Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report
- Approximately 4.02 lakh homes were completed in 2022 in the top seven cities, which is 44% higher than last year in 2021.
- Over 5.44 lakh units are scheduled to be completed across the top 7 cities in 2023.
- Ready-to-move-in homes remain squarely on the bestseller list, according to the report.
AdvertisementThanks to robust demand and positive outlook, the construction of 4 lakh homes was completed in 2022, much higher than the 2.7 lakh homes completed the year before.
But if a report by real estate services company Anarock is to be believed, 2023 will top it as over 5.4 lakh units are scheduled to be completed across the top 7 cities in 2023.
“Construction activity was, and will hopefully remain, least impacted even if the pandemic resurfaces, so most completions in 2023 may be as per schedule. Certainly, developers are committed to completing previously launched projects before launching new ones,” said Anuj Puri, chairman at Anarock group.
Ready-to-move-in homes remain squarely on the bestseller list, according to the report.
|Top seven cities||Expected approx unit completion in 2023|
NCR likely to see maximum completions in 2023
In 2022, highest number of unit completions were in Mumbai Metropolitan Region (MMR) with around 1.26 lakh units. This is 80% higher than those in 2021.
“2022 was a watershed year for the Indian housing sector, with sales breaching the previous peak levels of 2014. In response to this high demand, developers remained focused on completing their previously launched projects,” said Puri.
The National Capital Region of Delhi (NCR) witnessed muted growth in the number of units being completed in 2022 with 86,300 units. The report suggests that 2023 is poised to be another rocking year as long as construction proceeds as per timeliness and no major headwinds obstruct it.
“If construction proceeds unhampered and as per schedule, NCR is likely to see the maximum completions in the year,” said the report.
Meanwhile, Pune recorded a growth of 82% in home completion with 84,200 units completed in 2022. Bengaluru, Hyderabad, and Chennai collectively saw nearly 81,580 units completed in 2022, against 63,870 units in 2021.
Lastly among the top seven cities, Kolkata nearly doubled the unit completion with 23,190 units completed in 2022, against 11,620 units in 2021.
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