The real estate sector witnessed record high housing sales last year across the top seven cities including Mumbai Metropolitan Region (MMR), NCR, Pune, Bengaluru, Kolkata, Hyderabad and Chennai. According to ANAROCK report over 4.02 lakh homes were completed in 2022 in all these cities.
MMR saw the highest number of completed homes- approx. 1,26,720 units that’s nearly 80% more than in 2021 while In NCR, 86,300 units got completed in 2022, and 84,200 units completed in Pune in 2022. Hyderabad, Chennai, Kolkata and Bengaluru also witnessed the completion of higher number of units in comparison to 2021.
Anuj Puri, Chairman, ANAROCK Group said that 2022 was a watershed year for the Indian housing sector that saw the highest rate of completions (4.02 lakh units) between 2017 and 2022 in all these seven years. He opined that even if the pandemic resurfaces, construction activities will remain least impacted and so in the year 2023 most of the project completion may be as per the schedule. He said nearly 5.44 lakh units are scheduled for completion in top 7 cities this year.
As per ANAROCK report 2023 is expected to emerge as an excellent year as long as construction proceeds according to timeliness and no major headwinds obstruct it. NCR is here to witness maximum completion this year if construction proceeds without any restrictions according to the schedule.
If we talk about the estimated completion of units in Delhi-NCR, over 1,66,850 units are scheduled to be completed here in 2023 while approx. 1,32,900 units are expected to be ready this year in MMR.
Pune is expected to witness the completion of approx. 94,280 units in 2023 and in Bengaluru, over 73,470 units are expected to be completed this year. Over 25,120 units are scheduled to be completed in Hyderabad in 2023. Over 33,040 units are scheduled to be completed in Kolkata this year. Chennai has 18,550 units scheduled for completion this year.