News: Over 6 lakh NCR homes miss delivery date: Report-28.11.2017

Over 6 lakh NCR homes miss delivery date: Report

Dipak K Dash  |  TNN  |  November 27, 2017, 07:56 IST

NEW DELHI: Over six lakh houses are running behind the delivery schedule in the National Capital Region (NCR), with almost a third or nearly two lakh lagging by more than two years, data compiled by a real estate rating and research firm has found.

A majority of the delayed houses in the NCR are in Noida, Greater Noida and Gurgaon, according to Liases Forras, the real estate research firm. While the NCR tops the list among 43 cities, the Mumbai Metropolitan Region is second where 1.31 lakh houses are delayed by more than two years.

TOI had carried a report on November 13 on the delays, but it was a national aggregate without any citywise break-up.

According to the data, 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, Chennai, Pune and Bengaluru have a large number of houses delayed by more than two years.

The analysis comes 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). 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 protecting lakhs of people who have bought houses spending their lifetime savings and are still waiting for houses.

"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.