Indian Economy News

Realty firms in the top seven cities are poised to complete 558,000 homes in 2023: Anarock

The real estate consultancy firm, Anarock has projected that the Indian real estate developers in India’s major urban centres are poised to complete over 558,000 homes in 2023.

A total of 557,900 homes are expected to be finished in the upcoming year, registering a 39% increase as compared to the previous year, and exceeding the goal of 402,000 units set for the previous year, according to Anarock's report

Mr. Santhosh Kumar, Vice Chairman of Anarock Group remarked by saying that from the completion of 2 lakh units in 2017, annual completions will increase by 3.8 times for 2023.

As per Anarock, the increment in the homes slated for completion can be due to a lot of factors like the implementation of real estate law RERA, improved cash flow resulting from increased housing sales, and increased funding from financial institutions, among others.

With over 170,000 units scheduled for delivery in 2023, the National Capital Region (NCR) is anticipated to take the lead among the top seven cities in terms of project completions. This represents a 97% increase from the prior year and accounts for roughly 30% of the total project pipeline. Whereas, in the Mumbai Metropolitan Region (MMR), the completion of 131,400 units is expected. The project completions in Pune are expected to be 98,400 units, Bengaluru (80,100 units), Kolkata (36,700 units), Hyderabad (23,800 units), and Chennai (17,400 units).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.