in related industries.
In conclusion, the surge in Indian real estate deliveries in 2024 reflects the resilience of the sector in overcoming challenges and capitalizing on opportunities. With continued government support and regulatory reforms, the sector is poised for sustained growth, benefiting developers, homebuyers, and the overall economy.
Also Read : India's Fertilizer Industry: Navigating Growth, Innovations, and Sustainability
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