Realty Firms Aim to Complete Nearly 558,000 Homes in Top 7 Cities in 2023
Team Opulnz Abode – 02nd Jun 2023, 2:00am – Read Time: 2mins
Introduction
Real estate developers in seven major cities are gearing up to accelerate the pace of construction activities, with a target of completing approximately 558,000 homes this year, according to real estate consultant Anarock. The data provided by Anarock indicates that around 557,900 homes are scheduled for completion in 2023, a significant increase compared to the 402,000 units that were planned for completion in the previous year.
In Delhi-NCR, builders are likely to complete 1,70,100 homes this year as against 86,300 units
MMR is likely to be 1,31,400 units, as against 1,26,700 units.
Pune may see completion of 98,400 units, as against scheduled delivery of 84,200 units during 2022.
Bengaluru is seen at 80,100 units this year, as against scheduled 48,700 units in 2022.
Kolkata is likely to witness completion of 36,700 units this year, as against scheduled 23,200 units.
Hyderabad may complete 23,000 units during 2023, against 11,700 units in the previous year.
Chennai, the scheduled completion of homes is 17,400 units this year, a decline from the scheduled completion of 21,200 homes in the previous year.
The completion of 558,000 homes in 2023 showcases the resilience and determination of real estate developers to fulfill their commitments and contribute to the economic growth of the country. It is a positive sign for homebuyers and investors who are looking for opportunities in the real estate market, as increased housing supply can create a more balanced and competitive market environment.
While Anarock’s report doesn’t specify whether the 2022 target was met by builders or not, the focus on ramping up construction activities indicates a positive outlook for the real estate sector. Developers are striving to meet the growing demand for housing in these major cities by expediting the completion of residential projects.
The completion of such a large number of homes reflects the concerted efforts of realty firms to address the housing shortage and cater to the needs of homebuyers. These developments are expected to have a significant impact on the real estate landscape, providing more options for prospective homebuyers and potentially stabilizing property prices.
As the construction sector gains momentum, it is crucial for developers to prioritize timely project delivery while maintaining high-quality standards. Meeting the housing demand in a timely manner not only benefits homebuyers but also contributes to the overall growth and development of the real estate market.
While challenges and uncertainties may exist in the real estate sector, the projected completion of a substantial number of homes indicates a positive trend that is likely to have a ripple effect on various segments of the economy. As the year progresses, it will be interesting to observe how the market responds to these completed projects and the implications they have on the overall real estate landscape.
Conclusion,
With real estate developers in seven major cities focusing on accelerating construction activities, the completion of nearly 558,000 homes in 2023 showcases their commitment to meeting the growing housing demand. This presents opportunities for homebuyers and contributes to the overall development of the real estate market in these cities.
Opulnz Abode welcomes this trend as it will give the confidence to all the fence sitters to invest in under construction properties as their home will be delivered on time.
