Nearly 3.85 lakh homes are scheduled to be completed across the top seven cities in 2022, up from 2.78 lakh units that were finished in 2021.
India’s largest property market Delhi-National Capital Region (NCR), which was sharply hit by the real estate slowdown, may see maximum completions in 2022. About 29% of the 4.22 lakh units that are under various stages of construction in Delhi-NCR, are likely to be completed, according to property consultancy Anarock.
2021 saw more homes completed compared to 2.14 lakh units in 2020, despite the Covid-19 pandemic. Of the total completed homes in 2021, the maximum completions were in NCR with around 86,590 units , almost 84% more than in 2020, when around 47,160 units were completed.
In Mumbai Metropolitan Region (MMR), around 70,490 units were completed in 2021, against 54,720 units in 2020. Pune saw 46,090 units completed in 2021 compared to 40,840 units in 2020.
Bengaluru, Hyderabad, and Chennai collectively saw 63,870 units completed in 2021, against 59,730 units in 2020. Kolkata saw over 11,620 units completed in 2021, against 11,920 units in 2020.
“Our data indicates that 3.85 lakh units are scheduled to be completed across the top seven cities in 2022. Given that the construction activity across most cities was, and will hopefully remain, least impacted during the ongoing third wave, most completions in 2022 may be as per schedule. Certainly, developers are committed to complete previously launched projects before launching new ones,” said Anuj Puri, chairman, Anarock Group.
This year, in MMR, where around 4.26 lakh units are under construction, 17% of it will get completed in 2022, 24% in 2023, 20% in 2024, and 39% beyond 2024.
About 31% of the 2.39 lakh homes under construction in Pune will be complete this year, while 29% of the 1.92 lakh units in Bengaluru will touch the finishing line.
Source : Live Mint