New Delhi: Residential projects of more than Rs 3.3 lakh crore ($ 47 billion) in the country are delayed due to issues related to declining sales in major cities, cash crisis in front of developers and approval of projects. This information has been given in a report.
In this report of Propquity, it has been said that more than 4.65 lakh residential units have to be prepared in these projects which are delayed due to various reasons. In its report, Propquity said that about 1,687 projects, which have a sales volume of 60 million square feet, have been running late due to their scheduled timings. He said that their current value is now more than Rs 3,32,848 crore ie $ 47 billion. Sameer Jasuja, founder and managing director of PropEquity said, "There is a delay of 2-8 years in these projects and there is uncertainty about when it will be completed."
The report said, "There are signs of improvement in real estate in select area markets in India, although more than 4.65 lakh residential units in the country are running late due to the time of preparation. The total value of these projects is more than Rs 3.3 lakh crore, which is more than $ 47 billion. "The report was delayed due to financial difficulties, challenges of implementation, excessive supply due to the developers' ambitious offer, environmental clearances and declines in sales etc. are there.