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63 NCR Housing Projects Are Running Late By 4 Years

In New Delhi, National capital Region many housing projects were launched in the year 2005-06, the buyers were supposed to get it to live by 2008-09. But till date those projects are under construction and people are worried about their new apartments.

Recently, Jones Lang LaSalle has conducted a research and found that the housing projects of the NCR regions are getting delayed for more than four years. Among them there are around 63 large residential projects with over 40, 000 apartments are in the middle way to build.

Delhi - the most expensive place in India to stay

Delhi - the most expensive place in India to stay

Among these nine major projects with 9,000 apartments have been delayed by more than six years. In these projects of Parsvnath Developers with 2600 apartments, and one each of DLF (Belaire), Jaypee Group (Jaypee Greens), Ambience Group, BPTP and AEZ were also yet to be completed. This is given the fact that real estate sales have been ever increasing in Delhi (up by 49%).

Santosh Kumar, Chief Executive Officer, operations at Jones Lang LaSalle India, was saying that, the projects are getting delayed because of the hurried and unplanned launches, unproductive project management and issues of land acquisition.

In the last few years, the construction industry is facing lot of setbacks because of the less exposure limit of the banks and due to the rise in the construction cost. The average cost of debt has risen to 15-16% from 12%. From the last year, the labor cost has increased till 40-60%, while the cost of steel and cement has gone up to 30-40%.
A large number of other housing projects are getting delayed in Gurgaon and Faridabad, but the projects in Noida and Ghaziabad are in a better state.

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