Over 50 per cent of homebuyers not getting flats this year
According to property research firm PropEquity, only 180,716 apartments were completed by June across seven cities in India. 674,834 apartments are expected to be completed by end of 2016. More than 60 per cent of these apartments were launched between 2010 and 2013. As per the schedule, 621,297 apartments are to be completed and delivered in 2017. “ The situation is reflective of the liquidity crunch in the market and also a demand slowdown,” said Anshuman Magazine, Chairman, India and South East Asia at property consultancy CBRE. A slowdown in home sales over the past two years have pushed builders, faced with a tight liquidity situation, to seek funding from nonbanking finance companies and other funds to complete their under-construction projects, which in many cases are delayed, and also to refinance their older loans.
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