Anarock Property Report: construction of over 6 lakh flats in India is delayed

Prashant Thakur said that the share of NCR has increased to 52 per cent in mid-2021 from 35 per cent at the end of 2019.

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As per Mint, a report published by  Anarock Property on August 2 i.e. Monday claimed that as of mid-2021, the construction of more than six lakh flats in Indian cities has either been fully struck or delayed.

Furthermore, the Anarock Property Consultants report has said that these units were in projects in seven Indian cities that were launched before or in the year 2014. It classified 1.74 lakh homes with a value of ₹1.70 lakh crore as “totally struck.” Two-thirds of these units cost less than ₹80 lakh.

According to the report, the Centre’s Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has saved several projects. However, no specification of the exact help offered by the scheme was mentioned in the report.

In addition, Delhi National Capital Region (NCR) was reported to lead with 1.13 lakh units in totally stalled projects valued at ₹86,463 crore. The Mumbai Metropolitan Region (MMR) came second with 41,730 units having a value of ₹42,417 crore.

The NCR comprises 52 per cent of the delayed construction of six lakh-plus homes while MMR and Pune contributed 28 and 8 per cent respectively.

Hyderabad, Chennai, and Bengaluru collectively accounted for only 11 per cent implying that the construction in these cities is mostly on track.

The prime reasons for the delay in NCR might be litigations, coronavirus pandemic as well as issues around funding.