Record completion of stuck projects to boost buyers confidence

The completion of record number of housing units in stalled projects across India, will help boost the confidence of buyers. This in turn will lead to rise in sale of housing units in the coming months. According to a recent report by Anarock Property Consultants, pan India, as many as 190 delayed and stalled projects were completed in 2020. In all 73560 housing units were finished in these projects. As per the report, Mumbai Metropolitan Region topped with completion of 84 stalled projects, accounting for 29750 units. As a result of this pick up in project completions, Chennai has the least stalled inventory across 7 top cities. The report reveals that Chennai has only 12 stuck projects now, with around 5940 housing units. This, according to the report, has been made possible by the improved liquidity situation due to several policy measures taken by the government.

Especially, the Special Window for Completion of Affordable & Mid Income Housing (SWAMIH) Fund has come handy to boost project completions, Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global Group and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, “In an end-user market where buyers are preferring ready to move in housing units, this is a very encouraging development. The boost to projects completions, has been made possible by several policy measures undertaken by the government to boost liquidity in housing sector. With the government backed SWAMIH fund picking up in terms of delivery, more and more cash- strapped developers will be able to complete their projects. This will help strengthen the inventory of ready units for sale. And this in turn will help boost the residential realty”.

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