A study by a renowned property consultant has stated that the residential projects that are far away from being delivered on the suggested time, amount to a total worth of 4.64 lakh crores, approximately. All of these projects had been launched either in the year 2013 or before that. The number of units is 5,75,900.
The suggested reasons in the study, for this unusual delay in meeting the delivery deadlines, are:
Non-compliance with RERA
Delay in environmental clearances
Prolonged liquidity crunch
In the words of the concerned realty consultant’s Chairman, the active measures taken by the Government in the recent few years are due to its realization of the importance that the Real Estate industry holds in this country’s economy. Hence, arises the need for the sector to become transparent and efficient. The issue of delays in property possession has been the major reason for the buyers’ discontentment and loss of confidence. Even the enactment of strong policies like GST and RERA failed to satisfactorily address this problem.
The study suggests that the Delhi NCR and Mumbai Metropolitan Region have recorded the maximum number of housing units launched in 2013 and before, yet to be completed. The stalled 4,10,000 units across these regions are worth a whopping 3,60,000 crore rupees.
1,26,000 crores are stuck with the delay in delivery of 2,00,000 unit in the NCR region. The number of delayed units is comparatively less in Bengaluru, being 39,000 and of worth 28,000 crore rupees. MMR records the highest among the three areas, with 2,10,00 units valued at an estimated 2,34,000 crore rupees.
The number of delayed units is the least in Hyderabad with a total of 8,900 worth of 5,500 rupees. Whereas, Pune secures the 3rd leading position in terms of stuck housing units amounting to 95,000 with a worth of 57,000 crore rupees.
According to the developers, every individual associated with a project is hurt when the former gets stuck. It disperses throughout all economic sectors. For this reason, innovative measures need to used for punishing those at fault so as to prevent this disaster.
Hope, the reading was helpful? If you have failed to make a selection from the upcoming residential projects in Kolkata then contact Tranventor for the required guidance. Apart from the variety of property buying, renting, selling solutions, we also keep our clients updated with the detailed information on new projects lest you miss out any opportunity!