Despite new found optimism in the Indian real estate market, for lakhs of home buyers the future of owning a home is at the moment bleak. About 1.74 lakh homes, valued in excess of ₹1,40,613 crore, across the country’s top seven real estate markets lie in a state of limbo. These are housing projects that were launched in 2014 or before. And the outlook for people who bought these homes, 66% of which fall in the price bracket of under ₹80 lakh, is nothing but “disastrous”, says a new report by property consultancy firm Anarock.
National Capital Region has a maximum stalled stock of about 1,13,860 units (approximately valued at ₹86,463 crore) or 66% of the total stalled stock across Mumbai, Pune, Bengaluru, Kolkata, Chennai, and Hyderabad. Mumbai has 41,730 totally stalled units or 24% of the total affected stock. Chennai is the only market that has no stalled projects.
Altogether, about 6.29 lakh homes are languishing due to delivery delays. At least 71% of these delayed or stuck units fall within the ₹80 lakh budget range, while 18% fall in the premium segment, and another 11% in the luxury category. While this is the ground reality, captains of industry remain upbeat about growth prospects of the real estate sector.