4.02 Lakh Homes Completed in 2022 Across Top 7 Cities, Highest in a Year Since 2017
- Between 2017-2022, 2019 saw second-highest annual completion of more than 2.98 lakh units; 2021 saw approx. 2.79 lakh units completed across the top 7 cities
- MMR saw maximum completions in 2022 (approx. 1.27 lakh units), followed by NCR with over 86,300 units completions, Pune with 84,200 units
- Bengaluru, Hyderabad, & Chennai together completed approx. 81,580 units in 2022
- Approx. 5.44 lakh units are lined up for completion in 2023 across the top 7 cities; if construction goes as per schedule, NCR will see highest completions (of approx. 1.67 lakh units)
Year 2022 saw record high housing sales and new launches across the top 7 cities. Latest ANAROCK data reveals that unit completions have also remained on top between 2017 till 2022. Approx. 4.02 lakh homes were completed in 2022 in these cities – 44% higher than in 2021, when approx. 2.79 lakh homes were completed.
Of the total completed homes in 2022, the highest were in MMR – approx. 1,26,720 units, almost 80% more than in 2021 (when approx. 70,500 units were completed).
- In NCR, approx. the same number of units got completed in 2022 (86,300 units) as in 2021 (86,590 units)
- Pune saw approx. 84,200 units completed in 2022, against 46,080 units in 2021
- Bengaluru, Hyderabad, and Chennai collectively saw approx. 81,580 units completed in 2022, against 63,870 units in 2021
- Kolkata saw approx. 23,190 units completed in 2022, against 11,620 units in 2021.
Anuj Puri, Chairman – ANAROCK Group, says, “2022 was a watershed year for the Indian housing sector, with sales breaching the previous peak levels of 2014. In response to this high demand, developers remained focused on completing their previously launched projects. 2022 saw the highest rate of completions (4.02 lakh units) between 2017 and 2022 across the top 7 cities.”
“Over 5.44 lakh units are scheduled to be completed across the top 7 cities in 2023,” says Puri. “Construction activity was, and will hopefully remain, least impacted even if the pandemic resurfaces, so most completions in 2023 may be as per schedule. Certainly, developers are committed to completing previously launched projects before launching new ones.”
Expected Completions in 2023
Ready-to-move-in homes remain squarely on the bestseller list. After a phenomenal completion rate in 2022, 2023 is poised to be another rocking year as long as construction proceeds as per timeliness and no major headwinds obstruct it. If construction proceeds unhampered and as per schedule, NCR is likely to see the maximum completions in the year.
|
Year |
No. of Units Completed / to be completed |
|
2017 |
204200 |
|
2018 |
246140 |
|
2019 |
298450 |
|
2020 |
214370 |
|
2021 |
278650 |
|
2022 |
402000 |
|
2023 (Expected Completions) |
5,44,190 |
Source: ANAROCK Research
- Delhi-NCR is slated for maximum completions in 2023 with approx. 1,66,850 units scheduled to be completed during the year
- In MMR, approx. 1,32,900 units are expected to be ready by year-end
- Pune has approx. 94,280 units scheduled to be completed in 2023
- In Bengaluru, approx. 73,470 units are expected to see completion in the year
- Hyderabad has approx. 25,120 units scheduled for completion in 2023
- In Kolkata, approx. 33,040 units are lined up to be completed during the year
- Chennai has the lowest stock with approx. 18,550 units scheduled to be completed in 2023.
