Delhi-NCR property market has maximum stuck housing units at 1.9 lakh, worth nearly Rs 1.2 lakh crore, that were delayed by at least seven years, according to property consultant Anarock.
A total of 1,90,120 housing units, worth Rs 1,19,291 crore, were stuck in the Delhi-NCR as of 2020-end. These flats were launched in 2013 and before.
The property market of Mumbai Metropolitan Region (MMR) has the second highest number of stuck housing units at 1,80,250, worth Rs 2,02,145 crore.
Across seven major cities, as many as 5,02,340 housing units, worth Rs 4,07,005 crore, were stuck at the end of last year.
As on 2019-end, 1,322 projects comprising 5.76 lakh units were stuck in various stages.
Commenting on the report, Anarock Chairman Anuj Puri said: “Project delays have been the bane of the Indian real estate sector over the last decade. Even the implementation of RERA had only a little impact on this”.
Among other factors, the liquidity crunch threw up roadblocks for developers, which is why the government intervened with the creation of the Alternate Investment Fund (AIF) in late 2019 with a corpus of Rs 25,000 crore, he said.
“This last-mile capitalization mechanism couched in the Special Window for Affordable & Mid-Income Housing (SWAMIH) fund has proved to be effective in getting stuck projects going again,” Puri said.
As many as 190 stuck/delayed housing projects accounting for over 73,560 units were completed in 2020, Anarock said.
As per the data, 29,850 housing units worth Rs 22,276 crore were stuck in Bengaluru.
Pune has 80,480 units worth Rs 49,667 crore that were delayed as of 2020-end.
As many as 9,180 housing units worth Rs 5,436 crore were delayed in Kolkata.