+
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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code