India’s Top Cities See 33% Jump in Housing Completions in FY25: SWAMIH, RERA Drive Recovery

India’s residential real estate sector has shown clear signs of revival, with home completions in the top nine cities increasing by 33% in FY25 compared to the previous year. This growth reflects a significant catch-up in pending construction activities, boosted by policy interventions and revived consumer confidence.

Home Completion Trends Reflect Post-COVID Recovery

According to data from PropEquity, a total of 406,889 housing units were completed in FY25 across the top 9 cities, up from 306,600 units in FY24. This surge signals not just recovery, but also the effective implementation of regulatory and financial mechanisms aimed at easing project delays post-pandemic.

Why the Sudden Surge?

The spike is being seen as the result of timely interventions such as SWAMIH fund support, stricter RERA enforcement, normalized construction supply chains post-COVID, and increased demand in Tier-1 and satellite cities. Developers have stepped up efforts to clear backlogs and complete stalled or delayed projects.

City-Wise Snapshot: Who Led the Race?

• Kolkata: Posted the highest YoY growth at 88%, with completions rising from 9,441 to 17,718 units.
• Hyderabad: Recorded 61% growth, delivering 57,304 homes versus 35,620 in FY24.
• Pune: Completed 81,563 units, up by 41% year-on-year.
• Thane: Delivered 77,017 units, marking a 39% increase.
• Chennai: Achieved 49% growth with 19,650 units completed.
• Navi Mumbai: Registered a 37% rise with 21,112 units.
• Bengaluru: Saw a 26% increase with 46,103 units delivered.
• Mumbai: Grew by a modest 22% with 41,999 completions.
• Delhi-NCR: The only city with a decline of 8%, dropping from 48,388 to 44,423 units.

Key Drivers Behind the Completion Boom

1. SWAMIH Fund Rescues Delayed Projects

The Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has proven instrumental in bringing stuck projects to the finish line by offering last-mile financing.

2. Stricter RERA Enforcement

Timelines and penalties enforced under RERA have put pressure on developers to meet delivery targets, significantly enhancing transparency and buyer trust.

3. Post-COVID Stabilization

With labour returning and supply chains recovering, developers were finally able to complete backlogged inventory from the 2018–2020 period.

4. Strong Demand in Peripheral Markets

Locations like Pune, Thane, and Navi Mumbai have seen increased demand due to better affordability and infrastructure, pushing up completions.

Regional Contribution to FY25 Completions

The numbers show a rising dominance of the West and South, while the North sees diminishing contribution largely due to legacy issues and policy bottlenecks.

What Lies Ahead in FY26?

Market watchers believe the momentum may continue as both policy support and consumer demand remain strong. The potential rollout of SWAMIH 2.0 could further unlock delayed units, and a visible trend towards Tier-2 and suburban markets is expected to drive the next phase of completions.

If regulatory clarity, funding pipelines, and infrastructure expansion continue on the current path, India’s housing sector might not just sustain but outpace this year’s performance.

Conclusion

FY25’s 33% surge in housing completions is more than a recovery signal — it represents a structural reset for India’s real estate sector. With policy reforms like RERA and SWAMIH proving effective, and developers focusing on timely delivery, homebuyers have much to be optimistic about. The momentum suggests a promising FY26, especially in satellite and Tier-2 cities poised for real estate growth.

Disclaimer: The above news article is based on publicly available information and analysis. Readers are advised to verify independently before making real estate decisions.