NCR leads in residential projects completion, 1.70L units to be completed by 2023 end: Report

GURGAON: While 2022 set a new benchmark of residential sales, 2023 is likely to be a record year for project completions, according to a report released by real estate consultant on Monday.
The report claimed that NCR is all set to lead the pack with approx. 1.70 lakhunits to be completed in 2023, accounting for an almost 30% share of the year’s the deliveries pipeline. This is a 97% hike over 2022.
Coming in second is Mumbai Metropolitan Region (MMR ) which is expected to account for a 24% share. Hyderabad’s project completion share is just 4% of the top 7 cities but will notch a massive 104% increase over 2022, the report claimed.
RERA has laid down strict guidelines for project completions, mandating that that developers must complete residential projects within the timeline specified in the agreement with their customers, said Santhosh Kumar, Vice Chairman of Anarock.
"As per scheduled completion records, approx. 5.6 lakh homes are likely to be delivered across the top 7 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 2.8X for 2023” he added.
The realtors are too upbeat about the uptick in project completion and rising sales.
Manoj Gaur President CREDAI NCR And CMD Gaur Group said “The sector has undergone a change thanks to the use of tech-enabled construction methods. A higher sales volume has improved cash flow, enabling developers to concentrate on finishing a large number of projects by the end of 2023. This development will not only boost homebuyers' confidence but also positively affect related industries such as construction technology, and boost employment”.
Siddharth Katyal, Group Director, Omaxe Ltd said “According to the latest report by Anarock, NCR is leading India's top seven cities in terms of deliveries in 2023 commanding an impressive 30% share. It is a testimony to the solid foundation of the sector and buyer's confidence. Much of this is due to the growth in the region's infrastructure. At the same time, it also signifies investors' faith in the region. As the region's leading developer, we are proud to be a part of this transformation.”
Vikas Garg, Joint Managing Director, Ganga Realty said “It will be a significant factor in buoying the housing demand across NCR as the real estate sector was beset with problems such as construction timeline slippages, financial woes, and market dormancy that followed up after Covid. However, things have taken a positive turnaround, with strong supply and end-user demand lighting up the current picture. Gurugram has been shining all the way and witnessed a staggering home launch figure in Q1-2023, which comprised an 80% share of total launches in NCR."