Homebuyers in Noida-Greater Noida worst hit; 1.65 lakh units of ₹1.18 lakh crore stalled

Jaypee Infratech, Unitech, Amrapali and The 3C Company are some of the big companies whose projects are stalled in Delhi-NCR

Homebuyers who booked flats in housing projects in the Noida-Greater Noida property market are worst affected, with over 1.65 lakh flats worth ₹1.18 lakh crore currently stalled or significantly delayed in these two cities, according to property consultant Anarock.

In its research, the consultant has taken only those housing projects that were launched in 2014 or before, across seven big property markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.

Expressing concern over the plight of customers whose investments are at stake, Forum for People's Collective Efforts' (FPCE), an apex body of homebuyers, president Abhay Upadhyay told PTI that the cause of the delay of each project should be ascertained and solutions must be found.

He also sought stern action against defaulting builders.

According to the Anarock data, 4,79,940 units worth ₹4,48,129 crore are "stalled or heavily delayed" across these seven cities as of May 31, 2020.

Out of this, Delhi-NCR alone accounts for a whopping 50 with 2,40,610 stalled or delayed units worth ₹1,81,410 crore.

Giving further breakup of the Delhi-NCR data, Anarock said that Noida and Greater Noida region accounts for nearly 70% of total stuck/delayed units while Gurugram's share is only 13%.