Concerns Over Residential Stock
There is a country wide concern over delays in housing projects as over 25% of the projects are not as per time target. Delayed delivery of residential stock is today a significant issue in the real estate market, says property consultant Jones Lang La Salla (JLL) report. Elaborating this, Kumar, CEO operations, JLL, cited a number of reasons behind delays, including poor project management, lack of commitment and capital on the part of developers to complete the projects, and delay in regulatory approvals. In terms of the average delay in delivering residential projects across India, he said 25% of the committed supply has not been able to hit the market as per schedule. NCR performance during 2013 has been worst across all major cities. However, of late things are improving. The pan India inventory of residential stock is now well above current comfortable level of 15-20 months, he added.
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