Housing brokerage firm Anarock on Tuesday said housing sales will be impacted and completion of ongoing real estate projects will be delayed due to the lockdown across the country.
Housing brokerage firm Anarock on Tuesday said housing sales will be impacted and completion of ongoing real estate projects will be delayed due to the lockdown across the country in view of spread of coronavirus disease. The consultant said that more than 15.62 lakh units (launched between 2013 till 2019) are under construction in the top 7 cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Of this, MMR & NCR together comprise of 57 per cent or about 8.90 lakh units. With most top cities announcing a lockdown till at least March 31, homebuyers must brace themselves for project delays, Anarock said. Prashant Thakur, Director & Head – Research, Anarock said, “Another fallout of the lockdown is that many key markets will have almost zero construction activity at the project sites. This will further strain several developers’ financial health.”
Anarock said that developers used to launch projects during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. “The strict advisories for complete lockdown across cities will impact housing sales during the upcoming festivals, usually considered auspicious by several homebuyers to buy homes,” it added.
According to the data, MMR currently has the highest under construction stock with nearly 4.65 lakh units, 30 per cent of the overall under construction stock across the top 7 cities. NCR is close behind with 27 per cent or over 4.25 lakh units in various stages of construction.
Pune has nearly 2.62 lakh units under construction, followed by Bengaluru with 2.02 lakh units and Kolkata with about 90,670 units. Chennai and Hyderabad together comprise just 8 per cent (approximately 1.18 lakh units) share of overall under construction units. Hyderabad has nearly 64,250 under construction units, while Chennai has the least stock of nearly 54,200 such units.