Over 43,000 houses worth 56,000 crores incomplete in Mumbai since 2011 and before
Around 2.2 lakh houses worth roughly Rs 1.56 lakh crore, launched across seven major cities in 2011 or before, are still incomplete today, according to property consultant JLL India.
According to the JLL report, the maximum number of defaulting projects are in Delhi-NCR, followed by Mumbai.
Overall, as many as 2,18,367 housing units valuing Rs 1,55,804 crore are delayed and at various stages of construction in seven cities — Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.
Out of the nearly 2.2 lakh units, about 30,000 units are confirmed to be scrapped, the JLL report said.
The consultant pointed out that the national capital region (Delhi-NCR) is facing delays in 1,54,075 units valuing Rs 86,824 crore – accounting for nearly 71 percent of volume and 56 percent in terms of value.
As many as 43,449 units worth Rs 56,435 crore are still incomplete in Mumbai, which translates to around 20 percent of volume and over 36 percent of the total value.
“NCR and Mumbai together contributed to 91 percent of the troubled units,” JLL said in the report.
Chennai has 8,131 delayed units worth Rs 4,474 crore, while Bengaluru has 5,468 units worth Rs 2,768 crore and Pune 4,765 units with value of Rs 3,718 crore. Total delayed units in Hyderabad stood at 2,095 worth Rs 1,297 crore.
Kolkata has the least number of delayed units at 384 worth Rs 288 crore.
Back in April, property consultant Anarock released a report which suggested that around 5.6 lakh housing units (worth Rs 4.5 lakh crore) that were launched in 2013 and before in these seven cities were running behind the delivery timelines.
A significant delay in giving possession of apartments to homebuyers is one of the major reasons for demand slowdown in the housing segment.
Additionally, lakhs of home buyers are stuck in residential projects launched by developers such as Jaypee group, Amrapali and Unitech.