by THO
More than 4.35 lakh housing units were completed in 2023 across the top seven cities which was 8% more than last year when approximately 4.02 lakh homes were completed. Almost 59% of these housing units were completed in Mumbai Metropolitan Region and NCR alone, Anarock data showed.
The seven cities included MMR, NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata. The data pertains to the primary (first sale) residential market.
MMR topped with approximately 1.43 lakh units – almost 13% more than in 2022, when approximately 1,26,720 units were completed.
In NCR, approximately 1.14 lakh units were completed in 2023 against 86,300 units in 2022 – a 32% increase, Anarock Research data showed,.
Pune saw approximately 65,000 units completed in 2023, against approximately 84,200 units in 2022, thus reducing by 23% annually – the only major city to display this contrarian dynamic, it showed.
Bengaluru, Hyderabad, and Chennai collectively saw approximately 87,190 units completed in 2023, against approximately 81,580 units in 2022. Kolkata saw approximately 25,075 units completed in 2023, against approximately 23,190 units in 2022.
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“The Indian residential sector is unlikely to forget 2023, which was nothing less than phenomenal at every level. Housing sales breached the previous peak levels of 2022 and remain robust in 2024. These sales statistics – along with RERA-related commitments – have encouraged developers to stay focused on completing existing inventory. If we consider the period between 2017 and 2023, 2023 saw the maximum annual unit completions, with over 4.35 lakh homes gaining RTM status across the top 7 cities,” said Anuj Puri, Chairman – ANAROCK Group.
“Data also indicates that more than 5.31 lakh units are scheduled to be completed across the top 7 cities in 2024,” said Puri.
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“With housing demand remaining high, developers are prioritizing project completions. Moreover, many large developers have also taken over the task of bringing many stuck or completely stalled projects by other players to completion. They are now also committed to completing their own previously launched projects before launching new ones,” he added.
Expected Completions in 2024
As many as 5.31 lakh housing units are estimated to be completed in 2024, Anarock data showed.
In MMR, approximately 1.60 lakh units are expected to completed by the end of 2024; Delhi-NCR may see approximately 1.44 lakh units completed during the year. Pune has approximately 97,000 units scheduled for completion this year.
In Bengaluru, approximately 51,680 units are slated for completion in the year. In Hyderabad, approximately 34,770 units are scheduled to be completed in 2024. Kolkata has approximately 25,220 units lined up for completion in 2024. Chennai has the least stock of approximately 17,580 units that are scheduled to be completed in 2024.
