Mumbai, NCR have most delayed realty projects
Delayed projects have plunged the real estate into a lull with the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) together accounting for stalled housing projects worth Rs. 3.6 lakh crore, more than 78% of the total delayed projects in the country in the terms of value, according to a report released. In all, close to 5.76 lakh housing units worth Rs 4.64 lakh crore started in or before 2013 are yet to be completed in seven major cities. Hyderabad has the least project delays, with 8,900 units worth Rs. 5,500 crore running behind schedule. All other cities account for more than 10,000 residential units per city. In Chennai, 10,000 housing units worth Rs 6,500 crore are stalled said Anuj Puri, chairman Anarock property consultants. Project delays, dodgy activities of some developers and land litigation issues have dented the domestic and international image of the Indian real estate sector. Non-completion of projects is the primary source of discontent amongst homebuyers. Of late shortage of skilled manpower is also a concern. By 2022 it is estimated that the real estate and construction industry will require more than 66 million people while the shortage of manpower is pegged at nearly 2-3 million.
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