News Detail

Nearly 5 Lakh Homes Worth ₹4.5 Lakh Crores Delayed/Incomplete in Top

Indian Cities

Construction & completion works of nearly 5 lakh homes which add up to ₹4.5 lakh crores has been left stuck or is experiencing significantly long delays, these houses are mostly situated across India’s top 7 seven cities – Delhi NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Pune & Hyderabad. Builders & developers have finished works for approximately 37,000 units this year, according to property consultant firm Anarock, for the research conducted by Anarock, only projects that were launched in India’s top 7 cities before or during 2014 were considered.

According to the data collected by Anarock group, approximately 4.9 lakh residential units worth ₹4, 49,127 crores have been suspended in various phases of construction across India’s top 7 cities. At the end of last year, real-estate markets of these top cities in the country had nearly 5.2 lakh units worth more than ₹4.85 crores suspended during construction & faced with lengthy delays in construction. Developers meanwhile are still committed to completing the projects & are focusing on capitalizing the demand for ready-to-possess homes. The data indicated that 37,000 incomplete units were finally completed in the first 5 months of this year (January – May 2022).

Prashant Thakur, Senior Director & Head -Research at Anarock said “it is notable is that they are maintaining momentum despite considerable headwinds from increased input costs, which have gone through the roof in the last 5 months. The fact that housing demand has remained strong in last two years obviously is a plus point.” State-owned NBCC, SWAMIH & several large developers have taken over stuck projects/delayed inventories and are completing pending works so that the incomplete units can be sold/handed-over.

Delhi NCR & Mumbai Metropolitan Region together account for 77% of the incomplete housing units, the southern metros of Hyderabad, Bengaluru & Chennai have just 9%. Pune alone contributes for 9% of stuck units while Kolkata accounts for the remaining 5% of the stuck houses. Delhi-NCR also had the highest number of unit completion from January to May this year at 16,750 units. In Delhi-NCR, even large developers like Jaypee Infratech, Unitech, Amrapalli etc. have not kept their promises to deliver projects on time, leaving homebuyers in Delhi-NCR worst-affected.

Value of
Incomplete
Units at End
of 2021

Incomplete
Units at
End of May
2022

Value of
Incomplete
Units at
End of May
2022

Units
Completed
During
January –
May 2022

Delhi-NCR 2.57 Lakh ₹1.95 Lakh
Crores

2.35 Lakh ₹1.85 Lakh
Crores

16,750

Mumbai
(MMR)

1.35 Lakh ₹1.92 Lakh
Crores

1.29 Lakh ₹1.85 Lakh
Crores

5,300

Hyderabad 13,700 ₹13,000
Crores

12,000 ₹11,800
Crores

1,710

Bengaluru 30,500 ₹32,500
Crores

26,500 ₹28,000
Crores

3,950

Chennai 8,900 ₹5,300 Crores 5,200 ₹3,800
Crores

3.500

Pune 48,000 ₹35,400
Crores

44.250 ₹27,600
Crores

3,950

Kolkata 25,150 ₹12,700
Crores

23,600 ₹11,900
Crores

1,580

Delhi NCR & Mumbai Metropolitan Region together account for 77% of the incomplete housing
units, the southern metros of Hyderabad, Bengaluru & Chennai have just 9%. Pune alone
contributes for 9% of stuck units while Kolkata accounts for the remaining 5% of the stuck
houses. Delhi-NCR also had the highest number of unit completion from January to May this
year at 16,750 units. In Delhi-NCR, even large developers like Jaypee Infratech, Unitech,
Amrapalli etc. have not kept their promises to deliver projects on time, leaving homebuyers in
Delhi-NCR worst-affected.