In the last nine months, Pune has completed 3,850 stuck/delayed housing units, revealed a research by property consultant Anarock. As of May-end, there were still 44,250 units stuck/delayed in Pune and the total inventory value was Rs 27,533 crore, it said.
Housing units are already stuck even before the Maharashtra Real Estate Regulatory Authority (Maha RERA) came into existence in May 2016.
These units are classified as heavily indebted units and are included in the list of completely stalled projects. Various reasons are being cited for the delay like lack of liquidity, lack of sales and rising input costs.
Prashant Thakur, Senior Director and Head of Research, Anarock Group spoke about the builders who are going the extra mile to complete the stalled projects.
Developers, he said, are committed to complete their projects to meet the demand for ready-to-move homes. Nationwide research conducted by Anarock showed that 36,830 houses were completed between January 2022 and May 2022 in seven major cities – Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune .
Unfinished projects continue to be a problem as Anarock has estimated that 4.80 lakh units worth Rs 4.48 lakh crore are stuck at various stages in these cities. By the end of December 2021, there were 5.17 lakh houses worth Rs 4.84 lakh crore in the market. Most of the unstuck units are in the NCR region.
“The noteworthy point is that they have been maintaining momentum despite considerable adverse conditions from increased input costs in the last five months. The fact that housing demand has remained strong over the past two years clearly helps. Large developers as well as SWAMIH Fund (Special Window for Completion of Affordable and Medium Income Housing) and National Building Construction Corporation (NBCC) have taken over the stuck/delayed inventory and are looking to complete them. have been,” he said.