89 projects, 38,060 homes stuck in MMR: Survey

According to the report released by Anarock on Thursday, NCR has the largest pile-up of stalled units with 1.18 lakh homes (68 per cent of the total stuck stock) spread over 67 projects with an overall value of Rs 822 billion. Of these, nearly 69 per cent (or 83,470 units) have already been sold. As many as 98 per cent of the stuck projects in NCR are located in Noida and Greater Noida alone, while cities like Gurugram and Ghaziabad have minimal inventory.

The MMR follows next with nearly 38,060 units stalled across the city. However, the number of projects covering stuck units in MMR is higher than in NCR. MMR’s stalled units span over 89 projects as against 67 projects in NCR. Interestingly, in terms of the value of the stalled units, MMR is quite close to NCR, with stalled units worth over Rs 802 billion (as against Rs 822 billion in NCR).

Despite a huge parity in the overall number of stalled units between the two regions, astronomical property prices in MMR have kept this difference minimal, the report stated.

Pune comes next with nearly 28 projects (comprising 9,650 units) worth Rs 70 billion completely stalled, followed by Hyderabad with nearly 4,150 units worth Rs 36 billion stuck. Bengaluru has 26 projects, comprising 3,870 stuck units, worth Rs 42 billion.

Anuj Puri, Chairman of Anarock Property Consultants, said units in MMR are basically stalled because of issues related to clearances and lack of fund to complete projects. “The SC’s landmark decree on Amrapali Developers has rekindled the hopes of lakhs of homebuyers who have been waiting for the delivery of their homes,” he added.