News: 7 yrs on, 3 lakh units still stalled in Delhi-NCR, says report-03-08-2021
GURUGRAM: More than 3.28 lakh properties, launched in 2014 or before, are still delayed or stuck in Delhi and NCR cities due to various reasons — the Covid-19 pandemic being one of them. This is according to the latest report by real estate consultants Anarock.
Greater Noida comprises 50% of these stuck or delayed units — that is around 1,62,720 — followed by Noida with 16% share or around 53,680 units. Gurgaon also has 40,380 stalled or delayed units, which is around 12% of the total tally.
Ghaziabad’s figure is 33,970 units or 10% of the overall share in NCR. Delhi also has nearly 15,740 such units, which is nearly 5% of the total share. The remaining 7% are collectively in Bhiwadi and Faridabad — that’s around 22,110 units, according to the report.
All these units were to be delivered any time before June 2021. “Out of the total 3,28,600 delayed/stuck units in NCR cities, 48% is in the mid-range segment, 31% in the affordable category, 16% in the premium segment and just 5% in the luxury segment,” the report said.
Prashant Thakur, director (research) of Anarock, said, “Previously, NCR had a 35% share of the total delayed units (in 2019). However, its share has now risen to 52% as several projects launched in NCR in 2014 or before are also included.”
“There are many possible reasons, including Covid-19, funding issues and litigation. The decrease in delayed units in Pune and MMR (Mumbai Metropolitan Region) is remarkable — from 16% and 36% by 2019-end to 8% and 24% by H1 2021-end, respectively,” he said.
President of real estate body NAREDCO-UP RK Arora said that more projects in Delhi-NCR have been delayed due to land acquisition hurdles for about five years.
“Further, execution of projects in Noida remained suspended on the orders of NGT for want of clarity in the matter of the eco-sensitive zone for nearly two years. Since March 2020, due to the pandemic and the lockdown, construction remained suspended continuously for a year,” he said.
However, the founder and CEO of Rise Infraventures, Sachin Gawri, said the luxury market has been robust over the years, and the presence of reputed developers working according to the demand ensured that there are no stuck or delayed projects in the segment.
“The demand for luxury homes has surged as compared to last year, as indicated by the fact that luxury housing sales share has increased to over 20% from around 15% in pre-pandemic years,” he added.
