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According to a report released by Anarock, over 4 lac homes were built in the top eight cities of India in 2022, a 44 percent increase from 2021, where only a little over 2.7 lac homes were built. The top eight cities include Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and National Capital Region (NCR).
Mumbai Metropolitan Region led the race with approximately 1,27,000 units constructed in 2022. In contrast, only about 70,250 units were constructed in 2021, indicating a jump in construction of almost 80 percent. A close second was NCR with approximately 86,000 units constructed and Pune city came in third with about 84,000 completed units.
The southern cities of Chennai, Hyderabad and Bengaluru cumulatively completed approximately 81,500 units in 2022 while Kolkata constructed approximately 23,000 units in the same year. Kolkata more than doubled its production from 11,500 units in 2021.
The year 2023 promises to be even better in terms of completed inventory with over 5.5 lac units scheduled for delivery. If all goes as per schedule, NCR is expected to introduce as many as 1.7 lac ready units into the market, followed with MMR at about 1.4 lac units by the year-end. Pune city is gearing up to introduce about 94,000 units in 2023.
The southern cities too will see a swarm of new inventory in the market. Bengaluru will complete approximately 74,000 units by the end of 2023, Hyderabad about 25,000 units and Chennai approximately 18,500 units. Kolkata will complete construction of around 33,000 units by the end of the year.
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