C Shivakumar By Express News Service CHENNAI: Chennai has 8,650 delayed housing units worth around Rs 5,620 crore, the least among the top seven cities, according to a report by Anarock Property Consultants. The report, ‘Chennai: Driven by Diversified Economic Base, Reinforcing the Future,’ which was released at a recent conclave, states that most of these projects were launched in 2013 or before and none were stalled or cancelled. The major factor favouring Chennai is its diverse economy, which does not depend solely on the automobile and automobile ancillary industries but banks on evolving services sectors, especially IT or IT-enabled services and electronic hardware. Chennai logged a 25 per cent jump in housing sales in the first half of 2019 against the preceding year, which is higher than Hyderabad’s 12 per cent and Bengaluru’s 9 per cent. Though supply of housing units dropped significantly, absorption surpassed new supply resulting in reduction in unsold inventory in 2017. “Since then unsold inventory increased gradually as fresh supply was added, but sales struggled to keep pace. As of June 2019, the total unsold inventory is estimated to be around 31,500 units and it may take 32 months to liquidate them,” says the report. More than 72,000 units have been launched since 2015, out of which 38 per cent were in the budget range of Rs 40 lakh to Rs 80 lakh, followed by 36 per cent in less than Rs 40 lakh budget segment. However, the share of units costing less than Rs 40 lakh in overall supply increased to more than 40 per cent over time.

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