Construction of 4 lakh housing units behind schedule in Delhi, Mumbai: Report

Construction of around four lakh housing units was running behind schedule in the Delhi-NCR region and Mumbai as of September, according to a report by real estate portal 99acres.com on Wednesday.

The Insite Report 2018 for the July-September quarter released here also noted that new launches were put on hold during the period due to a high level of unsold inventory.

"Delayed construction timelines continued to mar buyer sentiment towards under-construction projects, especially in Delhi-NCR and Mumbai Metropolitan Region (MMR), which together accounted for over four lakh units running behind schedule and pegged at Rs 3.6 lakh crore," it said.

In Pune, almost 95,000 units worth Rs 57,000 crore were delayed. Chennai had over 10,000 housing units worth Rs 6,500 crore, launched before 2013, running behind delivery timeline, it said.

The report also noted that all cities except Hyderabad witnessed a shortfall in supply of affordable homes, as the government managed to complete only 15 per cent of the planned low-cost homes under PMAY-Urban.

"Of the total 54.95 lakh approved homes, around 8.55 lakh had been constructed and nearly 30.4 lakh units were under-construction by August 2018," it said.

Despite the shortfall, the report said that 1.6 lakh homes were vacant across the country.

Regarding the rental scenario in the cities, the study showed that while Delhi-NCR, Chennai, Kolkata and Ahmedabad witnessed the average rental values increase by three per cent on a year-on-year basis, in Mumbai, Bengaluru, Pune and Hyderabad they fell by 4-5 per cent.

An oversupply of housing stock restricted rental price growth in the Delhi-NCR region, it added.

--IANS

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