The number of completed residential units stood at 400,000 in 2022. It is the highest recorded figure since 2017. The focus on sales in the post-pandemic time is the reason for this massive growth.
The recent report by property consultant Anarock states, “Year 2022 saw record high housing sales and new launches across the top 7 cities. Latest ANAROCK data reveals that unit completions have also remained on top between 2017 till 2022.”
Out of the total number of completed residential units, Mumbai Metropolitan Region (MMR) recorded the highest number. The figure stood at approximately 1,26,720 units. Following MMR is the National Capital Region (NCR) which completed 86,300 units which are quite close to the number of completed housing units in 2021.
Next in the line are Bengaluru, Hyderabad, and Chennai. These cities collectively recorded the figure of 81,580 completed residential units. The figure is almost 20,000 more than that of the year 2021. Also, Kolkata, the city of joy, witnessed the completion of 23,100+ housing units. It is 10x times more than the number of completed units in 2021 in the city.
Anuj Puri, Chairman, ANAROCK Group said, “In response to this high demand, developers remained focused on completing their previously launched projects. 2022 saw the highest rate of completions (4.02 lakh units) between 2017 and 2022 across the top seven cities”.
He further stated that, “Over 5.44 lakh units are scheduled to be completed across the top seven cities in 2023. Construction activity was, and will hopefully remain, 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.”
Before this, a report stated that the strong home buying sentiment kept the momentum of residential sale going in 2022. The recent report states, that the continuous demand for homes marked sale of 215,000 residential units last year. Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune recorded highest number of residential units’ sale.
With the sale of over 50,000 housing units in each quarter of 2022, the residential sale escalated by 68% Year-on-Year ratio as per the recent report by JLL India.
The sale of more than 46,000 housing units made Mumbai and Bengaluru secure the top position in the sales chart with a share of 22%. Delhi-NCR with the sale of 38,000 residential properties, marked it to 18% share. The capital city shared the third position with Pune, which also recorded 18% residential sales.
Q4 2022 was said to be a better performer than Q4 2021. Although, this quarter was a bit slow as homebuyers took time to make a final home-buying decision. The homebuyers’ watch-the-step approach due to the overall economic scenario gave a blow to housing sales in the year.
On a whole, 2022 has been a watershed year for the Indian real estate sector and the growth momentum is likely to continue in 2023.
