New Projects Delayed, Buyers Fear Price Escalation

As against the expected delivery time, a good number of new projects face delay of completion. Most of the projects have not yet completed even half of the development –work.

Here is a piece of bad news for the prospective buyers. They will have to wait longer for shifting their addresses to new homes. Property experts report that in most of the cities, delivery of new projects across the country to be delayed.

Going against the expected delivery time, in most of the cities, the developers have reached either halfway or less. Though this is visible in all the top cities, it is more visible in Gurgaon, Noida and Mumbai.

In the first quarter of this year, only 360 flats were completed in Gurgaon. This means that the city will reach the expected delivery, by the end of this year, 38684 housing units.

If it were to be met, the developers had to complete over 3000 units per month. By completing mere 360 units, the developers could complete only less than ten percent of the expected task.

Noida too will face delayed delivery of new projects. Only 160 units are delivered here during the same period, while the expected delivery by the year-end is 49540 units.

Mumbai is another city where the supply shortage is going to be even more severe. As the builders have completed only 1378 units so far, there is no chance for the city to reach the target of 22870 units.

Chennai that delivered around 6024 units may be an only exception to this list. Though the city may not complete the predicted target of 51592 units this year, the city may reach somewhere around the target.

The delay of new projects is cautiously watched by the buyers. They fear that the prices will rise if their booked flats are not getting ready soon. The builders too agree that the delay causes price escalation.

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