There are about 5 lakh houses in the seven main housing markets of the country, which could not be delivered.
The cost of these houses is Rs 4.48 lakh crore. 77 percent units only in NCR and MMR.
Home-buyers can make consumer complaints to the Real Estate Authority (RERA).
New Delhi. With the dream of their home in their heart, lakhs of people have booked houses for themselves in the projects being built, but perhaps they did not know that it would be nothing less than a nightmare for them. Now the situation has become such that those who had thought of buying a house for themselves and their children, now their children have also become young and they are planning to buy their own house. It can also be said that a generation has passed for the dream of own house, but it could not be realized.
If we talk about the figures, then there are about 5 lakh houses in the seven main housing markets of the country, which could not be delivered. The cost of these houses is Rs 4.48 lakh crore. This information can be found in the report of Anarock, a real estate consultancy.
77 percent projects in NCR and MMR
Anarock’s report says that presents a scary but real picture of the real estate markets of metro or big cities. The National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) alone account for 77 per cent of the unfinished projects. 9 percent projects are hanging in Pune and 5 percent in Kolkata. Talking about the south part of the country, in Bangalore, Chennai, and Hyderabad, overall 9 percent of the projects are yet to be delivered.
2,40,610 units are stuck in the national capital Delhi and its adjoining areas (NCR). Their worth is Rs 1.81 lakh crore. In the Mumbai Metropolitan Region (MMR), 1,28,870 units have not been delivered and are priced at Rs 1.84 lakh crore. 26,030 units worth Rs 28,072 crore are stuck in Bengaluru. Hyderabad has 11,450 units worth Rs 11,310 crore in limbo, while Chennai has 5,190 units worth Rs 3,731 crore. Out of the seven big markets, Chennai is the only market with the least number of units.
Which projects got stuck
|Earth Techone, Sapphire Court, Copia||4,708||NCR|
|Earth Towne (Roma Dreams)||3,400||NCR|
|Red Apple Homez/Red Apple Residency||2,200||NCR|
|Today Homes Ridge Residency||1,750||NCR|
|Tashee Capital Gateway||538||NCR|
What do home buyers say
Seeing that no construction or construction of any kind is taking place in whatever projects are stuck, the house buyers are drying up. Even if work is going on in some projects, it is going on very slowly. Home-buyers want to get their home without any delay and do not want to suffer further losses. They are also taking legal consultations to get an immediate solution to it. When Moneycontrol spoke to many home buyers, one common thing that came to the fore was that people want their home as soon as possible. Some people have been waiting for 11 years, while some people have bought a house for the purpose of living after retirement.
When the house was bought, it was priced between Rs 30-40 lakh. Based on this, the papers were made. But now when people are reaching out to the builders, the builders are asking them to give more money by doing various things. In many places, 90 lakh rupees are being demanded along with 40 lakhs. People do not want to give it and they are now approaching the court with the hope of justice.
What do the experts say?
Experts with knowledge of real estate say that home-buyers should first make a consumer complaint to the Real Estate Authority (RERA) that their projects are being suspended. The authority can either help them get their money back or can force the builder to quickly build and deliver the house.
How to complain in RERA
step 1 – To register a complaint with the Real Estate Regulatory Authority (RERA), first you have to visit the official website of RERA. After reaching the portal you have to find the “Complaint Registration” page.
Step 2 – Click on the link of Complaint Registration. Now you will be taken to the complaint form, where you will have to fill all the details related to the complaint.
Step 3 – You will also be asked for your personal information when making a complaint, such as name, address, contact numbers, and project information. The complainant can also attach the documents related to this.
Step 4 – When the form is completely filled, the complainant will also have to pay Rs 1 thousand for the complaint. If the complaint is to be brought before the Adjudicating Officer, then you will have to pay Rs 5,000. You can also make online payment to complete this transaction.
FIRST PUBLISHED : August 05, 2022, 17:55 IST