According to Anarock property consultant, the number of houses finished in 2022 exceeded 400,000, which was a record high since 2017. This was due to developers focusing on delivery after reporting strong post-covid sales. Comparatively, 2.79 lakh homes were finished in 2021, which was 44% more than in 2022.
In 2021, when roughly 2.79 lakh homes were fully completed, it was 44% lower. Well almost 1,26,720 units, or mostly 80% more than major share number of completed homes in 2021 (roughly 70,500 units), were in MMR, representing approximately of number of completed homes in 2022.
Top 7 cities to record high housing sales & launches:
“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,” it said.
Of the total completed homes in 2022, the highest were in MMR, nearly 1,26,720 units, almost 80 per cent more than in 2021 (when approximately 70,500 units were completed).
In NCR, about the same number of units got completed in 2022 (86,300 units) as in 2021 (86,590 units). Pune saw around 84,200 units completed in 2022, against 46,080 units in 2021.
Similarly, Bengaluru, Hyderabad and Chennai collectively witnessed about 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.
“2022 was a watershed year for the Indian housing sector, with sales breaching the previous peak levels of 2014.
Developers’ response to high demand:
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,” said Anuj Puri, Chairman, ANAROCK Group.
“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,” he added.