About 575,000 residential housing units stuck since 2013
Housing units valuing ?4,64,300 crore or 575,900 units launched in 2013 or before are delayed in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), NCR and Pune. Unitech Group, Jaypee Group, Amrapali Group and a few other developers have been in the news for quite some time for non-delivery of housing projects they launched long ago. However, it appears that there are several other developers whose projects are languishing for over five years. According to a report by ANAROCK Property Consultant, real estate consultants, “Housing units valuing ?4,64,300 crore or 575,900 units launched in 2013 or before are delayed in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), NCR and Pune.” About 210,000 units in MMR are running behind schedule, and 200,000 units in NCR. The combined value of these MMR and NCR units is about ?3,70,000 crore, about 70% of the total value of delayed units in the seven cities. PropEquity, a Gurgaon-based real estate data, research and analytics firm, said in a report released recently: “Over 4.65 lakh units of housing projects valuing ?3.3 trillion across India are significantly behind their delivery deadlines with daunting construction delays.” “Over-leveraging, launching projects without approval, regulatory road blocks and failure to anticipate market are the reasons why these projects are running behind schedule,” said Pankaj Kapoor, managing director, LiasesForas, a Mumbai-based real estate rating and research firm.
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