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.
City | Incomplete Units at End of 2021 | 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.
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.