In a positive development for countless individuals eagerly awaiting the opportunity to secure their own homes.
real estate developers are poised to hand over the keys to 558,000 houses this year.
According to the real estate consultancy firm Anarock, construction progress has significantly accelerated, enabling developers to complete these homes in the major cities of the country.
Anarock’s data reveals that 557,900 houses are slated for completion in 2023, compared to the target of 402,000 houses last year.
However, it remains uncertain whether this previous goal was achieved.
This surge in completed construction projects will result in an increased number of ready-to-move flats available this year.
Anarock attributes the higher number of finished homes to several factors, including the implementation of the Real Estate (Regulation and Development) Act (RERA),
improved cash flow resulting from increased home sales, utilization of cutting-edge construction technology, and greater lending support from financial institutions.
The consultancy emphasizes that developers are striving to minimize project delays, as they lead to cost overruns.
Santosh Kumar, Vice President of Anarock, stated, “Based on estimates, approximately 560,000 homes are expected to be completed in 2023.
across the top seven cities, marking a 39% increase from last year.”
Delhi-NCR Region to Witness the Greatest Impact on Home Buyers
According to the data, the highest number of houses under construction this year will be seen in Delhi-NCR, followed by the Mumbai Metropolitan Region (MMR).
Delhi-NCR is projected to witness the completion of 170,100 houses, compared to the estimated 86,300 houses last year.
In MMR, 131,400 houses are expected to be constructed this year, compared to 126,700 units in 2022.
Pune is anticipated to witness the completion of 98,400 houses, surpassing the target of 84,200 units set for last year.
Bengaluru is likely to see the construction completion of 80,100 homes this year, as opposed to the estimated 48,700 units last year.
Developers Encouraged by Increasing Sales
Rakesh Yadav, CMD of Antriksh India, expressed the optimism of developers due to the surge in home sales.
Consequently, developers are keen to expedite project completion and hand over the keys to homebuyers.
Factors such as the availability of labor, favorable weather conditions, government initiatives, and the support of local authorities have all contributed to the increased pace of construction projects.
Timely completion of projects benefits both developers and homebuyers, reducing costs and instilling confidence among prospective buyers, thus further boosting demand in the sector.
Accelerated Construction Progress in Other Metropolitan Cities
Kolkata is expected to witness the completion of 36,700 homes this year, compared to the estimated 23,200 units constructed last year.
Hyderabad is projected to see the completion of 23,800 homes, surpassing the 11,700 units completed in the previous year.
Construction of 17,400 homes is likely to be completed in Chennai this year, as opposed to the estimated 21,200 units built last year.
