“The magnitude of the problem could be gauged from the fact that in Ghaziabad, Noida and Greater Noida more than 78% of around 400 projects are delayed. As a result, lakhs of buyers are forced to pay rent and EMI for years now and that is affecting their monthly budget,” said Alok Kumar, president, Fed AOA. “In addition to this, 80% of the group housing projects where people are living, do no have completion certificates issued by the prescribed Authority.”
He said a special cell will enable the government to ascertain whether the project delays are deliberate and the erring builders can be penalised accordingly.
Get more of real estate
Subscribe to our mailing list and get interesting real estate stuff updates to your email inbox.