Mumbai: Year 2022 saw record high housing sales and new launches across the top seven cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Kolkata and Chennai.
Latest Anarock data reveals that unit completions have also remained on top between 2017 till 2022. Approximately 4.02 lakh homes were completed in 2022 in these cities, which is 44% higher than in 2021, when about 2.79 lakh homes were built.
Of the total completed homes in 2022, the highest were in Mumbai Metropolitan Region (MMR), where about 1,26,720 units were built, which is almost 80% more than in those complete in the year 2021. Around 70,500 housing units were completed in MMR in 2021.
Reports said that around 86,300 units were completed in Delhi-National Capital Region (NCR) in the year 2022, which was almost the same (86,590 units) in the previous year.
Pune saw around 84,200 housing units completed in 2022, against 46,080 units in 2021. Bengaluru, Hyderabad, and Chennai collectively saw around 81,580 units completed in 2022, against 63,870 units in 2021.
Around 23,190 units were constructed in Kolkata in 2022, against 11,620 units in 2021.
Anuj Puri, chairman, Anarock group, said “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. The year 2022 also witnessed the highest rate of completions (4.02 lakh units) between 2017 and 2022 across the top 7 cities.”
Puri further said that over 5.44 lakh 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,” Puri added.
Expected completions in 2023
Ready-to-move-in homes remain squarely on the bestseller list. After a phenomenal completion rate in 2022, 2023 is poised to be another rocking year as long as construction proceeds as per timeliness and no major headwinds obstruct it. If construction proceeds unhampered and as per schedule, NCR is likely to see the maximum completions in the year.
- Delhi-NCR is slated to see completion of 1,66,850 units in 2023
- In MMR, approximately 1,32,900 units are to be ready by year-end
- 94,280 units scheduled to be completed in Pune this year
- In Bengaluru, 73,470 units are expected to be built in 2023
- Hyderabad has about 25,120 units scheduled for completion in 2023
- In Kolkata, around 33,040 units are lined up to be completed during the year
- Chennai has the lowest stock with 18,550 units likely to be complete in this year
