5.58 lakh homes could be completed in 2023 across 7 cities
Real Estate

5.58 lakh homes could be completed in 2023 across 7 cities

According to real estate consultant Anarock, developers are expected to complete approximately 5.58 lakh homes in seven major cities this year, driven by efforts to accelerate construction activities.

Anarock's data reveals that 5,57,900 homes are scheduled for completion in 2023, a significant increase compared to the 4,02,000 units targeted in 2022. While it remains unclear whether builders met their 2022 targets, Anarock attributes the higher number of completions to factors such as the implementation of the realty law RERA, improved cash flow from increased housing sales, utilisation of advanced construction technologies, and enhanced funding from financial institutions.

The consultant emphasises that developers are keen to avoid project delays, which often result in cost overruns. Anarock Vice Chairman Santhosh Kumar states that nearly 5.6 lakh homes are expected to be delivered across the top seven cities in 2023, marking a 39% increase from the previous year. Delhi-NCR is projected to witness the highest number of completions, with 1,70,100 homes scheduled for delivery, followed by the Mumbai Metropolitan Region (MMR) with an estimated 1,31,400 units. Pune is expected to see the completion of 98,400 units, Bengaluru 80,100 units, Kolkata 36,700 units, Hyderabad 23,800 units, and Chennai 17,400 units.

Industry experts attribute the increased pace of completions to the impact of RERA, which has weeded out non-serious developers and left only those committed to timely project delivery and customer satisfaction. Signature Global Chairman Pradeep Aggarwal highlights the positive effect of RERA on the market. Atul Banshal, Director of Finance at Omaxe Ltd, underscores their focus on project completion, with an average annual delivery of 3-4 million square feet.

According to real estate consultant Anarock, developers are expected to complete approximately 5.58 lakh homes in seven major cities this year, driven by efforts to accelerate construction activities. Anarock's data reveals that 5,57,900 homes are scheduled for completion in 2023, a significant increase compared to the 4,02,000 units targeted in 2022. While it remains unclear whether builders met their 2022 targets, Anarock attributes the higher number of completions to factors such as the implementation of the realty law RERA, improved cash flow from increased housing sales, utilisation of advanced construction technologies, and enhanced funding from financial institutions. The consultant emphasises that developers are keen to avoid project delays, which often result in cost overruns. Anarock Vice Chairman Santhosh Kumar states that nearly 5.6 lakh homes are expected to be delivered across the top seven cities in 2023, marking a 39% increase from the previous year. Delhi-NCR is projected to witness the highest number of completions, with 1,70,100 homes scheduled for delivery, followed by the Mumbai Metropolitan Region (MMR) with an estimated 1,31,400 units. Pune is expected to see the completion of 98,400 units, Bengaluru 80,100 units, Kolkata 36,700 units, Hyderabad 23,800 units, and Chennai 17,400 units. Industry experts attribute the increased pace of completions to the impact of RERA, which has weeded out non-serious developers and left only those committed to timely project delivery and customer satisfaction. Signature Global Chairman Pradeep Aggarwal highlights the positive effect of RERA on the market. Atul Banshal, Director of Finance at Omaxe Ltd, underscores their focus on project completion, with an average annual delivery of 3-4 million square feet.

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?