Approximately 66 percent of these units decline in the price frame of under ₹80 lakh just because of the lack of funding crunch going in the construction industry, the expectation for people who bought units in entirely stalled undertakings is terrible, while the possibilities for buyers in heavily postponed projects are hopeless.
The total price of the 1.74 lakh residences that are stuck across the seven leading cities presently surpasses ₹1,40,613 crore. Approximately 66 percent of these units decline in the price frame of under ₹80 lakh
Renowned Prashant Thakur, Director & Head, Research, Anarock Property Consultants, announces, “For our earlier 2019-end tally of stalled and heavily delayed projects, we had considered projects launched in 2013 or before. Now, more than one-and-a-half years later, we have included projects launched in 2014 as well. Thus, there is a rise in the numbers — as of H1 2021-end, we have nearly 6.29 lakh units that are yet to be completed across the top seven cities.”
Maximum of the stalled stocks are in NCR
SWAMIH (The Special Window for Affordable and Mid-Income Housing) fund has attained the rescue of various projects, while the National Buildings Construction Corporation (NBCC) has also ‘adopted’ some others, particularly in NCR.
The first batch of 640 houses funded under the special window is handed over by the Finance Minister as NCR possesses a maximum stalled stock of about 1,13,860 units (rated at ₹86,463 crores) or 66 percent of the total across the top seven cities. MMR has 41,730 stalled units (value ₹42,417 crores) or 24 percent of the total affected stock.
Pune, the other primary Western market, has a 6 percent share of stalled units of approximately ₹5,854 crores.
Some southern cities like Chennai have no stalled programs. Together Hyderabad and Bengaluru possess 8,020 stalled units which is a sheer 5 percent share. The estimated value of stalled programs in these two cities is ₹5,788 crores.
In Bengaluru, of the total 3,870 stalled units, 44 percent are in the mid-segment, 32 percent in the premium segment, 17 percent in the luxury classification, and almost 7 percent in the accessible housing section; in Hyderabad, of total 4,150 stalled units, 55 percent are in the mid-segment, 28 percent in the premium segment and 9 percent in the luxury category, and the affordable housing section.
Kolkata has a mere 150 stalled units (estimated at ₹91 crores). All stalled units are priced at ₹80 lakh.
Approximately 6.29 lakh homes are either completely stalled or deteriorating under massive delivery uncertainties across the top seven cities. Launched in 2014 or before, the total value of the currently stuck/delayed housing stock exceeds ₹5.05 lakh crore. Nearly 28 percent (₹1,73,730) of these units are completely stalled.
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