Construction work of 4.8 lakh homes gets delayed across 7 cities

Construction work of about 4.8 lakh homes worth Rs 4.48 lakh crore is currently stuck or delayed across seven major cities, although builders have finished 37,000 such units so far this year.

Anarock has taken those housing projects that were launched in 2014 or before across Delhi-NCR, Mumbai Metropolitan Region ( MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune for its research.

About 36,830 languishing homes were finished in these cities between January 2022 and May 2022, as per the data.

Anarock said that 4,79,940 units at Rs 4,48,129 crore were stuck in different construction stages across these seven cities at the end of May 2022.

The property markets of these seven cities were burdened with about 5.17 lakh units worth Rs 4.84 lakh crore at the end of 2021.

Anarock, Senior Director & Head - Research, Prashant Thakur, said developers remain determined to finish their projects and are capitalising on the continued demand for ready-to-move homes.

Several large developers as well as the Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH) fund and state-owned National Buildings Construction Corporation (NBCC) have taken over stuck and delayed inventories and are finishing pending construction works.

Anarock said that the Delhi-NCR and MMR together account for 77% of the total stuck or delayed housing units, while the southern metros Chennai, Bengaluru, and Hyderabad have merely 9%.

Pune has approximately 9%, while Kolkata accounts for a 5% share.

Among cities, Delhi-NCR saw the maximum fulfillment of 16,750 units from January-May, 2022. Now, the NCR area has 2,40,610 stuck or delayed units worth Rs 1,81,410 crore.

NCR had 2,57,360 stuck or delayed units worth Rs 1,94,034 crore at the end of December 2021.

About 1,28,870 units are stuck or delayed worth Rs 1,84,226 crore in MMR. The area had 1,34,170 languishing homes worth Rs 1,91,807 crore at the end of the last year.v Around 5,300 units were finished in MMR during January-May this year.v Bengaluru witnessed the completion of 3,960 units from January-May 2022. Bengaluru city has 26,030 stuck or delayed units worth Rs 28,072 crore currently.

The IT city had 29,990 stuck or delayed units worth Rs 32,345 crore at the end of the last year.

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