New Delhi: Though the recent Supreme Court verdict has brought cheer to over 42,000 homebuyers, who are stuck with the unfinished projects of the Amrapali Group, there are more than 2 lakh residential units being developed by other companies in Delhi-NCR, which are delayed for over six years.
A study conducted by Anarock reveals that in the last six years, 2 lakh units in Delhi-NCR have not been completed. These projects are worth Rs 126,000 crore. Greater Noida has the maximum share comprising nearly 50% of the units, worth a whopping Rs 43,600 crore, followed by Noida, Gurgaon and Delhi where the total worth of delayed projects are Rs 36,700 crore, Rs 23,500 crore and Rs 9,800 crore respectively.
Bringing a big relief for the helpless homebuyers who were held hostage by stuck projects of the Amrapali Group, the Supreme Court in its landmark judgment, cancelled the registration of all companies of the Group under the state Real Estate Regulatory Authority (RERA).
The apex court has now directed NBCC (National Building Construction Corporation) to complete all the projects in question. The SC also directed Noida and Greater Noida to handover a completion certificate to the flat buyers who are already residing in various projects of the Group.
According to the study, MMR (Mumbai Metropolitan Region) and NCR (National Capital Region) are the two major regions where maximum units with significantly high values have been delayed since their launch in 2013 or before. As many as 410,000 units across these two regions are grappling with some deployment issue or the other over the years, resulting in delayed possession. The collective approximate value of highly-delayed units in MMR and NCR is a whopping Rs 360,000 crore.
Hyderabad has seen the least project delays during the period, with around 8,900 units worth Rs 5,500 crore. The total worth of non-completed real estate projects in seven major cities of our country is Rs 464,300 for a total of 5,75,900 units that are yet to be delivered to their respective homebuyers.
Contacted by this newspaper, Anuj Puri, chairman of Anarock property consultant, said, “The recent verdict by the apex court certainly gives a glimmer of hope to all other homebuyers who are embroiled in similar cases of stalled projects.
As per our research, nearly 1.74 lakh units spanning 220 projects with a cumulative worth of Rs 1.77 lakh crore are ‘completely stalled’ across the top seven cities. Of these stalled units, nearly 1.15 lakh units are sold out. The new verdict may set a trend of relief to more aggrieved homebuyers who have been anxiously waiting to get possession of their homes.”
“Also, the court very recently asked the Centre to come up with some sort of a ‘uniform’ proposal that helps resolve cases such as these and thus resolve the difficulties faced by lakhs of homebuyers. Thus, recent orders favouring disgruntled homebuyers by the apex court may well set a precedent,’’ he said.