homereal estate News1.7 lakh homes worth Rs 1.4 lakh crore stuck in limbo: Anarock

1.7 lakh homes worth Rs 1.4 lakh crore stuck in limbo: Anarock

Over 1.74 lakh under-construction homes pan-India are stuck in limbo with no on-site activity, a study by property consultant Anarock has revealed. These stalled units total to Rs 1,40,613 crore in value and are spread across most metropolises.The number of stalled units, according to Anarock, is out of a total of 6.26 lakh homes that have already seen inordinate construction delays — residential units that were launched before 2014, but remain incomplete.

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By Jude Sannith  Aug 2, 2021 12:40:02 PM IST (Updated)

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1.7 lakh homes worth Rs 1.4 lakh crore stuck in limbo: Anarock
Over 1.74 lakh under-construction homes across the country are stuck in limbo with no on-site activity, a study by property consultant Anarock has revealed. These stalled units total to Rs 1,40,613 crore in value and are spread across most metropolises.

The number of stalled units, according to Anarock, is out of a total of 6.26 lakh homes that have already seen inordinate construction delays — residential units that were launched before 2014, but remain incomplete.
“For our earlier tally of stalled and heavily delayed projects released in 2019, we had considered projects launched in 2013 or before. Now, more than 18 months later, we have included projects launched in 2014 as well,” said Prashant Thakur, Director and Head (Research), Anarock, “This has resulted in a rise in the numbers — as of H12021 there are nearly 6.29 lakh units that are yet to be completed across the top seven cities.”
NCR tops list of stalled units, Mumbai a distant second
NCR accounts for the lion’s share of stalled homes. The region has 1.14 lakh homes stuck in limbo — 66 percent of all stalled homes across the country — valued at Rs 86,463 crore. The Mumbai Metropolitan Region (MMR), according to Anarock’s study, has about 41,730 stalled homes valued at Rs 42,417 crore.
Developers in the southern part of the country seem to have completed most projects on time, with Bengaluru and Hyderabad together accounting for only about 8,020 stalled units, while Chennai has no under-construction homes in limbo.
A small percentage of these projects could receive relief thanks to schemes like the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, and adoption by the National Building Construction Council (NBCC). However, Anarock holds that the outlook for home-buyers of stalled homes is “disastrous”.
“Given the huge funding crunch in the construction industry, the outlook for people who bought units in completely stalled projects is disastrous, while the prospects for buyers in heavily delayed projects are bleak at best,” the report said.

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