1.74 lakh homes stalled or incomplete across major cities, over 38,000 such units in Mumbai
Around 1.74 lakh homes in 220 projects across the top seven cities in the country are incomplete or completely stalled, as per the data from Anarock Property Consultants.
The data sheds light on the current state of the Indian realty sector, where stalled projects continue to be on the rise.
“Launched either in 2013 or before, these projects have absolutely no construction activity going on. The overall value of all stalled units is estimated to be more than Rs 1,774 billion (Rs 1.77 lakh crore). Most of these projects have been grounded due to either liquidity issues or litigations,” the Anarock report said.
Around 1.15 lakh homes, which accounts for nearly 66 percent of the total stalled units have already been sold to buyers who are now either at the mercy of the concerned developers or the law of the land.
The net estimated value of these sold units is around Rs 1.11 lakh crore.
As per the data, the National Capital Region (NCR) has the largest pile-up of stalled units with 1.18 lakh homes spread over 67 projects with an overall value of Rs 82.2 thousand crore. Of this, nearly 69 percent or 83,470 units are already sold out.
Mumbai Metropolitan Region (MMR) is ranked second in terms of stalled projects, with 38,060 units stalled across the city. The stalled units are spread across 89 projects, compared to 67 in NCR, the data showed.
Pune comes next with nearly 28 stalled projects comprising 9,650 units, followed by Hyderabad with nearly 4,150 units. Bengaluru has 26 projects comprising 3,870 stuck units.
While housing distress is spread across the country, it is more evident in the NCR.
Meanwhile, three big players in the market – Jaypee Infratech, Amrapali Group and Unitech – have all been dragged to Supreme Court for leaving buyers in the lurch.