Mumbai: NCR set to surpass MMR in home supply; 5.6 lakh houses expected across top 7 cities in 2023

Mumbai: NCR set to surpass MMR in home supply; 5.6 lakh houses expected across top 7 cities in 2023

Around 5.6 lakh homes are likely to be delivered across top seven cities this year

Ateeq ShaikhUpdated: Monday, May 22, 2023, 08:54 PM IST
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Mumbai: NCR set to surpass MMR in home supply; 5.6 lakh homes expected across top 7 cities in 2023 | representative pic/ Pexels

Mumbai: Perhaps for the first time, the National Capital Region (NCR) will surpass Mumbai Metropolitan Region (MMR) in terms of the supply of a total number of homes. During 2023, NCR is estimated to get 1.70 lakh units vis-à-vis around 1.31 lakh homes in MMR.

With NCR leading the pack with approximately 1.70 lakh units, this is a 97% increase over 2022. These 1.70 lakh units will comprise almost 30% share of the ongoing calendar year’s deliveries in the pipeline. The MMR is coming in second with its 24% share among the top seven Indian cities.

5.6 lakh homes likely to be delivered across the top 7 cities in 2023

“As per scheduled completion records, around 5.6 lakh homes are likely to be delivered across the top seven cities in 2023. This is an increase of 39% over the previous year and a major milestone as the Indian residential real estate segment crosses the 0.5 million deliveries mark for the year. From a humble volume of 2 lakh units’ completion in 2017, annual completions will rise 2.8 times for 2023,” said Vice Chairman ANAROCK Group Santhosh Kumar.

According to industry analysts, while 2022 set a new benchmark for residential sales, 2023 is likely to be a record year for project completions. The real estate regulatory law has laid down strict guidelines for project completion, mandating that the developers must complete residential projects within the timeline specified in the agreement with their customers. Project delays were historically the bane of the Indian housing sector, putting homebuyers in enormous inconveniences and often considerable, unwarranted financial strain.

Uncertainties around the project

Despite the optimistic anticipation of a new project completion benchmark in 2023, there are some factors that can challenge it. For instance, the prevailing uncertainty in the global economy owing to geopolitical conflicts, and potentially untamed inflation, can result in huge cost increases. “Nevertheless, India’s leading real estate developers have risen above all odds in the past 2-3 years – this new project completion record seems attainable,” added Kumar.

A few days ago, The Free Press Journal, based on Liases Foras data reported a sharp dip in inventory levels in NCR by 20.91%, while the unsold housing stock increased 28.55% in the MMR with it touching about 3.77 lakh units during Q4 FY23.


UNITS DELIVERY

CITY 2022 2023 (Est)

Bengaluru 48,700 80,100

Chennai 21,200 17,400

Pune 84,200 98,400

Kolkata 23,200 36,700

NCR 86,300 1,70,100

MMR 1,26,700 1,31,400

Hyderabad 11,700 23,800

PAN India 4,02,000 5,57,900

Source: ANAROCK Research

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