Seven major cities of the country Last year, construction of houses has increased by eight percent to 4.35 lakh units. Real estate consultancy firm Anarock said better sales have improved the cash flow of real estate companies. According to Anarock data, construction of 4,35,045 houses was completed in 2023, while 4.02 lakh houses were built in 2022. According to the data, construction of 1,43,500 houses was completed in the Mumbai Metropolitan Region (MMR) last year with a growth of 13 percent, while in 2022 the figure stood at 1,26,720 units.
Demand for new homes will remain
Construction of 1,14,280 houses was completed in the National Capital Region-Delhi (NCR) last year, a 32 percent increase, compared to 86,300 houses in 2022. Anarock Chairman Anuj Puri said, “Housing sales in the year 2023 have crossed the previous high of 2022. It will remain strong in 2024 also.” Construction of 65,000 houses was completed in Pune last year, a decline of 23 percent, while 84,200 houses were built in 2022. Bengaluru, Hyderabad and Chennai combined completed construction of 87,190 houses last year, while in 2022 the figure stood at 81,580 units. Construction of 25,075 houses was completed in Kolkata last year, while 23,190 houses were constructed in 2022.
Anarock said that this figure of construction of houses is the highest since 2017. Construction of 2,04,200 houses was completed in the year 2017, 2,46,140 houses in 2018, 2,98,450 houses in 2019, 2,14,370 houses in 2020, 2,78,650 houses in 2021.
Realty sentiment index rises
Real estate companies and financial institutions expect the property market to remain bullish during the next six months. According to reports from Knight Frank and NAREDCO, the sentiment index remains in the optimistic zone at the moment, and it rose from 59 in the third quarter of 2023 to 69 points in the fourth quarter. The sentiment index is based on a survey conducted among supply-side stakeholders such as developers, investors and financial institutions. In this index, a score more than 50 indicates optimism, while a score less than this indicates pessimism. Whereas its being at 50 means ‘neutral’ stance.
Latest Business News