4 Lacs Cr Worth Stalled Residential Projects In 7 Cities
Housing units currently stuck or facing delay in construction across the top seven Indian cities amount to Rs 4.05 lakh crore, according to a study by Anarock Property Consultants. Over five lakh residential units across Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), Pune and the National Capital Region (NCR) were delayed as of 2020-end, and these projects were launched before or in 2013.
NCR accounts for the highest number of delayed projects with 1.90 lakh units worth Rs 1.19 lakh crore stuck currently. Almost half of the total stuck projects in term of value across these seven cities can be attributed to MMR, with 1.80 lakh units worth Rs 2.02 lakh crore held up. Together, NCR and MMR make up 74 per cent of of currently stuck/delayed units.
Southern metros of Bengaluru, Chennai and Hyderabad account just 8 per cent of stuck projects. Pune has an approx. 16 per cent share, while Kolkata accounts for a minuscule 2 per cent. In terms of project completion, the data says 190 stuck or delayed housing projects accounting for over 73,500 units were completed in 2020 despite the disruptions faced by the sector due to the Covid-19 pandemic.
MMR topped the list in project completions, as per the data. The region saw the completion of 84 stuck projects comprising of over 29,700 units in 2020. 44 projects were completed in Pune, 20 in Bengaluru, 10 in Kolkata, eight in Chennai and six in Hyderabad, according to Anarock.