1.74 Lakh Homes in 220 Projects Completely Stalled in Top 7 Cities
- Stalled projects (launched in 2013 or before) have over 1.74 lakh units, valued at up to INR 1,774 billion
- Of the total stalled units, 66% (over 1.15 lakh units) are already sold; 34% units unsold
- NCR has the highest share at 68% or 1.18 lakh stalled units across main 7 cities, followed by MMR with 22% or 38,060 stalled units
- In project value terms, MMR not far behind NCR - stalled units worth INR 822 bn in NCR & INR 802 bn in MMR
- Of total 1.18 lakh stuck units in NCR, 69% or approx. 83,470 units are sold out
Anuj Puri, Chairman - ANAROCK Property Consultants
The Supreme Court’s landmark decree on Amrapali Developers has rekindled the hopes of lakhs of homebuyers across cities who have waited futilely for delivery of their homes.
While similar developments with regards to other stuck projects are awaited, SC has now set a precedent with a resounding message - comply or perish.
ANAROCK research reveals that as many as 220 projects equalling 1.74 lakh homes are completely stalled in the top 7 cities alone. Launched either in 2013 or before, these projects have absolutely no construction activity going on.
The overall value of all stalled units is estimated to be more than INR 1,774 billion. Most of these projects have been grounded due to either liquidity issues or litigations.
Almost 66% of these stalled units (approx. 1.15 lakh homes) have already been sold to buyers who have been left in the lurch - at the mercy of either the concerned developers or the law of the land. The net estimated value of these sold units is approx. INR 1,111 billion.
Read the rest here: 1.74 Lakh Homes in 220 Projects Completely Stalled in Top 7 Cities
Deputy project manager ( Rajasthan bikaner )
5 年I m looking civil engineering job
Property consultant
5 年To further add to the stalled projects woes, genuine builders are reluctant to start new projects due to sluggish sales and massive premiums demanded by state governments. In such a market there are hardly any takers for redevelopment projects causing turmoil for? residents of old and dilapidated buildings.?
I sell Solutions & not the Product
5 年When the very intention is to swindle such issues are bound to happen. Reputation of the builder / developer matters a lot...greedy people like Dhoni should be tried under all possible criminal laws possible...builder - politician Nexus should be completely exposed - why does a builder need a politician for support if he has complied to the laws of the land. Issues are manifold but the truth as why the project got shelved will never be known
COO
5 年1.74 lakh homes in 220 projects stalled in top 7 cities: Report https://www.ecoti.in/m1Begb via The Economic Times App(Download Now): https://ecoti.in/1bhLVY
COO
5 年But how long ?? Don’t no where r we heading