Top 7 Indian Cities Witness Completion of 4.4 Lakh Homes in Previous Year
The latest research from Anarock Group unveils Mumbai Metropolitan Region (MMR) as the frontrunner among India's top seven cities for completed homes in 2023. With approximately 4.35 lakh homes finished across key urban hubs like MMR, NCR, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata, the sector witnessed a notable 9% surge compared to the previous year. MMR particularly stood out with 1,43,500 completed units, showcasing a remarkable 13% growth from 2022. However, Pune experienced a contrasting trend with a 23% decline, as completed units dwindled from 84,200 in 2022 to 65,000 in 2023. Anarock Group's chairman credited this pattern to buoyant housing sales surpassing previous peak levels, prompting developers to prioritise existing inventory completion driven by RERA mandates.
The housing market's upward trajectory persisted, evidenced by a new high in sales volume quarter-on-quarter by December 2023. From January to September 2023, around 3.49 lakh units were sold across the top seven cities, slightly below the 3.65 lakh units recorded in all of 2022. Of significant note, the total sales values of homes surged by a substantial 44% during the first nine months of 2023 compared to the same period in 2022, with Pune registering the highest annual increase of 96% in total sales values. These trends underscore a promising outlook for the real estate sector, with projections indicating over 5.31 lakh units slated for completion across the top seven cities in the ongoing year.
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