According to a report by Anarock, 36,830 houses were either delayed or stuck in various construction phases in the top seven cities between January and May, despite a rough pandemic ride and increase in construction costs due to the Russo-Ukraine war. They were completed. ,
The top seven cities are Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune.
By end of May, around 4.80 lakh units (launched in 2014 or earlier) – Price plus 4.48 Lakh Crore – These cities are stuck in various construction phases. As of 31 December 2021, the market was saddled with around 5.17 lakh houses worth 4.84 lakh crore.
With around 16,750 units, the National Capital Region (NCR) completed the highest number of stalled units – from 2,57,360 in December 2021 to 2,40,610 by the end of May 2022. At present, the cumulative burden of stuck units in NCR is more than 1.81 lakh crores.
Prashant Thakur, Senior Director and Head – Research, Anarock Group said, “Developers are committed to completing their projects and are taking advantage of the ongoing demand for ready-to-move homes. “Remarkably, they have maintained momentum despite considerable adverse conditions from increased input costs over the past five months. The fact that housing demand has remained strong over the past two years clearly helps. Many Big developers too as Swami Fund and NBCC have taken hold of stalled/delayed inventories and are looking to complete them.”
Overall, there are currently around 4,79,940 stuck or delayed housing units in the top seven cities that are priced higher. 4,48,129 crores. The NCR and the Mumbai Metropolitan Region (MMR) together hold a 77% majority share, while the southern metros of Bengaluru, Chennai and Hyderabad hold just 9%. Pune accounts for around 9%, while Kolkata accounts for 5% overall.
In NCR, the maximum work of about 16,750 units was completed. Currently, there are more than 2,40,610 stuck or delayed units worth over 2,40,610 in the region 1,81,410 crores. In December 2021, there were 2,57,360 stalled/delayed units in NCR INR 1,94,034 crores.
MMR comes second with 1,28,870 stuck/delayed housing stock 1,84,226 crores. In December 2021, there were 1,34,170 inactive units in the sector worth Rs. 1,91,807 crores.
Looking back, the report said that more stuck or delayed homes were completed between August 2021 and May 2022.
In August 2021, 6.38 lakh units (launched in 2014 or earlier) were stuck in the top seven cities; This had come down to 4.80 lakh units by the end of May 2022.
Out of this, NCR saw a maximum with 88,000 units reaching the finish line; Close to 2,40,610 unit price 1,81,410 crore are still stuck/delayed.
MMR stood second with 20,750 units, followed by Bengaluru with 15,750 units.