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Work on 1.74 lakh homes completely stalled in top 7 cities check city with largest pile-up of units
Financial Express  |  July 25, 2019

FE Online

With Supreme Court revoking license of Amrapali Group, hundreds of stranded homebuyers can heave a sigh of relief. Since several other cases wait for resolution, the verdict by the apex court now sets a precedent. There are 1.74 lakh homes in 220 projects that are completely stalled in top seven cities alone across the country, data by Anarock showed. “Launched either in 2013 or before, these projects have absolutely no construction activity going on. The overall value of all stalled units is estimated to be more than INR 1,774 billion. Most of these projects have been grounded due to either liquidity issues or litigations,” the report said.

 

Nearly 66 per cent of the stuck units or 1.15 lakh homes have already been sold to the customers, it added. The region with the largest number of stalled projects is NCR with 1.18 lakh homes or 68 per cent of the total stuck inventory which is spread over 67 projects. Noida and Greater Noida alone have 98 per cent of the stuck projects in NCR. Gurugram, Ghaziabad have minimal inventory, the ANAROCK report also said.

 

Meanwhile, on Tuesday, the Supreme Court provided a big relief to thousands of stranded homebuyers as it cancelled the registration of Amrapali Group under the Real Estate Regulatory Authority (RERA)  and lease of its properties granted by Noida and Greater Noida authorities. The Amrapali Group has been found guilty of raising funds from investors for housing projects, but failing to complete and deliver the same. The real estate major was accused of leveraging at least Rs 2,765 crore of investors’ funds with the promise of delivering 46,000 flats at 28 properties in the national capital region (NCR) and other cities.