New Delhi [India], February 19 : The year 2023 was remarkable for the Indian housing sector, with record-high sales and new launches across the top seven cities. The latest data put out by real estate consultancy firm ANAROCK Research revealed that unit completions between 2017 and 2023 have not lagged this trend.
Approximately 4.35 lakh homes were completed in 2023 across the top seven cities - 8 per cent higher than in 2022 when approximately 4.02 lakh homes were completed.
Of the total completed homes in 2023, the greater Mumbai region topped out with approximately 143,500 units - almost 13 per cent more than in 2022, when about 126,720 units were completed.
In Delhi NCR, about 1,14,280 units got completed in 2023 against 86,300 units in 2022 - a 32 per cent increase.
Pune saw approximately 65,000 units completed in 2023, against 84,200 units in 2022, thus reducing by 23 per cent annually - the only major city to display this contrarian dynamic.
Bengaluru, Hyderabad, and Chennai collectively saw approximately 87,190 units completed in 2023, against 81,580 units in 2022.
Kolkata saw approximately 25,075 units completed in 2023, against approximately 23,190 units in 2022.
The Indian real estate sector continued to scale new highs in 2023, defying the tightened monetary policy stance of the Reserve Bank of India (RBI).
"The Indian residential sector is unlikely to forget 2023, which was nothing less than phenomenal at every level. 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," said Anuj Puri, Chairman - ANAROCK Group.
"If we consider the period between 2017 and 2023, 2023 saw the maximum annual unit completions, with over 4.35 lakh homes gaining RTM (ready to move) status across the top 7 cities," Puri added.
Data also indicated that more than 5.31 lakh units are scheduled to be completed across the top 7 cities in 2024, asserted Puri.
"With housing demand remaining high, developers are prioritizing project completions. Moreover, many large developers have also taken over the task of bringing many stuck or completely stalled projects by other players to completion. They are now also committed to completing their own previously launched projects before launching new ones," he added.
After a phenomenal housing project completion rate in 2023, the 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 the greater Mumbai region is slated to see the highest number of this supply, Anarock said.
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