GURUGRAM/NOIDA: The surmounting lapses in the real estate industry in the National Capital Region (NCR) can now be put in numbers. Out of the 5.6 lakh residential units delayed across seven cities in India (valuation – Rs 4,51,750 crore), over 2 lakh residential units are delayed in NCR region alone.
Add to that, 1.04 lakh units i.e. more than 50% are in Greater Noida alone and are valued at valued at Rs 45,039 crore. The sorry state of affairs of Greater Noida is followed by Noida (44,082, Rs 38,511 crore), Ghaziabad (24,728, Rs 9,664 crore), Gurugram (23,287, Rs 25,086 crore), Bhiwadi (5,477, Rs 1,415 crore), Delhi (4,102, Rs 9,930 crore) and Faridabad (3,612, Rs 1,815 crore). These units, which were launched in 2013 or before, have been left hanging and are leading to both mental and financial burden on the homebuyers.
Lakhs of homebuyers are suffering as a consequence of the fact that mostly of these projects don’t fall under the regulatory mechanism i.e. Rera’s ambit, as they were launched prior to the realty regulator coming into being. This further drives buyers to knock on Court’s door which further adds to the mental and financial stress.
As per the report, NCR tops the list of cities the largest number of delayed projects (over 2.10 lakh projects) followed by Mumbai, Pune and Bangalore. MMR and NCR together hold 72% share of delayed projects, worth Rs 3,49,010 crore. South Indian cities collectively hold a mere 10% of delays, with Chennai having fewest numbers (8,650 units, worth Rs 5,620 crore). Even Bangalore is better off than Pune, with less than half of the latter’s delayed stock of 86,700 units,” the report states.