These 7 cities completed the maximum ‘stuck’ housing units in the last 5 months

• NCR and MMR regions have completed the maximum number of housing units between January 2021 and May 2022.
• Both the regions also account for 77% — the most number of delayed or stuck housing units.
• The possible reason behind delay could be liquidity crunch, lack of sales and rising input costs.

In spite of the pandemic and input cost rise, developers in top real estate markets managed to complete a record number of housing projects in the last five months. Some of these projects have been stuck since the beginning of the pandemic.

In NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Pune and Kolkata; the number of ‘stuck’ housing units has reduced by 36,830, as per data by Anarock.

“What is notable is that they are maintaining momentum despite considerable headwinds from increased input costs, which have gone through the roof in the last five months,” said Prashant Thakur, head - research at Anarock property consultants.

NCR saw the maximum completion, followed by MMR and Benagaluru.

Number of housing units completed in 7 cities between Dec ‘21-May’22

Source: ANAROCK

As per the report, around 1.49 lakh homes were completed in the last nine months between August 2021 and May 2022. NCR and MMR regions again saw the highest number of completions.

“The fact that housing demand has remained strong in the last two years obviously helps. Several larger developers as well as the SWAMIH fund and NBCC have taken over stuck/delayed inventories and are seeing them to completion,” Thakur said.

Prior to the revival of the real estate market – triggered by the pandemic — a large number of housing units have been stuck due to multiple factors like tepid sales, liquidity crunch and higher input costs which have been dogging the sector for years.

All the seven cities currently have 4,79,940 delayed housing units worth over ₹4,48,129 crore. NCR and MMR together account for the maximum share with 77%, while the Southern metros Bengaluru, Chennai and Hyderabad have just 9%. Pune has a 9% share, while Kolkata accounts for only 5% in the overall share.

“Chennai gave a stellar completion performance with 41% of previous stuck/delayed units completed in this period. It currently boasts of the lowest burden of stuck units among the top 7 cities,” says the report.

Total number of stuck or delayed units in 7 cities as of May 2022

Source: ANAROCK Report

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