The pace of home completions that gained momentum last year, is set to accelerate further this year, with NCR leading the pack across seven top cities .
While 2022 set a new benchmark of residential sales, 2023 is likely to be a record year for project completions. RERA has laid down strict guidelines for project completions, mandating that that developers must complete residential projects within the timeline specified in the agreement with their customers. Project delays were historically the bane of the Indian housing sector, putting homebuyers to enormous inconveniences and often considerable, unwarranted financial strain.
According to Santhosh Kumar, Vice Chairman Anarock Group, around 5.6 lakh homes are likely to be delivered across the top 7 cities in 2023. This is an increase of 39% over the previous year, and a major milestone as the Indian residential real estate segment crosses the 0.5 million deliveries mark for the year. From a humble volume of 2 lakh units’ completion in 2017, annual completions will rise 2.8X for 2023.”
NCR is all set to lead the pack with nearly 1.70 lakh units to be completed in 2023, accounting for an almost 30% share of the year’s delivery pipeline. This amounts to 97% hike over 2022. MMR follows with an expected share of 24%. Though Hyderabad’s project completion share is just 4% of the top 7 cities, yet it will notch a massive 104% increase over 2022.
Source: ANAROCK Research
Despite global economic and geopolitical disruptions, developers are likely to achieve targeted project completions due to several factors working in their favour.
All these factors will help real estate developers to fight all odds to firmly charter the path of speedy project completions.