Restart of construction work on realty projects to check delivery delays

The go-ahead given by authorities for the start of over 100 real estate projects across NCR will help check delays .

The work on real estate projects in the NCR was stuck since late March due to Corona generated lockdown. Before the lockdown, there were over one lakh unsold homes in Gurgaon and Noida. These were out of the 7.38 lakh unsold units across nine top markets in India. While there were 43256 unsold units in Gurgaon, Noida accounted for 59041 unsold homes. These included unsold and stalled homes. Noida had the highest inventory overhang of 52 months while Gurgaon had an overhang of 25 months.

Says Pradeep Aggarwal, Founder & Chairman, Signature Global, and Chairman, ASSOCHAM – National Council on Real Estate, Housing and Urban Development, ” The nod given by the authorities to commence construction work on large number of projects is a positive development. Following the go-ahead, we have also started work on our 17 projects sites in the NCR and Karnal. In Q4, ’19, the unsold housing stock had declined by 15%. And now, despite labour hiccups, the restart of construction work will help complete stalled projects and check delivery delays. This will especially benefit those projects which are nearing completion. Over all, this will boost the sentiment of the market and home buyers/investors”.

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