The Mumbai Metropolitan Region (MMR) follows next with nearly 38,060 units stalled across the city.
The Supreme Court’s landmark Verdict on Amrapali Developers has rekindled the hopes lakhs of home buyers who have been waiting futilely for delivery of their homes. While similar developments with regards to other stuck projects are awaited, the apex court has now set a precedent with a resounding message - comply or perish.
According to ANAROCK research, as many as 220 projects equaling 1.74 lakh homes are completely stalled in the top 7 cities alone. Launched either in 2013 or before, these projects have absolutely no construction activity going on. The overall value of all stalled units is estimated to be more than Rs 177,400 crore. Most of these projects have been grounded due to either liquidity issues or litigation.
Almost 66% of these stalled units have already been sold to buyers who have been left in the lurch - at the mercy of either the concerned developers or the law of the land. The net estimated value of these sold units is around Rs 111,100 crore.
Of these markets, the National Capital Region (NCR) market has the largest pile-up of stalled units with 1.18 lakh homes or 68% of the total stuck stock spread over 67 projects with an overall value of Rs 82,200 crore. Of this, nearly 69% or 83,470 units are already sold out. Around 98% of the stuck projects in NCR are located in Noida and Greater Noida alone, while other cities like Gurugram, Ghaziabad have minimal inventory.
The Mumbai Metropolitan Region (MMR) follows next with nearly 38,060 units stalled across the city. However, the number of projects covering stuck units in this region is higher than in NCR. MMR's stalled units span over 89 projects as against 67 projects in NCR. Interestingly, in terms of value of the stalled units, MMR is quite close to NCR, with stalled units worth over Rs 80,200 crore as against Rs 82200 crore in NCR, ANAROCK data showed.
Despite a huge parity in the overall number of stalled units between the two major regions, astronomical property prices in MMR have kept this difference minimal.
Pune comes next with nearly 28 projects comprising 9,650 units worth Rs 7,000 crore completely stalled, followed by Hyderabad with nearly 4,150 units worth Rs 3,600 crore stuck. Bengaluru has 26 projects comprising 3,870 stuck units worth Rs 4,200 crore, the data showed.
With so many projects stuck across the top cities, affected home buyers now see a glimmer of hope with the Supreme Court's intervention in the Amrapali case.
- The Architecture Times, Indore