Record Home completions

The smartest recovery made by residential real estate last year with record housing sales, resulted in boosting the sentiment of home buyers and investors. Not just that the record completions of 4.02 lakh homes in 2022 across top 7 cities has further helped boost the confidence of end-users and investors, paving the path for positive growth in 2023.

Home completions in 2022 have set a record with  highest  annual completions of more than 2.98 lakh units  over the past five years between 2017 and 2022. According to Anarock data, MMR saw maximum completions of nearly 1.27 lakh units, followed by Delhi-NCR with over 86300 units and Pune with 84200 units. Bengaluru, Hyderabad and Chennai together completed about 81580 units in 2022. Going forward over 5 lakh units are lined up for completions in 2023 with NCR set to see highest completions of 1.67 lakh units.

Both the housing sales and new launches set a record across the top 7 cities in 2022. There was an incremental increase of 44 percent over 2021, with about 2.79 lakh homes getting completed  in 2022. Of the total completed homes in 2022, the highest were in MMR – approximately  1,26,720 units, almost 80% more than in 2021 (when nearly. 70,500 units were completed).

•  NCR  saw about. the same number of units getting completed in 2022 (86,300 units) as in 2021 (86,590 units)

• Pune saw about. 84,200 units completed in 2022, against 46,080 units in 2021

•  Bengaluru, Hyderabad, and Chennai, collectively saw nearly. 81,580 units completed in 2022, against 63,870 units in 2021

•  Kolkata saw approximately  23,190 units completed in 2022, against 11,620 units in 2021.

According to Anuj Puri, Chairman, of 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. 2022 saw the highest rate of completions (4.02 lakh units) between 2017 and 2022 across the top 7 cities.”

“Over 5.44 lakh units are scheduled to be completed across the top 7 cities in 2023, Puri. With over 5.44 lakh units scheduled to be completed in 2023, construction activity, according to Puri,  was and will hopefully remain least impacted even if the pandemic resurfaces. So most completions in 2023 may be as per schedule especially as developers are preferring to complete previously launched projects before launching new ones.

 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 for timely project completions . If the  construction proceeds unhampered and as per schedule, NCR is likely to see the maximum number of home completions in the year.

Source: ANAROCK Research

• Delhi-NCR is slated for maximum completions in 2023 with approximately 1,66,850 units scheduled to be completed during the year

• In MMR, about. 1,32,900 units are expected to be ready by the  year-end

• Pune has nearly 94,280 units scheduled to be completed in 2023

• In Bengaluru, roughly. 73,470 units are expected to see completion in the year

• Hyderabad has about. 25,120 units scheduled for completion in 2023

• In Kolkata, nearly 33,040 units are lined up to be completed during the year

• Chennai has the lowest stock with approximately. 18,550 units are scheduled to be completed in 2023.