Chennai: More than half the housing projects that have been delayed by over five years and are likely to reach completion post-2020 are in the Mumbai Metropolitan Region (MMR), data available with PropTiger.com show.
According to an analysis that includes 10 prime residential markets of the country, 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. 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.
“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,” said Group COO, Elara technologies, Mani Rangarajan. “The Rs 25,000-crore lifeline extended by the government in the form of an AIF would change much of that.”