By Jude Sannith Jun 24, 2020 6:56:50 AM IST (Updated)
Nearly 4.66 lakh homes scheduled for completion in 2020 may miss their delivery deadline, according to a report by property consultant, Anarock. The reason for the delay, it said, was owing to “multiple challenges, including labour shortage in top cities.” The report added that an additional 4.12 lakh homes scheduled for completion and delivery in 2021 may also be affected.
Nearly 4.66 lakh homes scheduled for completion in 2020 may miss their delivery deadline, according to a report by property consultant, Anarock. The reason for the delay, it said, was owing to “multiple challenges, including labour shortage in top cities.” The report added that an additional 4.12 lakh homes scheduled for completion and delivery in 2021 may also be affected.
According to the report the top three property markets — NCR, Mumbai Metropolitan Region and Bengaluru have one lakh homes each lined up for completion this year, before the COVID-19 pandemic. Pune has 68,000 units scheduled for completion this year, while Kolkata and Hyderabad have 33,850 and 30,500 homes respectively, in the same category. Chennai accounts for the least number of homes scheduled for completion this year: 24,650.
NCR the worst hit
“Even if developers have the financial strength, it will still take a while for most of them to resume construction because lakhs of labourers have left cities and migrated to their villages,” said Anuj Puri, Chairman, Anarock, who also noted that NCR’s completion timelines would be impacted the most for this year and next combined.