1.81 lakh crore flat-plots in Delhi-NCR waiting for buyers

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Noida. After the report of the UP Real Estate Regulatory Authority (UP RERA), now the property advisory body Enrock has also released its report. According to the report, the property market in Delhi-NCR is in a very bad condition. Enrock has told that property worth 1.81 lakh crores is not getting buyers in Delhi-NCR, which is included in the seven major property markets of the country. This figure is more than 45 percent of the seven markets. This figure is of stalled or delayed projects. Earlier, UP RERA had also told in its report that now no new project especially of Noida-Greater Noida is getting registered in RERA. Whereas after the Corona-Lockdown, a lot of new projects are being started in small cities.

Property worth 4.48 lakh crore stalled in 7 cities of the country

The data of Enrock’s report shows that 7 cities of the country are Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore and Pune. Projects started before and after 2014 in all seven cities have been included in the report. All the projects included in the report are stalled or running with delay. They are not getting buyers. Buyers have started asking for money back due to the delay. The cost of all such projects is Rs 448129 lakh crore. Out of this, the figure of Delhi-NCR alone is Rs 1.81 lakh crore.

Noida-Greater Noida is in bad condition even in Delhi-NCR

The report of both Enrock and UP RERA is not in any case in favor of Noida-Greater Noida. According to the report of Enrock, the share of Noida-Greater Noida is 70 percent even in the figure of 1.81 lakh crore Delhi-NCR has been told. Similarly, UP RERA chairman Rajiv Kumar says that from November 2021 to February 2022, 116 projects have been registered in UP RERA. Out of this, only 33 projects have been registered from NCR cities. While the number of projects registered from non-NCR cities is 83. Most of these projects are from Agra-Mathura and Kanpur-Lucknow.

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Tejpal, director of AN Real Estate, involved in land business in Noida-Greater Noida, says, “Land is needed to start any project. As soon as the land is in hand, the cost of flats, plots and villas comes out. But in the last 3-4 years, land has become so expensive that it has become difficult to earn profit. In today’s date, 2 BHK flats are starting in cities like Noida and Greater Noida. Whereas the customer does not want to spend that much. He wants Rs 22 to 25 lakhs.”

Whereas the condition of the flat being sold is that even after paying 80 to 100 percent of the money, the registration of the flat has not been done or the flats are not ready yet. According to two homebuyers’ associations Nefova and Nephoma, in Noida-Greater Noida alone, more than 2 lakh flat buyers are wandering for home registry. On the other hand, Forum for People’s Collective Efforts (FPCE), an organization of home buyers, also says that due to the delay in the project, now buyers are avoiding buying property in Delhi-NCR.

Tags: Delhi-NCR News, Greater noida news, Noida news, Property, UP RERA

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