Over 6 lakh NCR homes miss delivery date: Report


According to data compiled by the real estate research firm Liases Forras, more than six lakh houses in the National Capital Region (NCR) have missed their delivery schedule, with almost a third or nearly two lakh running behind delivery schedule by more than two years. A majority of these delayed houses are in Noida, Greater Noida and Gurgaon.


Data further reveals that as far late delivery is concerned, NCR tops the list among 43 cities, while the Mumbai Metropolitan Region is second where 1.31 lakh houses are delayed by more than two years.  Every third house delayed by more than two years across the country is in the NCR and one in four such houses is in the Mumbai region.


The data shows that about 29.23 lakh houses under construction are delayed and more than 50% of these are delayed by at least one year or more. Besides the NCR and Mumbai, other cities that have a large number of houses delayed by more than two years include Chennai, Pune and Bengaluru.


The analysis comes at a time when real estate developers' lobbies are trying hard to ensure that Real Estate Regulation Act (RERA) does not apply to ongoing or unfinished projects. This also negates the claim of some builders' associations that their members were delivering houses on time and hence there was a need to relook at RERA applicability to incomplete projects.


The housing ministry has maintained that the law focuses on safeguarding the interest of lakhs of homebuyers who have bought homes spending their lifetime savings and are still waiting for their delivery. 


"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 said.


Pankaj Kapoor, managing director of Liases Foras, said, "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."


Sources in the housing ministry said they have now sought the details of delayed projects from each state.

Written by The Realty Paper

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