Construction work of nearly 4.8 lakh homes worth Rs 4.48 lakh crore is currently stuck or significantly delayed across seven major cities. However, builders have completed 37,000 such units so far this year, according to property consultant Anarock.
For its research, Anarock has taken only those housing projects launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
The data shows that 36,830 languishing homes were completed in these cities between January 2022 and May 2022.
At the end of May 2022, Anarock said that 4,79,940 units worth Rs 4,48,129 crore were stuck in various construction stages across these seven cities.
The property markets of these seven cities were saddled with about 5.17 lakh units worth Rs 4.84 lakh crore at the end of the 2021 calendar year.
"Developers remain committed to completing their projects and are capitalizing on the ongoing demand for ready-to-move homes," said Prashant Thakur, Senior Director & Head - Research, Anarock.
"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 helps," he said.
Mr Thakur said that several large developers, the SWAMIH fund and state-owned NBCC, have taken over stuck/delayed inventories and are completing pending construction works.
Anarock said that the Delhi-NCR and MMR account for 77 per cent of the total stock/delayed housing units, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9 per cent.
Pune has about 9 per cent share, while Kolkata accounts for 5 per cent.
Among cities, Delhi-NCR saw the full completion of 16,750 units from January-May 2022. Currently, the NCR region has 2,40,610 stuck/delayed units worth Rs 1,81,410 crore.
At the end of December 2021, NCR had 2,57,360 stuck/delayed units worth Rs 1,94,034 crore.
In MMR, 1,28,870 units are stuck/delayed worth Rs 1,84,226 crore. The region had 1,34,170 languishing units worth Rs 1,91,807 crore at the end of the last year.
Around 5,300 units were completed in MMR during January-May this year.
Bengaluru saw the completion of 3,960 units from January-May 2022. Currently, Bengaluru city has 26,030 stuck/delayed units worth Rs 28,072 crore.
At the end of the last year, the IT city had 29,990 stuck/delayed units worth Rs 32,345 crore.
In Hyderabad, 1,710 units were completed from January-May 2022. The city currently has 11,450 stuck/delayed units worth Rs 11,310 crore, while at the end of December 2021, the figure was 13,160 units worth Rs 12,995 crore.
In Chennai, Anarock said that 5,190 units worth Rs 3,731 crore are currently stuck or significantly delayed. At the end of 2022, the city had 8,870 such units.
The consultant said that Chennai currently boasts of the lowest burden of stuck units among the top seven cities.
At the end of May 2022, Pune had 44,250 units worth about Rs 27,533 crore. In 2021-end, the city had 48,100 stuck homes worth Rs 35,220 crore.
As many as 3,850 stuck/delayed units in Pune got completed during January-May this year.
Kolkata saw the completion of 1,580 homes in January-May this year. Currently, Kolkata has 23,540 stuck/delayed units worth over Rs 11,847 crore. In 2021-end, there were 25,120 stuck/delayed units worth Rs 12,639 crore.
Homebuyers in Delhi-NCR have been worst affected, with several builders, including Jaypee Infratech, Unitech, Amrapali, and The 3C Company, defaulting on their promises to deliver their projects.
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