Real estate developers are expected to complete nearly 5.58 lakh homes this year across seven major cities as builders focus on accelerating the pace of construction activities, according to Anarock. Real estate consultant Anarock’s data suggests that 5,57,900 homes are scheduled for completion during 2023.
In the 2022 calendar year, 4,02,000 units were scheduled to be completed. The consultant did not mention whether builders were able to meet their 2022 target or not.
Anarock said that the number of homes to be completed is higher because of several factors including realty law RERA, better cash flow amid rise in housing sales, use of latest technologies in construction activities and also increased funding from financial institutions.
The developers are trying to avoid delay in completion of projects as it leads to cost overrun, the consultant added.
Anarock Vice Chairman Santhosh Kumar said, “As per scheduled completion records, approx. 5.6 lakh homes are likely to be delivered across the top 7 cities in 2023. This is an increase of 39 per cent over the previous year.” As per the data, the maximum completion of housing projects is expected in Delhi-NCR followed by Mumbai Metropolitan Region (MMR).
In Delhi-NCR, builders are likely to complete 1,70,100 homes this year as against 86,300 units scheduled in the previous year.
The completion of homes in MMR is likely to be 1,31,400 units, as against 1,26,700 units. Pune may see completion of 98,400 units, as against scheduled delivery of 84,200 units during 2022.
The completion in Bengaluru is seen at 80,100 units this year, as against scheduled 48,700 units in 2022.
Kolkata is likely to witness completion of 36,700 units this year, as against scheduled 23,200 units in the previous year.
Realtors may complete 23,800 homes in Hyderabad during 2023. They promised to complete 11,700 units in the previous year.
In Chennai, the scheduled completion of homes is 17,400 units this year, a decline from the scheduled completion of 21,200 homes in the previous year.
“The introduction of realty law RERA has weeded out non-serious developers from the market, leaving only those who are committed to delivering projects on time and ensuring customer satisfaction,” Signature Global Chairman Pradeep Aggarwal said.
Atul Banshal, Director Finance, Omaxe Ltd, said the company focuses on completion of projects and is delivering an average of 3-4 million square feet area every year.
Ashwani Kumar of Pyramid Infratech said, “The fact that 7 cities are set to witness the completion of 5,58,000 homes, with the NCR region itself comprising over 1.70 lakh units expected to be finished in 2023, is evidence of the real estate market’s resiliency and potential. This sharp increase in unit completions will draw capital, generate employment opportunities, and stimulate economic growth.”
He added that it will close the supply-demand imbalance, offering homebuyers more options across a range of price points.
Rajjath Goel, Managing Director, MRG Group, said, “With an estimated completion of approximately 1.70 lakh units in 2023, accounting for almost 30% of the year’s delivery pipeline, it is heartening to witness the power of NCR’s real estate sector. This impressive growth represents a staggering 97% increase compared to 2022. As a prominent developer in the region, we are proud to participate proactively in this transformation. There is a significant buyer and investor interest in the sector and developers are launching new projects regularly.”
Nayan Raheja of Raheja Developers said, “Real estate in NCR is booming, with a projected completion of 1.70 lakh units in 2023, accounting for 30% of the delivery pipeline – a staggering 97% increase from last year. Increased sales volume has improved cash flows, allowing developers to focus on timely project completion. The adoption of tech-enabled construction techniques has revolutionized the sector. These factors have propelled NCR’s real estate growth, enabling efficient project management, meeting deadlines, and delivering homes that cater to buyers’ evolving needs.”
(With PTI Inputs)
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