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Half of residential projects hang fire

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Projects moving at a snail’s pace are breeding anxiety among home buyers in the Mumbai Metropolitan Region (MMR), with Mumbai, Navi Mumbai and extended suburbs of central and western Mumbai reporting more than 50% of under-construction residential developments. The June 2012 quarter data compiled by real estate rating and research firm Liases Foras only confirm those fears, indicating that 30% of residential projects in the island city, followed by 28% in central suburbs and 18% in western suburbs beyond Borivali are delayed by over 24 months. In the case of projects running behind schedule by 12-24 months, the percentage is significantly higher in areas like Thane (37%), central suburbs beyond Thane (32%), Navi Mumbai (31%) and western suburbs up to Borivali (30%). Pankaj Kapoor, founder and managing director, Liases Foras, feels the overall scenario could only get worse and that the research firm is in the process of updating the data to be released in September this year. “The situation hasn’t really improved since June as we have been noticing a consistent gradual decline in construction activity / progress in Mumbai for the past 4-5 quarters.
That is precisely how the state of the real estate market is at present. Interestingly, despite declining sales, there has not been a significant correction in the rates per square foot and prices have only been increasing,” said Kapoor. Every big developer, including the likes of Lodha, HDIL, DB Realty, Runwal and Lokhandwala, to name a few, is facing delays. While securing regulatory approvals posed the biggest challenge, issues related to labour and non-availability of raw materials, among others, proved to be a major roadblock for a handful of developers.
Source: DailyNews & Analysis

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