This was 44% higher than in 2021, when approximately 2.79 lakh homes were completed.
Of the total completed homes in 2022, the highest were in MMR – approximately 1,26,720 units, almost 80% more than in 2021 (when approximately 70,500 units were completed).
“Over 5.44 lakh units are scheduled to be completed across the top 7 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. Developers are committed to completing previously launched projects before launching new ones,” said Anuj Puri, Chairman – ANAROCK Group.
In NCR, approximately the same number of units got completed in 2022 (86,300 units) as in 2021 (86,590 units), while Pune saw 84,200 units completed in 2022, against 46,080 units in 2021.
“2022 was a watershed year for the Indian housing sector, with sales breaching the previous peak levels of 2014. In response to this high demand, developers remained focused on completing their previously launched projects,” added Puri.
Bengaluru, Hyderabad, and Chennai collectively saw 81,580 units completed in 2022, against 63,870 units in 2021 while Kolkata saw approx. 23,190 units completed in 2022, against 11,620 units in 2021.Ready-to-move-in homes remain in demand, forcing developers to complete construction before time.
Delhi-NCR is slated for maximum completions in 2023 with approximately 1,66,850 units scheduled to be completed during the year and in MMR 1,32,900 units are expected to be ready by year-end.
As per Anarock data, in the pre-Covid year of 2019, affordable housing had the highest supply share with 40% of 2,36,560 units launched in the top 7 cities. In the first nine months of 2022, affordable housing supply reduced to 21% of approximately 2.65 lakh units launched in the top 7 cities during this period.
Demand, driven primarily by end-users, was mainly focused on projects by Grade A developers, who gained even more market share in 2022. Approximately 60% of the 2.65 lakh units launched in the first three quarters of the year was by branded developers – who also sold more than 55% of the 2.73 lakh units purchased in this period.
