Delays hit housing projects worth Rs 3.3 lakh crores
Over 4.65 lakh housing projects are delayed across India with a value Rs 3.3 lakh crores or over $47 billion. However , the National Real Estate Development Council (Naredco) and the Confederation of Real Estate Developers Association (CREDAI) did not…

Over 4.65 lakh housing projects are delayed across India with a value Rs 3.3 lakh crores or over $47 billion.

However , the National Real Estate Development Council (Naredco) and the Confederation of Real Estate Developers Association (CREDAI) did not agree with these figures.

A spokesman of Naredco said some projects got delayed because of buyers postponing possession awaiting decisions on goods and services tax and occupancy certificate issues.

Some research reports have said projects are put on hold for a variety of reasons, including financial constraints, execution challenges, supply surplus in the market due to over-ambitious launches by developers, environmental clearances and slowing sales, among others.

“Last quarter has seen exceptional sales by builders across regions after three years. There have been few launches, but sales have been good, as buyers are relying on Real Estate Regulatory Act,” said Jaxay Shah, President – CREDAI National.

“I don’t agree with the number unless I see the matrix of the study,” he added.

“Although the markets are facing significant execution delays, we do expect reputed developers to perform well,” said Samir Jasuja, founder and MD of PropEquity.

(ends)

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