1.74L homes worth Rs. 1.4L cr stalled in 7 cities

Nearly 1.74 lakh homes, worth around Rs 1.4 lakh crore, are completely stalled across seven major cities with Delhi-NCR accounting for maximum 66 per cent, according to property consultant Anarock.

Its research report has taken into account only those housing projects that were launched in 2014 or before. Including both stalled and delayed units, the consultant said the total number reached to 6,28,630 homes worth Rs 5,05,415 crore across seven cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.

Given the huge funding crunch in the construction industry, Anarock said the outlook for people who bought units in completely stalled projects is "disastrous", while the prospects for buyers in heavily delayed projects are "bleak at best". Prashant Thakur, director and head (research) at Anarock, said: "As of H1 2021-end, we have nearly 6.29 lakh units that are yet to be completed across the top-seven cities."

Anarock said the overall value of the 1.74 lakh homes that are totally stuck across the seven top cities currently exceeds Rs 1,40,613 crore. In a city-wise break-up, the Delhi-NCR property market has maximum stalled stock of 1,13,860 units (approximate value Rs 86,463 crore) or 66 per cent of the total across the top-seven cities.

The MMR has 41,730 units that are completely stalled (approximate value Rs 42,417 crore) or 24 per cent of the total affected stock. Pune, the other major western market, has 9,990 stalled units worth Rs 5,854 crore. In the southern cities, Chennai has no stalled projects. Bengaluru has 3,870 stalled units worth Rs 3,061 crore, while Hyderabad has 4,150 such units valued at about Rs 2,727 crore.

Kolkata has mere 150 stalled units (valued at about Rs 91 crore). Anarock noted that the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has come to the rescue of several projects, while state-owned NBCC has also 'adopted' some others specifically in NCR. Talking about both stalled and delayed projects, Anarock said: "Altogether, approx 6.29 lakh homes are either completely stalled or languishing under heavy delivery delays across the top-seven cities."

At least 71 per cent (about 4.49 lakh) of these delayed or stuck units fall within the price-sensitive Rs 80 lakh budget range. Just 18 per cent fall in the premium segment, and another 11 per cent in the luxury category. "Launched in 2014 or before, the total value of the currently stuck/ delayed housing stock exceeds Rs 5.05 lakh crore.

Nearly 28 per cent (about 1,73,730) of these units are completely stalled," it said. Including both completely stalled and delayed units, the NCR has a whopping 3,28,600 such units worth Rs 2,49,540 crore. The total value of stalled and delayed units in the MMR stands at 1,49,620 worth Rs 1,52,105 crore, while Pune has 50,130 units valued at Rs 29,390 crore.