According to a report published by Anarock Property Consultants, there were around 5.02 lakh housing units stuck at various stages of construction across the top seven cities by the end of 2020. However, year 2020 shows vast improvement vis-à-vis 2019 both in terms of number of stuck projects and housing units. A total of 1,132 projects were stuck by the end of the year, compared to 1,322 projects comprising 5.76 lakh unit by the end of 2019. The total value of present stuck or delayed housing stock is over Rs 4.07 lakh crore, the report said.
“For some months, COVID-19 brought construction activity to its knees in 2020, followed by restricted on-site activity,” revealed the Anarock report.
The Mumbai Metropolitan Region (MMR) saw maximum completions of 84 stuck projects comprising 29,750 units in 2020, and now has 1.80 lakh stuck or delayed units worth over Rs 2.02 lakh crore.
The Anarock data revealed that NCR and MMR together hold a 74 per cent majority share of currently stuck or delayed units, while the southern metros of Bengaluru, Chennai and Hyderabad account for a mere 8 per cent. Pune has around 16 per cent share, while Kolkata accounts for a minuscule 2 per cent overall share of stuck or delayed projects.
A noteworthy feature of 2020 is the completion of 190 projects with over 73,560 units which can finally be handed over to their purchasers or marketed as ready-to-move options which is remarkable considering the backdrop of the unique COVID-19 impact on construction activity.