Pune: 230 real estate projects worth Rs 49,667 crore stuck by 2020-end
Pune: A total of 44 having approximately 14520 units - which were launched in 2013 or before in the city - were completed in 2020. However, by 2020-end, the city has nearly 230 stuck projects consisting of approximately 80,480 units worth nearly Rs 49,667 crore. By 2019-end, Pune had 274 stuck projects with approximately 95,000 units worth Rs 57,000 crore.
According to data analysed by Anarock Property Consultants, NCR and MMR together hold a 74 per cent 'majority share' of currently stuck or delayed units, while the southern metros of Bengaluru, Chennai and Hyderabad account for a mere 8 per cent. Pune has an approximately 16 per cent share, while Kolkata accounts for a minuscule 2 per cent overall share of stuck or delayed projects.
ANAROCK Property Consultants Chairman Anuj Puri said, "Project delays have been the bane of the Indian real estate sector over the last decade. Even the implementation of RERA had only a little impact on this. Among other factors, the liquidity crunch threw up roadblocks for developers, which is why the government intervened with the creation of the Alternate Investment Fund (AIF) in late 2019 with a corpus of INR 25,000 crore. This last-mile capitalization mechanism couched in the SWAMIH fund has proved to be effective in getting stuck projects going again."
"The government and RBI's liquidity-generation initiatives in 2020 also helped. 190 projects with over 73,560 units which can finally be handed over to their purchasers or marketed as ready-to-move options getting completed in the year is especially remarkable considering the backdrop of the unique COVID-19 impact on construction activity," he added.