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Tuesday, July 5, 2022

Ashiana turned away: 4.8 lakh houses in seven cities still incomplete, 2.4 lakh residential units stuck in NCR

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Under Construction Property: The construction work of about 4.8 lakh residential units worth Rs 4.48 lakh crore in seven major cities of the country is stuck or is going on very late. However, so far this year, builders have completed 37,000 units. Property advisory company Anarock has claimed this in a research report. According to this, out of the stuck residential units, about 2.4 lakh are located in Delhi-NCR only.

In its research, Anarock covered only those residential projects that were started in 2014 or earlier in seven cities of the country- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. According to the data obtained from the research, between January 2022 and May 2022, 36,830 houses were completed in these seven cities. At the end of May 2022, 4,79,940 units worth Rs 4,48,129 crore were stuck in various construction stages in these seven cities.

At the end of calendar year 2021, the property markets of these seven cities were burdened with about 5.17 lakh units worth Rs 4.84 lakh crore.

Prashant Thakur, Senior Director and Head of Research, Anarock said, “Developers are committed to completing their projects and are taking advantage of the demand for ready-to-move-in homes.” “Developers are maintaining their momentum despite a lot of adverse conditions arising out of cost escalation in the last five months. Also, the strong demand for homes over the past two years has also helped,” he said.

Thakur said that many big developers are coming forward to complete the stalled projects. Apart from this, the stalled construction works are also being completed due to the special facility for affordable and middle-income group housing set up by the government i.e. ‘Swami’ fund and coming forward of NBCC.

Anarock said that the combined contribution of Delhi-NCR and MMR in the incomplete residential units is 77 percent. At the same time, the participation of Bangalore, Chennai and Hyderabad is only nine percent. Pune’s share is about nine per cent and Kolkata’s is five per cent.

Delhi-NCR completed 16,750 units of work in the first five months of this year. At present, 2,40,610 units worth Rs 1.81 lakh crore are stuck in the entire NCR region. The number of unfinished units in NCR stood at 2,57,360 at the end of December, 2021.

Home buyers in Delhi-NCR are facing a lot of difficulties due to non-completion of projects on time by several builders including Jaypee Infratech, Unitech, Amrapali and The 3C Company.

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