Corona Update – COVID 19 halts over 15 lakh under-construction units
More than 15.62 lakh units (launched between 2013 till 2019) are under construction in the top seven cities.Of this, Mumbai Metropolitan Region (MMR) & National Capital Region (NCR) together comprise 57% or approximately 8.90 lakh units. MMR currently has the highest under-construction stock with nearly 4.65 lakh units – 30% of the overall under-construction stock.
NCR is close behind with 27% or over 4.25 lakh units in various stages of construction. All these units were launched between 2013 till 2019-end.
Both real estate sales and recoveries have been halted as a result of the lockdown arising out of the coronavirus pandemic. As for real estate prices, no change is expected as transactions are not taking place.