The Chennai unit of the Confederation of Real Estate Developers Association of India (Credai), a national group of property developers, has accused Anarock Property Consultants of publishing wrong data on unsold inventory in the city.
Anarock said a report on April 2 that Chennai has unsold inventory of 33,500 units of which 9,400 units worth Rs 5,800 crore are ready. Credai called the report's data "unverified, unauthenticated, misleading".
"We have tried reaching your office to ascertain the basis of such a claim and have not heard from anyone on the same. This makes us conclude that the numbers quoted by your firm do not have any basis/source...
It is also surprising that your firm, despite being a knowledge partner at many of Credai's events, and having partnered with many of our developers as channel partner and other business relationship, you have not bothered to revalidate numbers with us," said the letter. "This is resulting in sharing unauthenticated, unverified numbers with media without any basis whatsoever. You have been continuing to do this, inspite of many reminders earlier," said a letter signed by Credai Chennai secretary M Armugam. Anarock declined to comment on the letter, but a source in the consultancy said: "Except them, no one has raised any issue on the numbers. We have done good amount of research."
Credai said that it wants to analyse of numbers in terms of zone wise/developer wise number of units, size and sale value considered in each micro market to arrive at he same and the period for which the units have remained unsold.
"Kindly share us the data with all details and analysis with proof within seven days from the date of the mail. On receipt of your report, we shall invite your team for an understanding, discussion and clarification on the same," it said.
However, other consultants came with similar number or higher numbers of unsold housing stock in Chennai in the previous quarters.
Real estate analytics firm Liases Foras said Chennai has unsold stock of 76,141 units in Q2FY20 and JLL said the same city has a unsold stock of 32,338 units worth of Rs 22,200 crore in first quarter of calender year 2020.
Anarock was founded by veteran real estate consultant Anuj Puri after he quit consultancy firm JLL. Credai National President Jaxay Shah said that it will issue an advisory to all consultants that before publishing any report, they have to consult Credai.