As many as 4,79,940 homes worth Rs 4.48 crore are currently stuck across the seven micro markets across the country but despite the pandemic and the rising construction costs further inflated by the Russia-Ukraine war, as many as 36,830 languishing homes were completed in these cities between January 2022 and May 2022.
By May 2022-end, approximately 4.80 lakh units (launched in 2014 or before) worth over Rs 4.48 lakh crore remain stuck in various construction stages across these cities. By December 31, 2021, the market was saddled with approximately 5.17 lakh languishing homes worth approximately Rs 4.84 lakh crore, data shared by Anarock revealed.
NCR and Mumbai Metropolitan Region (MMR) together hold a 77% 'majority share', while the southern metros Bengaluru, Chennai, and Hyderabad have just 9%. Pune has an approximately 9% share, while Kolkata accounts for a minuscule 5% overall share.
For its research, Anarock has taken into account housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, MMR, Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Currently, NCR has approximately 2,40,610 stuck/delayed units worth over Rs 1,81,410 crore. In December 2021, NCR had approximately 2,57,360 stuck/delayed units worth Rs 1,94,034 crore. NCR saw the maximum completion of approximately 16,750 units..
MMR comes a distant second with 1,28,870 stuck/delayed housing stock worth approximately Rs 1,84,226 crore. In December 2021, the region had approximately 1,34,170 languishing units worth approximately Rs 1,91,807 crore - thus, 5,300 units were completed in this period.
Bengaluru saw over 3,960 units completed in the period. Currently, the city has approximately 26,030 stuck/delayed units worth over Rs 28,072 crore. In 2021-end, it had approximately 29,990 stuck/delayed units worth Rs 32,345 crore.
In Hyderabad, approximately 1,710 units were completed in this period. The city currently has approximately 11,450 stuck/delayed units worth over Rs 11,310 crore while in December 2021, the burden was approximately 13,160 units worth Rs 12,995 crore.
Chennai saw approximately 41% of previous stuck/delayed units completed in this period – from 8,870 in 2021-end to approximately 5,190 by May 2022-end. Chennai currently boasts of the lowest burden of stuck units among the top 7 cities with just 5,190 units worth approximately Rs 3,731 crore.
Pune saw approximately 3,850 stuck/delayed units get completed in the period. By May 2022-end, the city had approximately 44,250 units worth about Rs 27,533 crore. In 2021-end, the city was saddled with approximately 48,100 stuck homes worth Rs 35,220 crore.
Kolkata saw approximately 1,580 homes completed in this period. Currently, the city has approximately 23,540 stuck/delayed units worth over Rs 11,847 crore. In 2021-end, there were approximately 25,120 stuck/delayed units worth Rs 12,639 crore.
“Developers remain committed to completing their projects and are capitalizing on the ongoing demand for ready-to-move homes," says Prashant Thakur, senior director and Head - Research, ANAROCK Group.
"What is notable is that they are maintaining momentum despite considerable headwinds from increased input costs, which have gone through the roof in the last five months. The fact that housing demand has remained strong in last two years obviously helps. Several larger developers as well as the SWAMIH fund and NBCC have taken over stuck/delayed inventories and are seeing them to completion,” he said.
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