629,000 homes substantially delayed or stalled in top 7 cities: Report
About 629,000 residential units are substantially delayed or completely stalled in the country’s top 7 cities, says a new report.
At least 71 per cent of these delayed units fall within the Rs 80 lakh price bracket, 18 per cent in the premium segment, and 11 per cent in the luxury category, says the report by Anarock Property Consultants.
Launched in 2014 or earlier, the total value of the currently stuck/delayed housing stock exceeds Rs 5.05 trillion. Nearly 28 per cent (about 173,730) of these units are completely stalled, the report said.
NCR has overtaken the Mumbai Metropolitan Region with a 52 per cent share of the stuck/delayed stock, the highest in the top 7 cities with a . value of Rs 2,49,540 crore, it said.
MMR reduced its overall share with several projects getting completed in the last year. Currently, it has 28 per cent of the total affected stock with a value of Rs 1,52,105 crore, Anaorck said,
Pune, the other major western market, has an 8 per cent share of stuck/delayed units with a value of Rs 29,390 crore, it said. In southern cities, housing projects are mostly on track. Hyderabad, Bengaluru and Chennai together have just 11 per cent of the total delayed/stuck units, with Chennai comprising a mere 2 per cent. The approximate value of delayed/stuck projects in these three cities is Rs 56,420 crore. Kolkata has a 5 per cent share valued at Rs 17,960 crore.
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