New Delhi, Nov 20 (IANS) Mumbai Metropolitan Region (MMR) tops the list of delayed housing projects, being home to over 50 per cent of the total such cases in the residential property segment across major markets, a PropTiger report said.
MMR which includes Mumbai, Navi Mumbai and Thane, has over 880 delayed projects, out of 1,665 projects across the 10 major markets, the report noted on Wednesday.
“As many as 1,665 RERA-registered housing projects are delayed by over five years across India and are likely to see completing only after 2020. Of these, 880 projects constituting of over two lakh units are concentrated in the MMR market, counted as the most expensive property markets in India,” the report said.
The delayed projects in MMR consist of 2,04,380 units, the data showed.
On the other hand, a total of 125 projects are delayed across Noida, Greater Noida and Gurugram markets, consisting of over one lakh housing units, it said.
Noida has 38 projects (30,643 units) which have been delayed by over five years and are likely to reach completion post 2020 and Greater Noida has 53 delayed projects (64,510 units) while 34 projects are delayed in Gurugram consisting of 21,259 units.
“Liquidity issues could be cited as the single-biggest reason behind project delays in India, a phenomenon that has had an absolutely negative impact on buyer sentiment. The Rs 25,000-crore lifeline extended by the government in the form of an AIF (alternative investment fund) would change much of that,” says Mani Rangarajan, Group COO, Elara technologies, that owns proptiger.com.
Hyderabad and Pune follow MMR in the list, where as many as 276 and 241 housing projects have been delayed for over five years, respectively. In terms of units, however, Hyderabad has one of the lowest score, at 15,138 delayed homes, in the list of 10 cities.
In Pune, over 47,000 housing units delayed for more than half a decade would reach completion post-2020, data show.
Chennai has the lowest number of delayed projects, 24, as well as the lowest number of delayed units, 11,679, among the major cities, primarily because the size of housing projects in this property market is comparatively smaller, the report said.
The markets covered in the analysis were Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, MMR, Noida, Greater Noida and Pune.