5.58 lakh homes could be completed in 2023 across 7 cities
Real Estate

5.58 lakh homes could be completed in 2023 across 7 cities

According to real estate consultant Anarock, developers are expected to complete approximately 5.58 lakh homes in seven major cities this year, driven by efforts to accelerate construction activities.

Anarock's data reveals that 5,57,900 homes are scheduled for completion in 2023, a significant increase compared to the 4,02,000 units targeted in 2022. While it remains unclear whether builders met their 2022 targets, Anarock attributes the higher number of completions to factors such as the implementation of the realty law RERA, improved cash flow from increased housing sales, utilisation of advanced construction technologies, and enhanced funding from financial institutions.

The consultant emphasises that developers are keen to avoid project delays, which often result in cost overruns. Anarock Vice Chairman Santhosh Kumar states that nearly 5.6 lakh homes are expected to be delivered across the top seven cities in 2023, marking a 39% increase from the previous year. Delhi-NCR is projected to witness the highest number of completions, with 1,70,100 homes scheduled for delivery, followed by the Mumbai Metropolitan Region (MMR) with an estimated 1,31,400 units. Pune is expected to see the completion of 98,400 units, Bengaluru 80,100 units, Kolkata 36,700 units, Hyderabad 23,800 units, and Chennai 17,400 units.

Industry experts attribute the increased pace of completions to the impact of RERA, which has weeded out non-serious developers and left only those committed to timely project delivery and customer satisfaction. Signature Global Chairman Pradeep Aggarwal highlights the positive effect of RERA on the market. Atul Banshal, Director of Finance at Omaxe Ltd, underscores their focus on project completion, with an average annual delivery of 3-4 million square feet.

According to real estate consultant Anarock, developers are expected to complete approximately 5.58 lakh homes in seven major cities this year, driven by efforts to accelerate construction activities. Anarock's data reveals that 5,57,900 homes are scheduled for completion in 2023, a significant increase compared to the 4,02,000 units targeted in 2022. While it remains unclear whether builders met their 2022 targets, Anarock attributes the higher number of completions to factors such as the implementation of the realty law RERA, improved cash flow from increased housing sales, utilisation of advanced construction technologies, and enhanced funding from financial institutions. The consultant emphasises that developers are keen to avoid project delays, which often result in cost overruns. Anarock Vice Chairman Santhosh Kumar states that nearly 5.6 lakh homes are expected to be delivered across the top seven cities in 2023, marking a 39% increase from the previous year. Delhi-NCR is projected to witness the highest number of completions, with 1,70,100 homes scheduled for delivery, followed by the Mumbai Metropolitan Region (MMR) with an estimated 1,31,400 units. Pune is expected to see the completion of 98,400 units, Bengaluru 80,100 units, Kolkata 36,700 units, Hyderabad 23,800 units, and Chennai 17,400 units. Industry experts attribute the increased pace of completions to the impact of RERA, which has weeded out non-serious developers and left only those committed to timely project delivery and customer satisfaction. Signature Global Chairman Pradeep Aggarwal highlights the positive effect of RERA on the market. Atul Banshal, Director of Finance at Omaxe Ltd, underscores their focus on project completion, with an average annual delivery of 3-4 million square feet.

Next Story
Infrastructure Energy

Tamil Nadu Explores PPP Route for Rs 4,500 Crore Power Transmission Project

In a pioneering move, the Tamil Nadu Transmission Corporation (Tantransco) is venturing into the tariff-based competitive bidding (TBCB) model to develop a new greenfield 765/400 kV substation in the Coimbatore region. This initiative, part of a larger power transmission project worth Rs 4,500 crore, also includes the development of 240 kilometers of transmission lines extending from Ariyalur to Tirupur, where the new facility will be established. This decision marks a significant shift from traditional state-funded projects to public-private partnership (PPP) models. The 765 kV substation, lo..

Next Story
Infrastructure Transport

Port Delays and Red Tape Strain India's Steel User Units: GTRI

India’s steel industry, which is crucial for the country's economic growth, is currently facing a significant crisis. Over 10,000 steel user units across the country are grappling with operational and financial difficulties due to prolonged port delays, burdensome regulatory requirements, and the slow pace of clearance procedures at customs. According to the Global Trade Research Initiative (GTRI), these delays and complications are seriously affecting production timelines and export capacities, threatening the competitiveness of India's steel sector in the global market. The GTRI has pointe..

Next Story
Building Material

Steelmakers Urge Government to Impose Temporary Tax on Cheap Imports

India's steelmakers, facing severe financial stress due to rising imports of cheap steel from countries like China, Japan, South Korea, and Vietnam, are calling on the government to impose a temporary tax to protect the domestic industry. The Indian Steel Association (ISA), which represents major steel producers such as JSW Steel, Tata Steel, and the Steel Authority of India (SAIL), is pushing for urgent action to curb what it sees as a flood of steel imports at predatory prices that threaten the survival of the domestic industry. The ISA’s latest presentation to the Directorate General of T..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000