Realty firms in top 7 cities poised to complete 558,000 homes in 2023: Anarock

According to Anarock’s report, a total of 557,900 homes are slated for completion in the upcoming year, surpassing the previous year’s target of 402,000 units.

This projected figure represents a 39% increase compared to the previous year, highlighting a remarkable upswing in the residential real estate sector.

Santhosh Kumar, Vice Chairman of Anarock Group, expressed his views on the upcoming milestone, stating, “This is a major milestone as the Indian residential real estate segment crosses the 0.5 million deliveries mark for the year. From a humble volume of 2 lakh units’ completion in 2017, annual completions will rise 2.8X for 2023.”

The higher number of homes slated for completion, as stated by Anarock, can be attributed to various factors such as the implementation of real estate law RERA, improved cash flow resulting from increased housing sales, adoption of advanced construction technologies, and increased funding from financial institutions.

The developers are trying to avoid delay in completion of projects as it leads to cost overrun, the consultant added.

The National Capital Region (NCR) is expected to take the lead among the top 7 cities in terms of project completions, with approximately 170,000 units scheduled for delivery in 2023. This constitutes nearly 30% of the total project pipeline and reflects a significant 97% increase from the previous year.

Following closely behind, the Mumbai Metropolitan Region (MMR) is projected to account for a 24% share of completions, while Hyderabad experiences an impressive 104% surge compared to 2022, albeit with a smaller share of completed projects.

Delhi-NCR anticipates the highest number of completed housing projects among specific cities, with an estimated 170,100 units scheduled for delivery this year, surpassing the 86,300 units completed in the previous year.

In the Mumbai Metropolitan Region (MMR), the completion of 131,400 units is expected, slightly surpassing the 126,700 units delivered earlier. Pune is projected to witness the completion of 98,400 units, exceeding the scheduled delivery of 84,200 units in 2022.

Bengaluru aims to achieve the completion of 80,100 units, representing a significant increase from the 48,700 units completed in the previous year. Kolkata is likely to witness the completion of 36,700 units, compared to the scheduled delivery of 23,200 units in the previous year.

Meanwhile, real estate developers in Hyderabad have committed to completing 23,800 homes in 2023, marking a notable increase from the 11,700 units completed in the preceding year. Chennai, however, is projected to experience a decline in completion numbers, with 17,400 units scheduled for this year compared to the completion of 21,200 homes in the previous year.