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.