4.35 lakh homes completed in top 7 cities, MMR & NCR lead the charge: Report

Home completion peaks: The year 2023 witnessed the completion of 4.35 lakh homes across the nation's top 7 cities. This feat represents an 8 per cent increase compared to the preceding year. According to the Anarock report, Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) emerged as the primary drivers of this surge, contributing approximately 59 per cent of the total completed units. MMR led the charge with around 1,43,500 units reaching fruition, marking a notable 13 per cent increase from the previous year. Similarly, NCR witnessed a 32 per cent rise, with approximately 1,14,280 units being delivered during the same period.

Citywise completion

The remaining top cities also contributed to this surge in completed homes. Bengaluru, Hyderabad, and Chennai collectively saw approximately 87,190 units completed in 2023. Pune, however, experienced a marginal decline in home completions with approximately 65,000 units completed, compared to the figures of the previous year.

Anuj Puri, Chairperson, Anarock Group, hailed 2023 as a watershed moment for the Indian residential sector. Puri emphasised that the performance in home completions was complemented by robust sales figures, which surpassed the previous peak levels recorded in 2022. This sustained momentum, coupled with regulatory commitments under the Real Estate (Regulation and Development) Act (RERA), instilled confidence amongst developers, encouraging them to prioritise the timely delivery of existing projects.

Reviving stalled projects

Puri further highlighted the industry's focus on addressing the issue of stalled projects, with several major developers taking proactive measures to revive and complete such ventures. Looking ahead to 2024, Anarock projects a continuation of the positive trend, with an estimated 5.31 lakh units slated for completion across the top 7 cities.

The anticipated surge in home completions in 2024 is poised to consolidate the sector's recovery, provided construction activities remain unhindered by external factors. MMR is expected to maintain its lead, with approximately 1,60,900 units projected for completion by the year-end. NCR follows closely, with an estimated 1,44,310 units earmarked for completion during the same period.

City housing prospects

Other key cities such as Pune, Bengaluru, Hyderabad, Kolkata, and Chennai are also poised to witness substantial additions to their housing inventory, further boosting the overall market sentiment. Notably, Pune, which experienced a marginal decline in home completions in 2023, is expected to rebound with approximately 97,000 units slated for completion in 2024.

According to experts, the surge in home completions in 2023, coupled with optimistic projections for 2024, highlights the resilience and potential of the sector. With concerted efforts from stakeholders and conducive regulatory frameworks, the sector is poised for sustained growth and stability in the years to come.