The figure has been determined accessing the launches in or before 2013.
Mumbai: Residential units worth more than two lakh crore is delayed for delivery in the entire MMR region revealed a study by the ANAROCK property consultants. Mumbai and Delhi has the highest amount of delayed residential flats. The report included several roadblocks, which causes delay of the project.
The figure has been determined accessing the launches in or before 2013. Among the seven major cities surveyed for the report, Mumbai tops the list with Rs 2,34,000 crore worth of delayed residential units. There are 2,10,000 residential units in the city which are yet to be delivered.
“Despite the implementation of game-changing policies like RERA and GST, the issue of stalled or delayed projects that has primarily been at the core of buyers’ discontent is yet to be addressed satisfactorily,” reads the report.
“Delays in possession by a few months or weeks is a problem, highly delayed projects are a different category altogether. Each such project has its own set of unique circumstances, and it is difficult to attribute the same to a single reason, or come up with a “single solution” which would sort out all such highly delayed projects.
The problem gets compounded by the debt and interest burden over the years, which in some cases, raises questions over financial viability of the project.
At National Real Estate Development Council (NAREDCO),” said Dr Niranjan Hiranandani, founder & CMD, Hiranandani Communities and President, NAREDCO. He further added, “we have been working on ways to solve such problems, we are in communication with the powers-that-be and hopefully, will come up with a workable solutions.”
According to the report, major hurdles include prolonged liquidity crunch, delayed environmental clearances, land disputes and the non-RERA compliance prevalent across some of the states.