Fri. Mar 29th, 2024
Anarock- Halted Flats

According to the report by property consultancy Anarock, almost 1.74 lakh properties are fully blocked across seven major cities, with Delhi-NCR contributing for a maximum of 66 per cent.

Anarock only looked at housing projects that began in 2014 or before while conducting its research. It is a known fact that the construction industry has a massive funding crisis, Anarock stated the possibility for those who bought units in fully halted projects are “disastrous,” while those who acquired units in significantly delayed projects are “bleak at best.”

The consultant estimated that 6,28,630 houses worth Rs 5,05,415 crore were blocked or delayed across seven cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai, and Kolkata.

As reported by PTI, Prashant Thakur, director and head (research) at Anarock informed, “As of H1 2021-end, we have nearly 6.29 lakh units that are yet to be completed across the top-seven cities.”

The entire worth of the 1.74 lakh properties that are completely stranded throughout the seven major cities surpasses Rs 1,40,613 crore, according to Anarock, 

The Delhi-NCR property market has the most delayed stock of 1,13,860 units with an approximate value Rs 86,463 crore, accounting for 66% of the total among the top-seven cities. 

The MMR has 41,730 fully stopped units (about worth Rs 42,417 crore), accounting for 24% of the entire afflicted stock.

Besides Delhi, there are 9,990 blocked units worth Rs 5,854 crore in Pune, the other big western market.

In the southern cities, there are no stopped projects in Chennai, but there are 3,870 blocked units worth Rs 3,061 crore in Bengaluru and 4,150 halted flats totalling 2,727 crores in Hyderabad.

Kolkata has a petty number of 150 stalled units of about Rs 91 crore.

The Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has rescued many projects, according to Anarock. 

At least 71 per cent of these delayed or blocked units (about 4.49 lakh) fall under the price-sensitive Rs 80 lakh budget band. Only 18% of those in the premium class and 11% in the luxury segment fit into this group.

The NCR has a total of 3,28,600 such units worth Rs 2,49,540 crore, including both, totally stopped and delayed units.

The total value of stalled and delayed units in the MMR stands at 1,49,620 worth Rs 1,52,105 crore, while Pune has 50,130 units valued at Rs 29,390 crore.

Bengaluru has 41,780 stalled and delayed units worth Rs 33,080 crore.

The value of blocked and delayed units in the MMR totals 1,49,620 units at Rs 1,52,105 crore, including 50,130 units for Rs 29,390 crore in Pune.  

Bengaluru has 41,780 units that are blocked or delayed, totalling Rs 33,080 crore.

Chennai has 11,430 units for Rs 11,530 crore (just delayed units, not stopped), Hyderabad 17,960 halted and delayed units amounting to Rs 11,810 crore, and Kolkata 29,110 halted and delayed units at Rs 17,960 crore. 

The NCR has surpassed MMR with a 52 per cent share of stuck/delayed stock, the most among the top-seven cities, according to Anarock.

With numerous developments finished in the previous year, the MMR property market’s total share has decreased. It now has 28 per cent of the total stock impacted.

Purchasers in Delhi-NCR have been most hit with numerous builders like Jaypee Infratech, Unitech, Amrapali, and The 3C Company, failing in their pledges to complete their buildings.

Flat owners have taken their pleas to several courts in an attempt to safeguard their assets.

Despite the COVID-19 epidemic, Anarock’s income increased by 18% to Rs 302 crore in the previous fiscal year, according to company Chairman Anuj Puri, who spoke to PTI in April.

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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