Delay in construction of 6 lakh residential units worth more than Rs 5 lakh crores: Report

The construction of six lakh houses worth more than Rs 5 lakh crore in seven cities of the country has been halted or delayed by mid-2021. This information was provided in a report Monday by a consulting company about the land and home. These units have projects in seven cities, according to an Enrak Property Consultant report. These projects were launched in 2014 or earlier.

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According to the report, 1.74 lakh homes, worth Rs 1.40 lakh crore, were completely trapped, with two-thirds of them costing less than Rs 80 lakh. The government’s Special Facility Fund for Affordable and Middle-income Families (Swamy) has said it has provided relief to several projects, but it is not clear how much this scheme has really helped.

According to the report, most of the housing projects are stuck in the National Capital Region – Delhi (NCR). Of these, 1.13 lakh houses were found and their value was Rs 86,463 crore. After that, 41,730 houses worth Rs 42,417 crore were trapped in the Mumbai metropolitan area. NCR is now ahead in terms of pending projects. Of the more than 6 lakh units in the sector, 52 per cent are stuck or delayed in their completion. Their total value is Rs 2.49 lakh crore. In the Mumbai metropolitan area, 28 per cent of the homes valued at Rs 1.52 lakh crore were trapped.

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Of the list of projects that have been stalled or delayed, 8 per cent of the houses worth Rs 29,390 crore are in Pune and 5 per cent of the houses worth Rs 17,960 crore are in Kolkata. According to the report, most housing projects in southern states’ cities are on the way. Hyderabad, Chennai and Bangalore contribute only 11 per cent of the discontinued projects.

Prashant Thakur, head of research at Enrak Property Consultant, said the number of delayed or discontinued projects rose to 52 per cent by mid-2021, up from 35 per cent by the end of 2019. He said the increase in discontinued projects in NCR could be due to legal disputes, Kovid-19 epidemic and financial problems. The shortage of such units is significant in the cities of Pune and Mumbai in the same period.

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