Realty firms to complete 5.58 lakh homes: Anarock

Press Trust of India

New Delhi: Real estate developers are expected to complete nearly 5.58 lakh homes this year across seven major cities as builders focus on accelerating the pace of construction activities, according to Anarock. Real estate consultant Anarock’s data suggests that 5,57,900 homes are scheduled for completion during 2023. In the 2022 calendar year, 4,02,000 units were scheduled to be completed.

The consultant did not mention whether builders were able to meet their 2022 target or not. said that the number of homes to be completed is higher because of several factors including realty law RERA, better cash flow amid rise in housing sales, use of latest technologies in construction activities and also increased funding from financial institutions. The developers are trying to avoid delay in completion of projects as it leads to cost overrun, the consultant added.

Anarock Vice Chairman Santhosh Kumar said, “As per scheduled completion records, approx. 5.6 lakh homes are likely to be delivered across the top 7 cities in 2023. This is an increase of 39 per cent over the previous year.” As per the data, the maximum completion of housing projects is expected in Delhi-NCR followed by Mumbai Metropolitan Region (MMR). In Delhi-NCR, builders are likely to complete 1,70,100 homes this year as against 86,300 units scheduled in the previous year