Grade A developers drive 40% sale of new real estate projects in key cities in 2023 Constructionweekonline.in

The ever-increasing dominance of branded developers in Indian residential real estate is shifting homebuyer attention from ready-to-move or almost-complete projects to newly launched projects. Latest Anarock Research data shows that over 40% of approx. 4.77 lakh homes sold in 2023 was in newly launched projects. The share of newly launched supply sales in pre-pandemic 2019 was much lower at 26% of approx. 2.61 lakh homes sold that year.

*In 2020, of approx. 1.38 lakh units sold in the top 7 cities, 28% were launched during the year

*In 2021, 34% of approx. 2.37 lakh units sold in the top 7 cities were new launches

*In 2022, out of approx. 3.65 lakh units sold, 36% were new launches

Among the top 7 cities, NCR saw the lowest absorption of newly launched homes – of 65,625 units sold in 2023, about 27% were launched during the year. The remaining units were sold in projects launched before 2023. Interestingly, Gurugram outperformed other markets in the NCR region – of 36,970 units sold in Millennium City in 2023, at least 35% were newly launched.