New Delhi, Nov 27: Over six lakh houses in the National Capital Region (NCR) are running behind the delivery schedule, according to a data compiled by a real estate rating and research firm. The research also found that nearly two lakh houses are delayed by more than two years in NCR. The NCR also tops the list of cities with the most number of houses running behind the delivery date. The Mumbai Metropolitan Region is second where 1.31 lakh houses are delayed by more than two years.
The data compiled by the Liases Forras found that a majority of the delayed houses in the NCR are in Noida, Greater Noida and Gurgaon or Gurugram. It further revealed that every third house delayed by more than two years across the country is in the NCR. About 29.23 lakh houses under construction in NCR are delayed and more than 50 per cent of these are delayed by at least one year or more, shows the data.
“The present situation has been the fallout of investor-driven market, more commitment by the developers rather than what they could deliver and it’s arbitrary regulatory intervention such as stopping all construction activities in certain areas,” Pankaj Kapoor, managing director of Liases Foras, was quoted as saying. Following the report, the housing ministry has sought the details of delayed projects from each state.
The astonishing numbers of delayed houses come at a time when real estate developers’ lobbies are trying hard to keep ongoing or unfinished projects out of the ambit of the Real Estate Regulation Act (RERA). “The law was brought to protect affected buyers and for future buyers. That’s why RERA does not differentiate between incomplete and new projects. The Centre has submitted its view on this to the Bombay High Court,” a government official told a leading daily.
Besides the NCR and Mumbai, Chennai, Pune and Bengaluru too have a large number of houses delayed by more than two years.
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