558,000 homes to be completed in 2023 across top 7 cities: Anarock report

NCR's estimated unit completions for CY23 account for 30% of the year's delivery pipeline. Mumbai Metropolitan Region followed NCR with a 24% share

While 2022 set a new benchmark in residential sales, calendar year 2023 (CY23) is likely to be a record year for project completions, with developers expected to complete almost 558,000 homes across seven major cities, up 39 per cent over CY22, says a report by Anarock.

In the calendar year 2022 (CY22), around 402,000 units were scheduled to be completed.

Anarock data shows that National Capital Region (NCR), is set to lead the pack with about 170,100 units to be completed in CY23 as against 86,300 units scheduled in the previous calendar year.

NCR’s estimated unit completions for CY23 account for 30 per cent share of the year’s delivery pipeline. Mumbai Metropolitan Region followed NCR with an estimated 24 per cent share, the report said.

The completion of homes in MMR is likely to be 131,400 units in CY23 as against 126,700 units in CY22. Pune may see completion of 98,400 units in CY23, as against a scheduled delivery of 84,200 units in CY22.

However, Hyderabad’s project completion share is just 4 per cent of the top 7 cities but will post a massive 104 per cent increase over CY22.

The estimated completion of homes in Chennai is 17,400 units this calendar year, a decline from the estimated completion of 21,200 homes in the previous year.

Recently, real estate regulatory authority real estate regulatory authority (RERA) has laid down strict guidelines for project completions, mandating that that developers must complete residential projects within the timeline specified in the agreement with their customers.

According to the consultant, apart from the stringent real estate regulatory authority strictures, developers have other compelling reasons including better cash flow, increased sales volume, indicating an uptick in housing demand, AIFs aiding project completions and tech-enabled construction techniques to meet their project completion targets.