As per recent statistics the real estate sector is fenced in a big jam. Over 6 Lac houses are running behind the delivery schedule in the National Capital Region (NCR), with almost a third or nearly two lakh lagging by more than two years. The data has been compiled by a real estate rating and research firm, which also states that the majority of the delay in the NCR are in Noida, Grater Noida and Gurgaon.
According to Liases Forras, the real estate research firm, the NCR tops the list among 43 cities, the Mumbai Metropolitan Region (MMR) is second where 1.31 Lakh houses are delayed by more than 2 years. Although earlier also a report had come on 13th of November regarding the same but that was a national aggregate without any city-wise break-up.
The Data stipulates that every 3rd house is delayed by more than 2 years across the country is in the NCR and one in the four such houses is in the Mumbai region. Mumbai RERA has even started taking up such cases on a fast pace. About 29.23 lakh houses under construction are delayed and more than 50% of these are delayed by at least 1 year or more
Pankaj Kapoor, managing director of Liases Foras, said, “The present situation has been the fallout of investor driven market, more commitment by the developers rather than what they could deliver and its arbitrary regulatory intervention such as stopping all construction activities in certain areas.”
According to a bureaucrat the Bombay high court has taken a view that the law was brought to protect affected buyers and for future buyers. That’s why RERA does not differentiate between incomplete and new projects. Now the central ministry have sought the details of delayed project from each state.
Source: Times of India
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