Over 4.35 Lakh Housing Units Completed in 2023 in Top 7 Cities, Majority in NCR and Mumbai: ANAROCK
In 2023, more than 4.35 lakh housing units were finished across the top seven cities, with nearly 59 percent located in the Mumbai Metropolitan Region (MMR) and National Capital Region (NCR), according to ANAROCK, a real estate consultancy.
The report indicates an 8 percent increase in completed housing units compared to the previous year, which saw approximately 4.02 lakh homes finished. The cities covered in the report include MMR, NCR, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata.
MMR and NCR collectively witnessed around 2,57,780 units completed in 2023—MMR accounting for approximately 1,43,500 units, followed by NCR with 1,14,280 units.
In 2022, both these real estate hubs saw approximately 2,13,020 units completed, marking a 21 percent annual growth in completed units. Bengaluru, Hyderabad, and Chennai saw around 87,190 units completed in 2023, while Pune witnessed nearly 65,000 units completed during the same period.
Anuj Puri, Chairman of ANAROCK Group, mentioned that housing sales surpassed previous peak levels in 2022 and remained strong in 2024. This, along with RERA-related commitments, motivated developers to focus on completing existing inventory.
Looking at the period between 2017 and 2023, 2023 recorded the highest annual unit completions, with over 4.35 lakh homes achieving RTM (ready-to-move) status across the top seven cities. Data also suggests that more than 5.31 lakh units are expected to be completed across these cities in 2024.
Puri noted that with housing demand remaining high, developers are prioritizing project completions. Additionally, many prominent developers have taken on the task of reviving stalled projects to completion.
Road Ahead for 2024
ANAROCK research predicts that 2024 is poised to continue the trend of significant housing project completions, provided there are no major obstacles to construction activities. Without such hindrances, 2024 could be known as the year of ready-to-move homes, with MMR expected to lead in this supply.
Approximately 5.31 lakh units are scheduled for completion in 2024 across the top seven cities. MMR is projected to witness around 1.61 lakh units completed by the end of 2024, while Delhi-NCR may see around 1.44 lakh units completed during the year. Pune has approximately 97,000 units slated for completion in 2024, followed by Bengaluru with around 51,680 units.
In Hyderabad, approximately 34,770 units are expected to be completed, Kolkata with 25,220 units, and Chennai with the least stock of around 17,580 units scheduled for completion in 2024.
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