The burgeoning trouble with the real estate industry in the National Capital Region (NCR) can now be gauged in numbers. Of the 5.6 lakh residential units stuck across seven cities in India (valued at Rs 4,51,750 crore), over two lakh residential units are delayed in the NCR itself.
Of this, 1.04 lakh units (~50%) are in Greater Noida (valued at Rs 45,039 crore), followed by Noida (44,082, Rs 38,511 crore), Ghaziabad (24,728, Rs 9,664 crore), Gurugram (23,287, Rs 25,086 crore), Bhiwadi (5,477, Rs 1,415 crore), Delhi (4,102, Rs 9,930 crore) and Faridabad (3,612, Rs 1,815 crore). These units, which were launched in 2013 or before, have been left in limbo leading to huge mental stress and financial burden on the homebuyers.
Anuj Puri, chairman of Mumbai-based real estate research company Anarock, who collated the data, said the new government will have a mammoth task at hand. “Lakhs of homebuyers are left in the lurch by their builders, mostly in projects that don’t fall under the regulatory mechanism, Rera’s ambit, as these were launched years before Rera was implemented. That has left homebuyers with no option but to approach courts, which is a tedious task.”