Over 4.22 Lakh Homes in Top 7 Cities Face Delay

Latest Anarock data reveals that over 4.22 lakh units are scheduled to be completed by 2021-end across the top 7 cities. Of this, NCR would see the maximum completions with a nearly 28% share, followed by MMR with 26% and Pune with approx. 18%. There could be some del

BY Realty Plus
Published - Thursday, 20 May, 2021

Over 4.22 Lakh Homes in Top 7 Cities Face Delay

Latest Anarock data reveals that over 4.22 lakh units are scheduled to be completed by 2021-end across the top 7 cities. Of this, NCR would see the maximum completions with a nearly 28% share, followed by MMR with 26% and Pune with approx. 18%. There could be some delay due to restrictions and disruptions in the supply chain amid the second COVID-19 wave. Notably, 72% of the total homes to be delivered by 2021-end are already sold out (just 28% remain unsold). If the fallout of the second COVID-19 wave does not impact construction activity again, the top 7 cities will have approx. 1.18 lakh homes available for purchase by year-end. Once-bitten-twice-shy homebuyers' preference continues to be skewed towards ready-to-move homes which mitigate construction risks and project delays. In terms of budget categories - of over 4.22 lakh homes to be delivered by 2021-end, 40% (approx. 1.69 lakh units if completed) are in the affordable segment priced <INR 40 lakh. 35% (approx. 1.48 lakh units if completed) are in the mid-segment priced between INR 40 lakh to INR 80 lakh. Also, most developers underwent a steep learning curve since Lockdown 1.0. Since ready homes are in such high demand, many players with projects due to reach completion in 2021 will consider this as a do-or-die deadline.