Housing Sector: 2023 has been amazing for the housing sector, better sales expected this year

Housing Sector: 2023 has been amazing for the housing sector, better sales expected this year

Indian Real Estate: The year 2023 was amazing for the Indian housing sector. A tremendous increase was seen in the demand for expensive houses. There has also been a surge in the delivery of houses. Sales and new launches are also huge in record numbers. More than 4.35 lakh houses have been completed in the top 7 cities of the country. This is 8 percent more than the 4.02 lakh houses in the year 2022. About 59 percent of these houses have been built in Mumbai Metropolitan Region (MMR) and Delhi NCR. 

Decline in home sales only in Pune 

In the year 2023, maximum number of 1,43,500 houses have been built in MMR. This is 13 percent more than 2022. 1,26,720 units were ready in the year 2022. 1,14,280 units have been ready in Delhi NCR. This figure is 32 percent more than the 86,300 houses in 2022. According to the report, about 65 thousand houses were completed in Pune last year. There has been a decline of 23 percent in comparison to 2022. In the year 2022, 84,200 houses were built in Pune. 87,190 houses have been completed in Bengaluru, Chennai and Hyderabad together. In the year 2022, 81,580 houses were completed in these cities. Last year, 25,075 houses were built in Kolkata and in the year 2022, 23,190 units of houses were built.  

2023 will be remembered in the housing sector

Anarock Group Chairman Anuj Puri said that the year 2023 will always be remembered in the Indian housing sector. Growth has been recorded at every level. All the figures for the year 2022 have collapsed. These figures may improve further in the year 2024. Developers have also been successful in reducing their inventory. Due to this, more projects are expected from developers in 2024. He said that if we look at the figures from 2017 to 2023, the best situation has happened last year only. 

5.31 lakh houses expected to be completed this year 

According to Enrock report, about 5.31 lakh houses can be ready in the top 7 cities in the year 2024. The share of cities in this can be something like this. 

  • Mumbai Metropolitan Region – 1,60,900 units 
  • Delhi NCR – 1,44,310 units 
  • Pune – 97,000 units 
  • Bengaluru – 51,680 units 
  • Hyderabad – 34,770 units 
  • Kolkata – 25,220 units
  • Chennai – 17,580 units

This is the figure from 2017 

  • 2017 – 2,04,200
  • 2018 – 2,46,140
  • 2019 – 2,98,450
  • 2020 – 2,14,370
  • 2021 – 2,78,650
  • 2022 – 4,02,000
  • 2023 – 4,35,045
  • 2024 – 5,31,470 (estimate)

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