More than 15.62 lakh units (launched between 2013 till 2019) are under construction in the top seven cities, according to ANAROCK Property Consultants.
Prashant Thakur, director & head (Research), ANAROCK Property Consultants says, “Another fallout of the lockdown is that many key markets will have almost zero construction activity at the project sites. This will further strain several developers’ financial health.”
Of this, Mumbai Metropolitan Region (MMR) & National Capital Region (NCR) together comprise 57% or approximately 8.90 lakh units. MMR currently has the highest under-construction stock with nearly 4.65 lakh units – 30% of the overall under-construction stock.
NCR is close behind with 27% or over 4.25 lakh units in various stages of construction. All these units were launched between 2013 till 2019-end.
Mohit Goel, CEO, Omaxe said, “Both real estate sales and recoveries have been halted as a result of the lockdown arising out of the coronavirus pandemic. As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted.”
Pune has nearly 2.62 lakh units under construction, followed by Bengaluru with 2.02 lakh units & Kolkata with approx. 90,670 units
Chennai & Hyderabad together comprise just 8% (approx. 1.18 lakh units) share of overall under-construction units.
