+
~4.66 lakh homes delivery in 2020 may miss deadline
Real Estate

~4.66 lakh homes delivery in 2020 may miss deadline

Photo: For representational purpose

If not for COVID-19, the top 7 cities were to see the delivery of nearly 4.66 lakh units by 2020-end. Launched after 2013, many of the projects were in the final leg of completion. With almost zero construction activity in last few months due to the lockdown, the completion deadlines for almost all these real estate projects has got extended, says data by Anarock Research.
 
Most state RERAs have already given a six-month extension to developers on previously committed timelines. However, homebuyers’ wait could run into several additional months for well-funded projects, and as much as two years for others.
 
2021 was to see completion of nearly 4.12 lakh units across the top 7 cities – 12 per cent lower than in 2020. Most of these projects will probably also get delayed.


Says Anuj Puri, Chairman, Anarock Property Consultants, “Homebuyers will have to adjust to new realities. As many as 4.66 lakh units were slated to be delivered in 2020 and another 4.12 lakh in 2021. Maximum completions (in both years) were to happen in NCR (approximately 2.40 lakh units). This region is set to witness more project delays over and above the backlog of over 2 lakh units already delayed in the region from before.”
 
He adds that the government must intervene to address multiple challenges including labour shortage in top cities. “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 back to their villages. Moreover, many of the top cities are still grappling with the virus.”
 
Projected completions in 2020 and 2021
 
Prior to COVID-19, the top 7 cities were to see completion of over 8.78 lakh units in 2020 and 2021 combined. Of this total expected supply, nearly 4.66 lakh units were to be added in 2020 and the remaining 4.12 lakh units in 2021.
 
  • NCR was to see maximum completions in both years – of about 2.40 lakh units. Of this, 1.01 lakh units were to come up in 2020 and another 1.39 lakh units in 2021..
  • MMR is second with nearly 2.10 lakh units expected to be delivered in two years – 1.07 lakh units in 2020 and nearly 1.03 lakh units in 2021.
  • Bengaluru was expected to see delivery of nearly 1.51 lakh units in 2020 and 2021. This year the city was likely to see delivery of 1.01 lakh units while in the next year it was just half at nearly 50,000 units.
  • Pune was to see completion of nearly 1.36 lakh units in both years – 69,000 in 2020 and 67,000 in 2021.
  • Kolkata was next with nearly 59,000 units meant to be delivered in two years – 33,900 units in 2020 and nearly 25,100 units in 2021.
  • Hyderabad was to see completion of more than 45,200 units in both years – 30,500 units in 2020 and another 14,700 units in 2021.
  • Chennai had the least completions in both years – about 37,000 units. Of this, 24,650 units were to complete in 2020 while another 12,520 units in 2021.

Photo: For representational purposeIf not for COVID-19, the top 7 cities were to see the delivery of nearly 4.66 lakh units by 2020-end. Launched after 2013, many of the projects were in the final leg of completion. With almost zero construction activity in last few months due to the lockdown, the completion deadlines for almost all these real estate projects has got extended, says data by Anarock Research. Most state RERAs have already given a six-month extension to developers on previously committed timelines. However, homebuyers’ wait could run into several additional months for well-funded projects, and as much as two years for others. 2021 was to see completion of nearly 4.12 lakh units across the top 7 cities – 12 per cent lower than in 2020. Most of these projects will probably also get delayed.Says Anuj Puri, Chairman, Anarock Property Consultants, “Homebuyers will have to adjust to new realities. As many as 4.66 lakh units were slated to be delivered in 2020 and another 4.12 lakh in 2021. Maximum completions (in both years) were to happen in NCR (approximately 2.40 lakh units). This region is set to witness more project delays over and above the backlog of over 2 lakh units already delayed in the region from before.” He adds that the government must intervene to address multiple challenges including labour shortage in top cities. “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 back to their villages. Moreover, many of the top cities are still grappling with the virus.” Projected completions in 2020 and 2021 Prior to COVID-19, the top 7 cities were to see completion of over 8.78 lakh units in 2020 and 2021 combined. Of this total expected supply, nearly 4.66 lakh units were to be added in 2020 and the remaining 4.12 lakh units in 2021.  NCR was to see maximum completions in both years – of about 2.40 lakh units. Of this, 1.01 lakh units were to come up in 2020 and another 1.39 lakh units in 2021..MMR is second with nearly 2.10 lakh units expected to be delivered in two years – 1.07 lakh units in 2020 and nearly 1.03 lakh units in 2021.Bengaluru was expected to see delivery of nearly 1.51 lakh units in 2020 and 2021. This year the city was likely to see delivery of 1.01 lakh units while in the next year it was just half at nearly 50,000 units.Pune was to see completion of nearly 1.36 lakh units in both years – 69,000 in 2020 and 67,000 in 2021.Kolkata was next with nearly 59,000 units meant to be delivered in two years – 33,900 units in 2020 and nearly 25,100 units in 2021.Hyderabad was to see completion of more than 45,200 units in both years – 30,500 units in 2020 and another 14,700 units in 2021.Chennai had the least completions in both years – about 37,000 units. Of this, 24,650 units were to complete in 2020 while another 12,520 units in 2021.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code