Indian real estate booms: 558K home completions expected

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Indian real estate developers operating in major urban centres of the country are set to achieve a significant milestone in 2023. According to real estate consultancy firm Anarock, approximately 558,000 homes are projected to be completed, surpassing the previous year's target of 402,000 units.

Anarock's report reveals that a total of 557,900 homes are scheduled for completion in the upcoming year, reflecting a 39 per cent increase compared to the previous year. This substantial growth signifies a remarkable upswing in the residential real estate sector.

Santhosh Kumar, Vice Chairman of Anarock Group, expressed his perspective on this forthcoming achievement, stating that this is a major milestone as the Indian residential real estate segment crosses the 0.5 million deliveries mark for the year. Annual completions will rise 2.8 times from a modest volume of 200,000 units in 2017.

Anarock attributes the higher number of homes slated for completion to various factors, including the implementation of the real estate law RERA, improved cash flow resulting from increased housing sales, adoption of advanced construction technologies, and increased funding from financial institutions. Developers are striving to avoid project delays as they lead to cost overruns, added the consultant.

Among the top 7 cities, the National Capital Region (NCR) is expected to lead in terms of project completions, with approximately 170,000 units scheduled for delivery in 2023. This constitutes nearly 30 per cent of the total project pipeline and represents a significant 97 per cent increase from the previous year.

The Mumbai Metropolitan Region (MMR) closely follows with a projected 24 per cent share of completions, while Hyderabad experiences an impressive 104 per cent surge compared to 2022, albeit with a smaller share of completed projects.

Delhi-NCR anticipates the highest number of completed housing projects among specific cities, with an estimated 170,100 units scheduled for delivery this year, surpassing the 86,300 units completed in the previous year.

In the Mumbai Metropolitan Region (MMR), the completion of 131,400 units is expected, slightly exceeding the 126,700 units delivered earlier. Pune is projected to witness the completion of 98,400 units, surpassing the scheduled delivery of 84,200 units in 2022.

Bengaluru aims to achieve the completion of 80,100 units, representing a significant increase from the 48,700 units completed in the previous year. Kolkata is likely to witness the completion of 36,700 units, compared to the scheduled delivery of 23,200 units in the previous year.

Meanwhile, real estate developers in Hyderabad have committed to completing 23,800 homes in 2023, marking a notable increase from the 11,700 units completed in the preceding year. Chennai, however, is projected to experience a decline in completion numbers, with 17,400 units scheduled for this year compared to the completion of 21,200 homes in the previous year.

Source: constructionworld.in

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