Pune: A report by Real Estate Consultance Anarock states that the Pune region is about 6% from around Rs 1.4 lakh Crore from a housing project that is truly jammed in the entire country’s main market, with the National Capital Region (NCR) lead list.
Anarock’s estimates of the project truly trapped or very delayed in the region, around 75-80% have been sold to home buyers.
Consultation states that around 20% of the units in the category are truly jammed, where about half have been sold to home buyers.
About half of the project that is very delayed or truly stuck is in an affordable price segment.
Although the third throughout the country, the number and value of the housing unit that was jammed was dwarfed by NCR which needed 66% of shares worth around RS 86,000 crores.
The next biggest part of the jammed project market is Mumbai, with a value of 24% shares around Rs 42,000 crores.
Anarock’s analysis did not find a traffic jam at the Chennai Market, while Kolkata had around 150 units.
Jammed projects throughout the country formed around 28% of the total launched which was launched in 2014 or before, with crisis funds into the main reasons for developers who failed to be delivered on time.
Another reason for delays is litigation about land.
Analysts and industrial players said strains due to demonnetization and taxes and services and pandemic Covid-19 must also be blamed, in addition to many developers who fail to meet regulations under real estate laws (regulation and development).
“Most projects are trapped because developers run out of capital to complete the project.
Rera has brought a mechanism for funds from the project to be used further.
This ensures that the funds are not transferred as used to be practices before their introduction,” said Rohit Gera, Managing Director of Gera Development .
“If the developer cannot complete the project, the only way to solve it is by a flat buyer involving other agents at their expense,” Gera added.