Approximately 402,000 homes were completed in 2022 in the top-7 cities across India, about 44 per cent more than the 2021 figures of 279,000 units, according to the latest report by Anarock.
The year 2022 saw record-high sales and new launches across the top-7 cities, the report said.
Of the total completed homes in 2022, the highest were in the Mumbai Metropolitan Region (MMR), approximately 126,720 units, almost 80 per cent more than in 2021 (when approximately 70,500 units were completed), the report said.
Says Anuj Puri, chairman, Anarock Group: “The year 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. Between 2017 and 2022, the year 2022 saw the highest rate of completions at 402,000 units across the top-7 cities.”
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According to the Anarock report, in the Delhi-national capital region (Delhi-NCR), approximately the same number of units got completed in 2022 (86,300 units) as in 2021 (86,590 units).
However, Pune saw approximately 84,200 units completed in 2022, against 46,080 units in 2021. Additionally, Bengaluru, Hyderabad, and Chennai collectively saw approximately 81,580 units completed in 2022, against 63,870 units in 2021. Kolkata saw about 23,190 units completed in 2022, against 11,620 units in 2021.
Expected Completions in 2023
According to the Anarock report, ready-to-move-in homes remain on the bestseller list, and accordingly, 2023 is expected to be another rocking year as long as construction proceeds as per timeliness and no major headwinds obstruct the same.
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“Over 544,000 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,” adds Puri.
If construction proceeds unhampered and as per schedule, NCR is likely to see the maximum completions in the year, the report says.
- Delhi-NCR is slated for maximum completion in 2023 with approx. 166,850 units scheduled to be completed during the year.
- In MMR, approximately 132,900 units are expected to be ready by year-end, i.e., end of 2023.
- Pune has about 94,280 units scheduled for completion in 2023.
- In Bengaluru, about 73,470 units are expected to see completion in 2023.
- Hyderabad has about 25,120 units scheduled for completion in 2023.
- In Kolkata, approximately 33,040 units are lined up for completion during the year.
- Chennai has the lowest stock with approximately 18,550 units scheduled for completion in 2023.
