Business Bureau :
AROUND 4.66 lakh homes scheduled for delivery in 2020 may miss the deadline as most of the states had allowed six months extension to complete the projects in the wake of the COVID-19 pandemic, a global property consultant said on Tuesday. The National Capital Region, Mumbai and Bengaluru had completion of more than one lakh units each lined up in 2020, while Pune had 68,800, Kolkata 33,850, and Hyderabad nearly 30,500 units. Chennai had the least pending delivery of 24,650 units for this year. “Homebuyers will have to adjust to new realities.
As many as 4.66 lakh units were slated to be delivered in 2020.With almost zero construction activity in the last few months due to the lockdown, completion deadlines for almost all these projects have been extended,” ANAROCK Property Consultants chairman Anuj Puri said. Most state housing regulators (RERA) have given a six-month extension to developers on previously committed timelines following demands for it.
“The Government must intervene to address multiple challenges including labour shortage in top cities,” Puri said. Even if developers have the financial strength, it will still take a while for most of them to resume construction because lakhs of labourers have left cities and returned to their villages, he said. “Moreover, many of the top cities are still grappling with the virus,” Puri said.