Over 4.35 lakh housing units completed in 2023 across top 7 cities, 59% in NCR and Mumbai regions: ANAROCK

MMR and NCR together saw approximately 2,57,780 units completed in 2023

More than 4.35 lakh dwelling units were completed in 2023 across top seven cities with around 59 percent of these houses located in Mumbai Metropolitan Region (MMR) and National Capital Region (NCR), according to a report by ANAROCK, a real estate consultancy.

The report stated that completion of housing units in 2023 was 8 percent more than the last year when approximately 4.02 lakh homes were completed. The seven cities included MMR, NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata.

MMR and NCR together saw approximately 2,57,780 units completed in 2023 -- MMR with approximately 1,43,500 units, followed by NCR with 1,14,280 units, the data showed.

In 2022, both these realty hotspots saw around 2,13,020 units completed, registering a 21 percent yearly growth in number of completed units. Bengaluru, Hyderabad and Chennai together saw approximately 87,190 units completed in 2023 while Pune saw nearly 65,000 units completed in 2023, the report stated.

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Anuj Puri, Chairman - ANAROCK Group, said that housing sales breached the previous peak levels of 2022 and remain robust in 2024. These sales statistics - along with RERA-related commitments - have encouraged developers to stay focused on completing existing inventory.

“If we consider the period between 2017 and 2023, the year 2023 saw the maximum annual unit completions, with over 4.35 lakh homes gaining RTM (ready-to-move) status across the top seven cities. Data also indicates that more than 5.31 lakh units are scheduled to be completed across the top 7 cities in 2024,” he said.

Puri said that with housing demand remaining high, developers are prioritizing project completions. Moreover, several big developers have also taken over the task of bringing many stuck or completely stalled projects by other players to completion, he said.

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Road ahead for 2024

According to ANAROCK research, after a remarkable housing project completion rate in 2023, year 2024 is on course to continue the trend, provided no major headwinds obstruct construction activities. Without such impediments, 2024 can well distinguish itself as the year of ready-to-move homes - and MMR is slated to see the highest number of this supply.

Approximately 5.31 lakh units are lined up for completion in 2024 across the top seven cities. In MMR, approximately 1.61 lakh units are expected to complete by the end of 2024 while Delhi-NCR may see around 1.44 lakh units completed during the year. Pune has approximately 97,000 units scheduled for completion in year 2024 and in Bengaluru, around 51,680 units are slated for completion in the year, the report stated.

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It added that in Hyderabad, approximately 34,770 units are scheduled to be completed, in Kolkata the number is 25,220 units while Chennai has the least stock with approximately 17,580 units scheduled to be completed in 2024.