Housing units worth Rs 4.64 lakh cr delayed

Source: The Hitavada      Date: 28 Aug 2018 10:07:59



Business Bureau

NEARLY, 5.76 lakh housing units worth Rs 4,64,300 crore are delayed in seven major cities of the country despite implementation of the new real estate law RERA that came into effect May last year, according to property consultant ANAROCK. Of these delayed housing units that were launched in or before 2013, the ANARCOK report said that Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) account for 71 per cent in volume terms and 78 per cent in value terms.

ANAROCK’s numbers are higher than real estate data and analytics firm PropEquity’s, which recently came out with its report mentioning that 4,65,555 units worth nearly Rs 3.33 lakh crore were behind delivery schedule.

“Incessant project delays, dodgy activities of some developers and land litigation issues have plagued the Indian real estate sector over the last several decades, not helping its domestic and international image,” ANAROCK Chairman Anuj Puri said. He said, the Government has, over the last few years, taken measures to bring in greater transparency and efficiency in this sector.

“However, despite the implementation of game-changing policies like RERA and GST, the issue of stalled or delayed projects that has primarily been at the core of buyers’ discontent is yet to be addressed satisfactorily,” Puri rued.
According to the report, the residential real estate launched in or before 2013, that is stuck in various stages of (non) completion, is collectively worth Rs 4,64,300 crore for a total of 5,75,900 units. These units have been stuck since 2013 or before. MMR and NCR are the two major regions where maximum units with significantly high values have been delayed since their launch in 2013 or before.