0

0

0

0

0

0

0

0

0

This article is more than 1 year old.

4.66 lakh homes under construction won’t meet completion deadlines this year, says Anarock

Mini

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.

4.66 lakh homes under construction won’t meet completion deadlines this year, says Anarock
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.
“Maximum completions in both years were to happen in NCR — approximately 2.40 lakh units,” Puri added, “This region is set to witness more project delays over and above the backlog of over two lakh units already delayed in the region from before.”
Delays could extend beyond RERA allowance
In the months following the COVID-19 outbreak, the real estate regulatory authority in various states have allowed developers, a six-month extension to complete projects owing to an acute labour crisis that is currently holding the real estate industry to ransom. However, Anarock’s report notes that the homebuyer’s wait could run into “several additional months” for well-funded projects and over two years for others.
Today, little or no construction work is on at most construction sites, with several lakhs of migrant workers making a beeline out of cities, back to their home villages.
While NCR holds the highest number of inventory scheduled for completion by 2021 (2.40 lakh), the Mumbai Metropolitan Region (MMR) is not far behind at 2.10 lakh homes. Bengaluru had 1.51 lakh homes scheduled for completion by 2021, now likely to be delayed.
 
next story