2.2 Lakh Housing Units Launched Before 2011 Still Incomplete With Major Chunk In NCR: Report

Greater Noida
Greater Noida

The state of real estate in Delhi NCR is pretty alarming. As per a recent JLL report, nearly 2.2 lakh housing units, worth Rs 1.56 lakh crore across seven major cities are yet to be completed, out of which a whopping 71 per cent housing units are in Delhi NCR.

More disturbing part of this data is that all these 2.2 lakh delayed housing units were launched in 2011 and before. The stuck units are in various stages of construction.

The report confirms that about 30,000 such units are confirmed to be scrapped.

NCR has the lion’s share as 1,54,075 units valuing Rs 86,824 crore are delayed in the region with no clear future. Mumbai MMR has 43,449 units worth Rs 56,435 crore incomplete units. Overall, NCR and MMR jointly contribute to 91 percent of the total delays.

Standing with 384 units worth Rs 288 crore, it is Kolkata that has least number of delayed units among top seven cities. Chennai has 8,131 delayed units worth Rs 4,474 crore, while Bengaluru has 5,468 units worth Rs 2,768 crore. Pune has 4,765 such units with value of Rs 3,718 crore while Hyderabad stood at 2,095 worth Rs 1,297 crore, The New Indian Express reported.

No wonder that buyers in NCR have lost faith and trust in the region’s developers. Delay in units and poor track record are the prime reason why home buyers are no more willing to put their earning in property. Once-established and reputed developers like Amrapali, Unitech and Jaypee have defaulted, leaving lakhs of buyers stuck badly.

Issue of delayed housing has been plaguing the industry stakeholders as well as the ministry as well. Several leaders and torchbearers have been asking for the creation of a Rs 10,000 crore stress fund to complete such projects and provide relief to home buyers.

Read more about delayed housing units.

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