With the pace of construction gathering momentum post-Covid, a total of 4 lakh homes were completed across the top seven cities of the country in 2022 — the highest since 2017.
Between 2017 and 2022, the year 2019 saw the second-highest annual completion of 2.98 lakh units and 2021 the third-highest at 2.79 lakh units. This is as per the latest report by real estate consultants Anarock.
In Delhi-NCR, approximately the same number of units were completed in 2022 (86,300 units) as in 2021 (86,590 units). Of these, the maximum completions were seen in Gurugram in both the years. Delhi-NCR cities are slated for maximum completions in 2023 — 1,66,850 units are expected to be ready during the year. Delhi-NCR is followed by Mumbai and Pune, as per the report.
Interestingly, Greater Noida – which has been a bane for the real estate sector in NCR due to several delayed projects since many years — saw completions of 22,130 housing units in 2022 and 24,240 units in 2021. This indicates that project delivery is of prime importance for developers in a market previously tarred by stalled projects. Ghaziabad was the third vibrant market in construction activity.
With 2023 all set to be another significant year for Delhi-NCR in terms of project completions, given that developers are laser-focused on the same, it could well be the year with maximum deliveries in the region. Within the region, Gurugram again is seen to have maximum completions lined up during the year, followed by Greater Noida.
Delhi-NCR is followed by Mumbai and Pune. Other cities included in the report are Hyderabad, Chennai, Bengaluru and Kolkata.
Anuj Puri, chairman of Anarock, said, “Ready-to-move-in homes remain squarely on the bestsellers’ 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.”
NCR-based developers are upbeat about project completions and sales.
Yash Miglani, MD of Migsun Group, said the traction picked up by the real estate sector in 2021 continued well into 2022. “We expect 2023 to take this trend to a new height. As a developer, we have sold a massive 4.5 lakh sq ft in the 30 days of the last festive season in all our projects across NCR.”
Ashwani Kumar of Pyramid Infratech, said, “Despite the increase in interest rates and other challenges, the sector will continue on its growth trajectory. The overall sentiment is positive, and of a large number of projects stalled due to the pandemic, we expect the completion of as many as 1.67 lakh units in 2023.”
Source : TOI