New Delhi: Even as the government has announced plans to set-up Rs 10,000 crore fund to help stuck housing projects, Chennai has emerged as the city which has the lest number of delayed projects. There are 8,650 residential units that are delayed, but interestingly, none of the projects is completely stalled or canceled by the developers, according to a report by ANAROCK Property Consultant.
The has been a significant uptick in sales of housing real estate stock. The city saw sales of residential units going up by 25 percent in the first half of 2019 as compared to the same period last year. The rise in sales in Chennai are way higher than even Hyderabad and Bangalore where the increase has been 12 percent and 9 percent respectively.
The city saw launches of about 72,000 units since 2015 and about 38 percent of it was in the price range of Rs 40-80 lakh. Another 36 percent have been priced below Rs 40 lakh. The demand by the large base of IT/ITeS and automobile sector employees is responsible for the higher sales in the city.
However, the unsold stock of residential units is higher in the city as compared to Hyderabad and Bangaluru. The inventory overhand in Chennai is about 31,500 units which will take around 30 months to clear. The same in Hyderabad and Bengaluru is about 16 months and 15 months respectively.