Most people have been affected regarding housing in Noida and Greater Noida. Homebuyers who have booked flats in housing projects have been disappointed so far. Here more than 1.65 lakh flats worth Rs 1.18 lakh crore are currently pending or are under construction for several days. In such a situation, these people have not got home yet.
A research by property consultant Anarock covers housing projects launched on or before 2014 in seven major property markets – Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. Is. That is, 1.65 lakh people have not been able to get the house purchased under housing projects in 2014 or earlier.
Homebuyers’ apex body Forum for People’s Collective Efforts (FPCE) said the investment of customers is at stake. The reasons for delay in each project should be ascertained and resolved. He also demanded strict action against defaulting builders.
As per data from Anarock, 4,79,940 units worth Rs 4,48,129 crore are stalled or are running at a slow pace in these seven cities as on 31 May 2020. Of this, Delhi-NCR alone accounts for 50 per cent, which has 2,40,610 stalled or delayed units worth Rs 1,81,410 crore.
Giving more details about the Delhi-NCR figures, Anarock said that in Noida and Greater Noida region around 70 per cent of the household work is stalled, while in Gurugram only 13 per cent. In Noida and Greater Noida, 1,65,348 units worth Rs 1,18,578 crore are stalled or delayed. While in Gurugram 30,733 flats worth Rs 44,455 crore are stalled and delayed, in Ghaziabad market 22,128 flats worth Rs 9,254 crore are stalled.
Apart from this, 22,401 flats in Delhi, Faridabad, Dharuhera and Bhiwadi, totaling Rs 9,124 crore, are stalled. Prashant Thakur, Senior Director and Head of Research, Anarock said project delays have had an impact on the functioning of the Indian real estate sector over the past decade. He said that the stress fund of Rs 25,000 crore of the government, which was launched in 2019. It has proved effective in reviving many stalled projects.