• MMR & NCR together saw approx. 2,57,780 units completed in 2023 – MMR with approx. 1,43,500 units, followed by NCR with 1,14,280 units
• In 2022, both these realty hotspots saw approx. 2,13,020 units completed, registering a 21% yearly growth in no. of completed units
• Bengaluru, Hyderabad, & Chennai together saw approx. 87,190 units completed in 2023
• Pune saw approx. 65,000 units completed in 2023 – the only city where a lower no. of units was completed in 2023 against 2022
• Approx. 5.32 lakh units are lined up for completion in 2024 across the top 7 cities; if construction goes as per schedule, MMR will again see highest completions (of approx. 1.61 lakh units)
Mumbai 18 February 2024: In all the ways that matter, year 2023 was a remarkable year for the Indian housing sector, with record high sales and new launches across the top 7 cities. Latest ANAROCK Research data reveals that unit completions between 2017 and 2023 have not lagged this trend. Approx. 4.35 lakh homes were completed in 2023 across the top 7 cities – 8% higher than in 2022, when approx. 4.02 lakh homes were completed.
• Of the total completed homes in 2023, MMR topped out with approx. 1,43,500 units – almost 13% more than in 2022, when approx. 1,26,720 units were completed.
• In NCR, approx. 1,14,280 units got completed in 2023 against 86,300 units in 2022 – a 32% increase.
• Pune saw approx. 65,000 units completed in 2023, against approx. 84,200 units in 2022, thus reducing by 23% annually – the only major city to display this contrarian dynamic.
• Bengaluru, Hyderabad, and Chennai collectively saw approx. 87,190 units completed in 2023, against approx. 81,580 units in 2022
• Kolkata saw approx. 25,075 units completed in 2023, against approx. 23,190 units in 2022.
Anuj Puri, Chairman – ANAROCK Group, says, “The Indian residential sector is unlikely to forget 2023, which was nothing less than phenomenal at every level. Housing sales breached the previous peak levels of 2022 and remain robust in 2024. These sales statistics – along with RERA-related commitments – have encouraged developers to stay focused on completing existing inventory. If we consider the period between 2017 and 2023, 2023 saw the maximum annual unit completions, with over 4.35 lakh homes gaining RTM status across the top 7 cities.”
“Data also indicates that more than 5.31 lakh units are scheduled to be completed across the top 7 cities in 2024,” says Puri. “With housing demand remaining high, developers are prioritizing project completions. Moreover, many large developers have also taken over the task of bringing many stuck or completely stalled projects by other players to completion. They are now also committed to completing their own previously launched projects before launching new ones.”
Expected Completions in 2024
After a phenomenal housing project completion rate in 2023, year 2024 is on course to continue the trend, provided no major headwinds obstruct construction activities. Without such impediments, 2024 can well distinguish itself as the year of ready-to-move homes – and MMR is slated to see the highest number of this supply.
Year No. of Units Completed
2017 2,04,200
2018 2,46,140
2019 2,98,450
2020 2,14,370
2021 2,78,650
2022 4,02,000
2023 4,35,045
2024 (Estimated to be completed) 5,31,470
Source: ANAROCK Research
• In MMR, approx. 1,60,900 units are expected to complete by the end of 2024.
• Delhi-NCR may see approx. 1,44,310 units completed during the year.
• Pune has approx. 97,000 units scheduled for completion in year 2024.
• In Bengaluru, approx. 51,680 units are slated for completion in the year.
• In Hyderabad, approx. 34,770 units are scheduled to be completed in 2024.
• Kolkata has approx. 25,220 units lined up for completion in 2024.
• Chennai has the least stock of approx. 17,580 units scheduled to be completed in 2024.
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