Around 1.66 Lakh Apartments To Be Delivered In NCR During 2018: Anarock
Around 1.66 lakh apartments are scheduled to be delivered to buyers during 2018 in the national capital region, nearly four times the actual number of flats handed over by the real estate developers last year, property consultant Anarock said. Out of the total planned delivery in 2018, the possession of nearly 80,000 flats is delayed.
In NCR, out of the total 1.9 lakh units expected to be delivered in 2017, only 42,500 units were given for possession as promised, said Head – Research, Anarock Property Consultants.
About 49 per cent (about 73,000 units) of the undelivered residential units were in Greater Noida, followed by 17 per cent (25,300 units) in Ghaziabad, 13 per cent (19,400 units) in Gurgaon and 11 per cent (16,000 units) in Noida, he added.
With new real estate law RERA expected to streamline residential real estate, homebuyers are hopeful that projects that have been stalled or slowed down over the years will pick up momentum and finally be delivered.
According to the data, the possession of 53 per cent of units are delayed by up to 12 months, 21 per cent of flats are delayed by 13-24 months, 13 per cent of apartments are delayed by 25-36 months and the remaining 13 per cent by more than three years.
Anarock found out that during 2017, out of the total 5.8 lakh residential units slated to be completed across the top seven cities in India, only 1.5 lakh units were actually delivered until December 2017. This indicates that around 4.3 lakh units actually missed their stipulated completion deadlines.
Around 1.5 lakh units in NCR missed the 2017 deadline. The story in Mumbai Metropolitan Region (MMR) was no different with nearly 1.1 lakh units missing the said target date.
On the micro-markets of the NCR, Anarock said that the developers in Greater Noida were expected to deliver around 84,200 units in 2017, of which only 13 per cent were delivered and an additional 39,000 units (46 per cent) are committed for completion by 2018-end.
In Ghaziabad, it said that of the 29,300 units, which were to be delivered in 2017, nearly 86 per cent failed to meet their deadline. Only 14 per cent have been handed over to buyers, and around 8,100 units (32 per cent) are envisaged to be completed by 2018-end.
While a few projects have been sealed for recovering the Ghaziabad Development Authority’s (GDA) development charges, others face difficulties in obtaining completion certificates.
About Gurugram, Anarock said that the Millennium City was also not able to deliver around 19,400 units in 2017 and the delivery of these units was shifted to future dates.
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