NEW DELHI: Despite laws like RERA, homebuyers in Delhi and Mumbai continue to suffer with real estate developers yet to complete roughly 2.2 lakh housing units worth Rs 1.56 lakh crore, most of which were launched in 2011 or before, says the latest report by property consultant JLL India.
Out of the nearly 2.2 lakh units, about 30,000 units are confirmed to be scrapped.
As many as 2,18,367 housing units worth Rs 1,55,804 crore are delayed and are at various stages of construction in seven cities — Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
The JLL report points out that real estate companies of Delhi-NCR are the biggest defaulters as their contribution in delayed housing units accounts for 71 per cent in volume and 56 per cent in value terms.
The national capital region is facing delays in 1,54,075 units worth Rs 86,824 crore. As many as 43,449 units worth Rs 56,435 crore are still incomplete in Mumbai.
“NCR and Mumbai together contributed to 91 per cent of the troubled units,” JLL said in the report.
Chennai has 8,131 delayed units worth Rs 4,474 crore, while Bengaluru has 5,468 units worth Rs 2,768 crore and Pune 4,765 units with worth Rs 3,718 crore. Total delayed units in Hyderabad stood at 2,095 worth Rs 1,297 crore.
Kolkata has the least number of delayed units at 384 projects worth Rs 288 crore. Home buyers claim that more than liquidity, it is the delay in delivery of projects despite several relief measures that is keeping them at bay.
Last week, the finance minister met representatives of home buyers’ associations to address their concerns. Officials said that the finance ministry is already looking into the option of creating a stress fund worth Rs 10,000 crore to complete such projects, as demanded by realtors and home buyers.