Over 60% housing projects in 50 cities delayed: Survey

NEW DELHI: At least 62% of under-construction housing projects across 50 cities are delayed, while the percentage for delayed flats/apartments stands slightly higher at 64%, recent analysis by a real estate research firm has found. According to data accessed by 'Fight for RERA', the umbrella body of flat buyers, from research firm Liases Forras, nearly 30% of under construction apartments are delayed by two or more years. "Flats or houses delayed by over two years include huge numbers where work has been going on for more than four-five years. RERA ( has been aimed at bringing relief to buyers of incomplete projects," said Abhay Upadhyay, president of the flat buyers' body. "The Real Estate Regulation Act is also aimed at ensuring new projects don't get delayed," he added. The central government had recently informed the Bombay high court that in Maharashtra alone, 5.3 lakh apartments in under-construction projects were delayed, and that more than one-fifth of these were delayed by more than three years. The court had asked the housing and urban development ministry to provide details and the number of delayed projects. Bombay HC hearing cases filed against RERA The Bombay HC is holding daily hearing of cases filed by real estate developers challenging RERA and seeking to keep incomplete projects out of the central law. The court is likely to pronounce judgment soon. Though the housing ministry had been working on a real estate regulation law for more than eight years, it did not have any official data about the number of delayed projects and houses.

#Realty #RealEstate #NiketanEnterprises #India #RERA #RealEstateProjects #housing #PropertyMarket #property #ConstructionBlog #Blog

Recent Posts
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • LinkedIn Social Icon
  • Pinterest Social Icon
  • Instagram Social Icon