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HomeRealty4.02 Lakh Homes were Completed in 2022 Across Top 7 Cities, Highest...

4.02 Lakh Homes were Completed in 2022 Across Top 7 Cities, Highest in a Year Since 2017

  • Between 2017-2022, 2019 saw the second-highest annual completion of more than 2.98 lakh units; 2021 saw approximately 2.79 lakh units completed across the top 7 cities. But we saw that 4.02 lakh homes were completed in 2022
  • MMR saw maximum completions in 2022 (approximately 1.27 lakh units), followed by NCR with over 86,300 units completions, Pune with 84,200 units
  • Bengaluru, Hyderabad, & Chennai together completed approximately 81,580 units in 2022
  • Approximately 5.44 lakh units are lined up for completion in 2023 across the top 7 cities; if construction goes as per schedule, NCR will see the highest completions (of approximately 1.67 lakh units)

The year 2022 saw record-high housing sales and new launches across the top 7 cities. The latest ANAROCK data reveals that unit completions have also remained on top between 2017 till 2022. Approximately 4.02 lakh homes were completed in 2022 in these cities – 44% higher than in 2021 when approximately 2.79 lakh homes were completed.

Of the total completed homes in 2022, the highest was in MMR – approximately 1,26,720 units, almost 80% more than in 2021 (when approximately 70,500 units were completed).

  • In NCR, approximately the same number of units got completed in 2022 (86,300 units) as in 2021 (86,590 units)
  • Pune saw approximately 84,200 units completed in 2022, against 46,080 units in 2021
  • Bengaluru, Hyderabad, and Chennai collectively saw approximately 81,580 units completed in 2022, against 63,870 units in 2021
  • Kolkata saw approximately 23,190 units completed in 2022, against 11,620 units in 2021.

The year 2022 was a watershed year for the Indian housing sector, with sales breaching the previous peak levels of 2014. In response to this high demand, developers remained focused on completing their previously launched projects. 2022 saw the highest rate of completion (4.02 lakh units) between 2017 and 2022 across the top 7 cities.

Over 5.44 lakh units are scheduled to be completed across the top 7 cities in 2023. Construction activity was, and will hopefully remain, the least impacted even if the pandemic resurfaces, so most completions in 2023 may be as per schedule. Certainly, developers are committed to completing previously launched projects before launching new ones.

Expected Completions in 2023

Ready-to-move-in homes remain squarely on the bestseller list. After a phenomenal completion rate in 2022, 2023 is poised to be another rocking year as long as construction proceeds as per timeliness and no major headwinds obstruct it. If construction proceeds unhampered and as per schedule, NCR is likely to see the maximum completions in the year.

YearNo. of Units completed /
to be completed
20172,04,200
20182,46,140
20192,98,450
20202,14,370
20212,78,650
20224,02,000
2023 (Expected
Completions)
5,44,190

  • Delhi-NCR is slated for maximum completions in 2023 with approximately 1,66,850 units scheduled to be completed during the year
  • In MMR, approximately 1,32,900 units are expected to be ready by year-end
  • Pune has approximately 94,280 units scheduled to be completed in 2023
  • In Bengaluru, approximately 73,470 units are expected to see completion in the year
  • Hyderabad has approximately 25,120 units scheduled for completion in 2023
  • In Kolkata, approximately 33,040 units are lined up to be completed during the year
  • Chennai has the lowest stock with approximately 18,550 units scheduled to be completed in 2023.

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Anuj Puri
Anuj Purihttps://anarock.com
Anuj Puri is a graduate of Shriram College of Commerce, New Delhi and a Fellow of the Royal Institution of Chartered Surveyors, UK. He serves on multiple public and private company boards and is affiliated to numerous organisations including FICCI, MCHI-CREDAI and YPO. He is group chairman at ANAROCK Property Consultants Pvt Ltd.
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