Housing Projects Incomplete, Home Buyers Affected

Incomplete housing projects are expected to affect the home buyers who have booked apartments in new projects.

As against the expected launches majority of the housing projects reached only the halfway. Home buyers, staring at these incomplete housing projects, become hopeless. The experts say that they will have to wait another one or two more years to receive their booked flats.

The year 2013 was reported to witness the completion of more number of housing projects. Even after reaching almost half of the year, the number of completed projects is minimal. This is visible across the country and not just in one or two cities.

In the first couple of months, only 360 housing units are completed in Gurgaon. The city is predicted to complete 38,684 apartments by the end of this year. That means the city has to complete over 3000 units per month. Now the disparity is clear. The city has completed only a 10 percent of the monthly target.

Noida, Mumbai, etc., also face same situation. While 160 units are completed in Noida against the predicted 49,540 by the year-end, 1,378 units are completed in Mumbai against the year-end prediction of 22,820 units. The figures clearly show that these cities will not accomplish the target in any way.

Completing 6,024 units, Chennai becomes an exception. Though the city has delivered the highest number of units in the first couple of months, it is not sufficient enough to reach the target. Compared to other cities, Chennai will reach somewhere around the target of 51,592 by the year-end.

Property experts say that the smaller housing projects may be completed. Many of the bigger projects will be counted among the incomplete housing projects.

These Incomplete housing projects make the prospective home buyers more anxious. They feel that they will have to bear additional cost due to the project delay.