Owning a house provides a sense of security to many. But the astronomical rise in property prices in years leading up to 2007 had made buying a home a distant dream for many. Still, lakhs of people who stretched their pockets to book a house never got it as developers struggled with funds and complex regulations and failed to finish projects. “Residential real estate launched in or before 2013, that is stuck at various stages of non-completion, is collectively worth a whopping ₹4.64 lakh crore. A total of 5,75,900 units are yet to be delivered to their buyers,” says Anuj Puri, Chairman, Anarock Property Consultants.
This sums up the grim picture of the real estate sector. The developers are in great financial stress as sales are happening at a very slow pace compared to their peak. “Housing sales soared to 3.5 lakh units in 2014 (the best between 2013 and 2019) but fell to a mere 2.1 lakh units in 2017, post demonetisation. The sales started to show some recovery during the past one year but are far lower than the peak levels. Homebuyers perched themselves on the fence, awaiting more favourable market trends, and investors backed out completely,” says Puri. Property prices have either corrected or remained at the same level over the past few years. The developers have little bargaining power. This has made houses affordable for many.
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