With only 39 per cent of the homes sanctioned under the Pradhan Mantri Awas Yojana built so far, completion of affordable housing projects under the PMAY has been slow, according to an Anarock report on Sunday.

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"Progress under the PMAY has been slow. As of now, we`re not looking at realistic completion of the targeted number of homes. As per the Ministry of Housing and Urban Affairs, out of the 79 lakh homes sanctioned under the PMAY so far, only around 39 per cent have either been completed or occupied," it said. 

"The gap is too big to ignore," the report said. On new properties in the market, the report said supply of new housing units in the top seven cities in the country declined by 64 per cent in the last five years from 5.45 lakh units in 2014 to 1.95 lakh units in 2018.

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Housing sales also declined 28 per cent during the same period from 3.43 lakh units in 2014 to 2.48 units last year, it said.