Real estate developers, as reported by Anarock, have ambitious plans to complete approximately 558,000 residential properties within seven major cities this year.
To ensure the timely completion of homes, there is a concerted effort to expedite construction work. Anarock's data indicates that an estimated 557,900 homes are expected to be completed in 2023. However, no information is available from the consultant regarding whether the goal of completing 402,000 homes in 2022 was achieved. Nonetheless, the focus remains on increasing the construction pace to meet the target and deliver housing units as planned.
According to a report by PTI citing Anarock, the projected number of completed homes has increased due to various factors. These include implementing the real estate law, RERA, which has contributed to better regulation and transparency in the sector. Additionally, there has been an upswing in housing sales leading to improved cash flow for developers. The adoption of advanced construction technologies has also played a role in expediting construction activities. Moreover, increased funding from financial institutions has provided developers with the necessary resources to complete projects on time.
According to Anarock Vice Chairman Santhosh Kumar, as quoted by PTI, the scheduled completion records indicate that approximately 560,000 homes are expected to be delivered in the top seven cities in 2023. This represents a significant increase of 39 percent compared to the previous year.
Parveen Jain, Chairman of NAREDCO, expressed that the real estate market in the National Capital Region (NCR) is experiencing a period of prosperity. This growth is attributed to a combination of factors that have contributed to its success. Notably, the region's extensive infrastructure development has created a solid framework, fostering a favorable environment that has captured the attention of eager buyers and investors.
Parveen Jain, Chairman of NAREDCO, further emphasized the enduring appeal of the NCR by highlighting the continuous influx of new projects launched by developers. According to Anarock's latest report, the NCR stands out among India's top seven cities, commanding a substantial 30% share of the projected total deliveries in 2023. The successful completion of 5.58 lakh homes in 2023 across the top 7 cities stands as a testament to the region's strong market fundamentals, fueled by the unwavering confidence of buyers and the trust bestowed upon it by investors. It underscores the NCR's reputation as a thriving real estate market.
According to the report, it is anticipated that builders will complete approximately 170,100 homes in the Delhi-NCR region this year. This figure represents a substantial rise compared to the previous year when only 86,300 units were slated for completion. The increased number of completed units signifies notable growth and development in the real estate sector within the Delhi-NCR region.
In the Mumbai Metropolitan Region (MMR), it is expected that approximately 131,400 units will be completed this year this figure signifies a modest uptick from the previous year, with a scheduled completion of 126,700 units, indicating a slight increase. The steady growth in the number of completed units reflects the ongoing development and progress in the real estate sector within the MMR.
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