In spite of the rough pandemic ride and construction costs further inflated by the Russia-Ukraine war, the top 7 cities of India have further reduced their burden of stuck/delayed homes.
As per the latest ANAROCK data, as many as 36,830 languishing homes were completed in these cities between January 2022 and May 2022.
By May 2022-end, close to 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 31st December 2021, the market was saddled with approx. 5.17 lakh languishing homes worth approx. Rs 4.84 lakh crore.
With approx. 16,750 units, NCR saw the highest number of stuck units completed – from 2,57,360 in December 2021 to 2,40,610 by May 2022-end. Currently, NCR’s cumulative burden of stuck units exceeds 1.81 lakh crore.
“Developers remain committed to completing their projects and are capitalizing on the ongoing demand for ready-to-move homes,” said Prashant Thakur, Sr. Director & 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 the 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,” ge added.
Cumulatively, the top 7 cities currently have approx. 4,79,940 stuck/ delayed housing units worth over Rs 4,48,129 crore. NCR and MMR together hold a 77% ‘majority share’, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9%. Pune has an approx. 9% share, while Kolkata accounts for a minuscule 5% overall share.
* NCR saw the maximum completion of approx. 16,750 units. Currently, the region has approx. 2,40,610 stuck/delayed units worth over Rs 1,81,410 cr. In December 2021, NCR had approx. 2,57,360 stuck/delayed units worth Rs 1,94,034 cr.
* MMR comes a distant second with 1,28,870 stuck/delayed housing stock worth approx. Rs 1,84,226 cr. In December 2021, the region had approx. 1,34,170 languishing units worth approx. Rs 1,91,807 cr. – thus, 5,300 units were completed in this period.
* Bengaluru saw over 3,960 units completed in the period. Currently, the city has approx. 26,030 stuck/delayed units worth over Rs 28,072 cr. In 2021-end, it had approx. 29,990 stuck/delayed units worth Rs 32,345 cr.
* In Hyderabad, approx. 1,710 units were completed in this period. The city currently has approx. 11,450 stuck/delayed units worth over Rs 11,310 cr while in December 2021, the burden was approx. 13,160 units worth Rs 12,995 cr.
* Chennai gave a stellar completion performance with approx. 41% of previous stuck/delayed units completed in this period – from 8,870 in 2021-end to approx. 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 approx. Rs 3,731 cr.
* Pune saw approx. 3,850 stuck/delayed units get completed in the period. By May 2022-end, the city had approx. 44,250 units worth about Rs 27,533 cr. In 2021-end, the city was saddled with approx. 48,100 stuck homes worth Rs 35,220 cr.
* Kolkata saw approx. 1,580 homes completed in this period. Currently, the city has approx. 23,540 stuck/delayed units worth over Rs 11,847 cr. In 2021-end, there were approx. 25,120 stuck/delayed units worth Rs 12,639 cr.
1.49 lakh homes completed in the last 9 months
On looking further back, it emerges that more stuck/delayed homes got completed between August 2021 and May 2022.
* In August 2021, approx. 6.38 lakh units (launched in 2014 or before) were stuck in the top 7 cities; by May 2022-end, this had reduced to approx. 4.80 lakh units.
* NCR saw maximum completions with approx. 88,000 units reaching the finish line; close to 2,40,610 units worth Rs 1,81,410 cr still stuck/delayed.
* MMR came a distant 2nd with approx. 20,750 units completed, followed by Bengaluru with 15,750 units.