+
~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.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?