Outlook for 2024: Residential Completions Inbue Confidence in Homebuyers
Indian real estate sector shows phenomenal growth with estimated completion of 5.31 Lakh housing units across India
Despite global economic challenges, India’s real estate market has shown remarkable resilience, witnessing a surge in construction activity in 2023. With over 4.35 lakh homes completed across the nation’s top seven cities, the sector has defied expectations and continued its growth trajectory.
Notably, regions like the Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) have emerged as frontrunners in this construction boom, reflecting the evolving dynamics of the Indian real estate landscape.
MMR and NCR Lead Construction Surge: Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) have collectively contributed approximately 59% of the total completed housing units in 2023. MMR witnessed a substantial increase of 13% in completed units compared to 2022, with around 1.43 lakh units completed. Similarly, NCR saw a significant uptick of 32%, completing approximately 1.14 lakh units.
Pune’s Contrarian Trend: In contrast to the national trend, Pune experienced a decline in completed housing units in 2023. With approximately 65,000 units completed, Pune’s construction activity reduced by 23% compared to the previous year. This deviation highlights the unique dynamics at play in Pune’s real estate market.
Anticipated Completion in 2024: Looking ahead to 2024, the Indian real estate sector remains optimistic, with an estimated 5.31 lakh housing units slated for completion across the top seven cities. MMR and NCR are expected to lead the construction surge once again, with Delhi-NCR projected to complete around 1.44 lakh units and MMR aiming for approximately 1.60 lakh units.
Reflections on Phenomenal Growth: Anuj Puri, Chairman of ANAROCK Group, reflects on the exceptional growth witnessed in the Indian real estate sector in 2023. With over 4.35 lakh homes gaining ready-to-move (RTM) status, 2023 marks a significant milestone in the industry’s trajectory. Puri emphasizes the industry’s resilience and adaptability in navigating economic challenges and meeting growing housing demands.
In conclusion, India’s real estate market has demonstrated remarkable strength and resilience in the face of global economic uncertainties. The surge in construction activity, particularly in regions like MMR and NCR, underscores the sector’s pivotal role in driving economic growth and meeting the nation’s housing needs. As the industry looks ahead to 2024, optimism prevails, with expectations of continued growth and development in the Indian real estate landscape.
