4.8 lakh houses worth Rs 4.48 lakh crore stuck or delayed in top 7 cities; 2.4 lakh units in NCR – Times of India

NEW DELHI: The construction work of around 4.8 lakh houses worth Rs 4.48 lakh crore is currently stuck or running with considerable delay in seven major cities though builders have completed 37,000 such units so far this year, according to property consultants . anarock,
For its research, Anarock has taken only those housing projects that were launched in 2014 or earlier in seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
According to the data, between January 2022 and May 2022, 36,830 houses were completed in these cities.
At the end of May 2022, Anarock said that 4,79,940 units worth Rs 4,48,129 crore were stuck in various construction stages in these seven cities.
The property markets of these seven cities were affected by around 5.17 lakh units worth Rs 4.84 lakh crore at the end of the 2021 calendar year.
Prashant Thakur, Senior Director and Head – Research, Anarock said, “The developers are committed to completing their projects and are taking advantage of the ongoing demand for ready-to-move homes.
“What is notable is that they have maintained momentum despite considerable adverse conditions from increased cost of living over the past five months. The fact that housing demand has remained strong over the past two years clearly helps,” he said. Is.”
Thakur said that several big developers as well as Swami Fund and state-owned NBCC have taken over the stalled/delayed inventions and are completing the pending construction works.
Anarock said Delhi-NCR and MMR account for 77 per cent of the total stuck/delayed housing units, while southern metros Bengaluru, Chennai and Hyderabad account for just 9 per cent.
Pune’s share is around 9 per cent, while Kolkata’s is 5 per cent.
Among the cities, Delhi-NCR completed maximum 16,750 units during January-May, 2022. At present, there are 2,40,610 stalled/delayed units worth Rs 1,81,410 crore in the NCR region.
At the end of December 2021, there were 2,57,360 stalled/delayed units worth Rs 1,94,034 crore in NCR.
1,28,870 units worth Rs 1,84,226 crore are stuck/delayed in MMR. There were 1,34,170 stalled units worth Rs 1,91,807 crore in the sector at the end of last year.
Around 5,300 units were completed in MMR during January-May this year.
Bengaluru completed 3,960 units during January-May 2022. At present, there are 26,030 stalled/delayed units worth Rs 28,072 crore in Bengaluru city.
At the end of last year, there were 29,990 stalled/delayed units worth Rs 32,345 crore in the IT city.
In Hyderabad, 1,710 units were completed during January-May 2022. The city currently has 11,450 units worth Rs 11,310 crore stuck/delayed, as against 13,160 units worth Rs 12,995 crore at the end of December 2021.
In Chennai, Anarock said 5,190 units worth Rs 3,731 crore are currently stuck or are running with considerable delay. At the end of 2022, there were 8,870 such units in the city.
The Advisor said that Chennai currently has the least burden of stuck units among the top seven cities.
As of the end of May 2022, there were 44,250 units in Pune worth around Rs 27,533 crore. At the end of 2021, 48,100 houses worth Rs 35,220 crore were stuck in the city.
During January-May this year, 3,850 stalled/delayed units were completed in Pune.
During January-May this year, 1,580 houses were completed in Kolkata. At present, there are 23,540 stalled/delayed units in Kolkata worth over Rs 11,847 crore. At the end of 2021, there were 25,120 stuck/delayed units worth Rs 12,639 crore.
Homebuyers in Delhi-NCR have been worst affected with several builders, including Jaypee Infratech, Unitech, Amrapali and The 3C Company, defaulting on their promises to complete their projects.
Anarock, one of the leading property advisors in India, achieved a 32 per cent growth in its revenue to Rs 402 crore during the last financial year.
Anarock, founded by Anuj Puri in April 2017, is primarily a housing brokerage and sells flats on behalf of developers. It also provides consulting in other areas of real estate such as office, retail, warehousing and data centers.