8% more houses copmpleted in 7 big cities in 2023

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The big seven cities of India saw an increase of 8% in completion of houses last year. The real estate companies competed 4.35 lakh units against 4.02 lakh units in the previous year, as developers’ cash flows improved on better sales, according to proprty consultant Anarock.

The Mumbai Metropolitan Region (MMR) saw the completion of 1,43,500 housing units last year, up 13 per cent  from 1,26,720 units in 2022.

The completion of housing units in Delhi-NCR rose 32 per cent to 1,14,280 units, as against 86,300 units in 2022. With housing demand remaining high, Anarock Chairman Anuj Puri said 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,” Puri said, while listing out the reasons for higher execution levels. Among other cities, the completion of homes in Pune declined 23 per cent to 65,000 units in 2023, from 84,200 units in 2022.

Bengaluru, Hyderabad, and Chennai collectively saw 87,190 units completed in 2023, as against 81,580 units in 2022. In Kolkata, 25,075 units were completed in 2023, as against 23,190 units in 2022.

Anarock also highlighted that the completion of units was the highest since 2017. As many as 2,04,200 units were completed in 2017, 2,46,140 units in 2018, 2,98,450 units in 2019, 2,14,370 units in 2020, 2,78,650 units in 2021.

Record sales of residential properties in 2023 is one of the major factors for better execution of projects. As per the data, housing sales rose 31 per cent last year to nearly 4.77 lakh units across these seven cities, despite rise in prices by an average 15 per cent, and higher mortgage rates.

(With inputs from PTI)