According to Real Estate Sites, a Solution to Real Estate Delivery Delays

According to one of the top real estate sites in India, nearly 826 new Project in India are four years past their promised completion date. This information has been made public by the industry association known as Assocham. In India, until the end of 2016, nearly 3,511 Project were under construction and of which approximately 2,300 were in the implementation stage. Of these 3,511 projects under construction in India, nearly 886 were delayed out of which 826 were residential projects and the rest were commercial projects. 

Delays State By State

The state of Punjab registered the maximum delay in projects with projects being delayed in the state by an average of 48 months. At second place stood the state of Telangana where projects were delayed by an average of 45 months followed by Odisha and Haryana where projects were delayed by an average of 44 months. Notably, Gurgaon, one of the most prized destinations at which to own real estate in India is located in Haryana. 

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Andhra Pradesh, Uttar Pradesh and Madhya Pradesh reported a delay of 42 months on average on delayed projects while Maharashtra reported an average delay of 39 months on delayed projects. Mumbai is the capital of Maharashtra and is among the top two real estate markets in India. Of the states with major cities in India, Karnataka reported the shortest time with respect to how long projects were delayed in the state, a duration of only 39 months. 

A Panacea For Real Estate Delays

The Secretary General of Assocham has urged the central and state governments to introduce a single window clearance system for all real estate projects. Mr DS Rawat, the Secretary General of Assocham has stated that the process of obtaining mandatory approvals from numerous different regulators and authorities leads to cost and time overruns. According to Mr Rawat, the result of these overruns is corruption, delays, and they also lead to reluctance on the part of investors to invest money in realestate in India. Notably, according to this property website, the difference in delays, at 39.03 and 39.63 months between the public and private sector projects respectively, indicates that public and private projects are usually delayed by a similar time frame.