Average project completion time in Kolkata has reduced slightly, shows a recent report, highlighting a gradual streamlining of construction processes, albeit amidst regional complexities.
As published by the Money Control, a comprehensive report by Anarock reveals how between 2014 and mid-2024, residential projects in Kolkata exhibited an average completion time of 5.7 years, reflecting a modest improvement from the 6.3 years recorded in the preceding decade.
This reduction underscores a gradual streamlining of construction processes, albeit amidst regional complexities. Central to this transformation is the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA), which has played a decisive role in enhancing transparency and accountability within Kolkata’s real estate sector.
Anarock’s Chairman, Anuj Puri, highlights RERA’s impact on project timelines, attributing shorter durations to stringent provisions, penalties for delays, and improved financial discipline among developers.
Despite progress, Kolkata’s real estate sector faces unique challenges that influence project timelines.
Regulatory uncertainties following the transition from the West Bengal Housing Industry Regulatory Act (WBHIRA) to the West Bengal Real Estate Regulatory Authority (WBRERA) have contributed to sporadic delays across projects.
Saket Mohta, Managing Director of Merlin Group, additionally identifies factors such as Kolkata’s complex urban planning and periodic labor shortages, which present operational challenges for developers.
Looking ahead, Kolkata’s real estate market is poised for further evolution driven by regulatory clarity, market consolidation, and infrastructural advancements. The resurgence of larger developers, bolstered by enhanced transparency and investor confidence, is anticipated to catalyze shorter project timelines and sustainable growth.
Ongoing infrastructural upgrades and urban rejuvenation initiatives are set to redefine Kolkata’s skyline, attracting both investors and homebuyers.
Overall, Kolkata’s real estate sector presents a dynamic landscape shaped by regulatory reforms, market dynamics, and urban intricacies. As stakeholders continue to adapt to evolving paradigms, the journey towards shorter project timelines and sustainable development remains a shared pursuit.