Listen To The Article
As per the recent report by property consultant ANAROCK, real estate developers increased the pace of construction in 2022, finishing 4.02 lakh housing units across seven major cities as compared to 2.79 lakh homes in the year 2021.
The top 7 cities experienced record-breaking housing sales and new launches in 2022. Unit completions have also continued to rank first between 2017 and 2022, according to the most recent ANAROCK data.
The majority of the completed homes in 2022 were about 1,26,720 units in Mumbai Metropolitan Region (MMR), with an increase of nearly 80% from 2021. In 2021, approximately 70,500 units were completed in MMR.
Regarding the NCR, 86,300 units are almost the same compared to 2021; 86,590 units were completed in 2022. Pune completed about 84,200 units in 2022 compared to 46,080 units in 2021.
Similarly, 81,580 units were completed in Bengaluru, Hyderabad, and Chennai in 2022, compared to 63,870 units in 2021. In addition, approximately 23,190 units were completed in Kolkata in 2022, compared to 11,620 units in the previous year.
Housing sales in 2022 broke the previous peak of 2014, marking a turning point for the Indian housing sector. Developers remained committed to completing their pending projects in response to this high demand. Anuj Puri, Chairman of ANAROCK Group, stated that 2022 saw the highest rate of completions (4.02 lakh units) between 2017 and 2022 across the top seven cities.
In 2023, the top seven cities are expected to see the completion of more than 5.44 lakh units. Even if the pandemic re-emerges, construction activity will hopefully continue to be least affected, so most completions in 2023 may proceed as planned.