Noida, Ghaziabad have 1.9 lakh stuck realty projects, more than Mumbai: Study

NOIDA: The real estate sector has been hit hard by the Covid pandemic. Over 5 lakh units are either stuck or delayed pan-India at the start of 2021, and the NCR cities of Noida, Greater Noida and Gurgaon as a whole account for the maximum number of these stuck flats, a study by realty consultants Anarock has revealed.
The total number of units stuck in the three cities of Noida, Greater Noida and Ghaziabad is 1,90,120 and the valuation of the same is over Rs 1 lakh crore.The stuck projects in the Mumbai Metropolitan Area (MMR) come close second at 180,250 units, but their valuation is highest in the country at Rs 2 lakh crore. Pune has the third-highest stuck projects at 80,480 and the valuation is Rs 49,667 crore.

Stuck projects are those launched in or before 2013 and should have been delivered by 2016. “For some months in 2020, Covid brought construction activity to its knees, followed by restricted on-site activity. As of 2020-end, some 1,132 projects accounting for approximately 5.02 lakh units (launched in 2013 or before) are stuck at various stages of non-completion in the top seven cities. Towards 2019-end, there were as many as 1,322 stuck projects comprising some 5.76 lakh units,” the report states.
Anarock data has revealed that NCR and MMR together hold a 74% 'majority share' of the currently stuck or delayed units, while the southern metros of Bengaluru, Chennai and Hyderabad account for a mere 8%. Pune has an approximately 16% share.
Anuj Puri, chairman of Anarock, said, “The project delays have been the bane of the Indian real estate sector over the last decade. Even the implementation of Rera had only a little impact on this. Among other factors, the liquidity crunch threw up roadblocks for developers, which is why the government intervened with the creation of the Alternate Investment Fund (AIF) in late 2019 with a corpus of Rs 25,000 crore.
“Some 190 projects with over 73,560 units which can finally be handed over to their purchasers or marketed as ready-to-move options getting completed in the year is especially remarkable.”