Delayed possession of projects has been one of the major problems plaguing the real estate sector for a long time, which was aggravated further by the spread of the pandemic and the resultant lockdown. This not only impacted the buyer sentiment, but also hit the sector hard as a majority of homebuyers became reluctant to buy homes either for self use or for investment.
Thankfully, however, in a bid to restore the confidence of buyers, meet regulatory compliance as well as to revive the sagging realty market, lots of developers have now started giving the possession of flats to homebuyers with ease in lockdown restrictions or are planning to do so in the near future.
According to PropTiger data, around 28,745 ready-to-move-in (RTMI) units are available in Delhi NCR alone, with 5,632 units in Gurugram and 23,113 units in Noida (including Greater Noida). These RTMI units are available for possession within 30-60 days and in some cases even before that.
The Gaurs Group, for instance, claims to have given possession of 3,500 units in Gaur City Centre (Greater Noida West), Gaur 7th Avenue, Gaur 14th Avenue (Greater Noida West), Gaur 16th Park View (Yamuna Expressway), and Gaur Saundaryam (Greater Noida West) from lockdown till now. The Migsun Group says it has given possession of 1225 units in Migsun Ultimo (Greater Noida) and Migsun Roof (Raj Nagar Extension, Ghaziabad). The group has also announced that in the next 45 days, it is targeting to deliver 3800 units in its various projects.
Another prominent developer in Delhi NCR, Ajnara India Ltd has given possession of approximately 1100 units in its five projects – Le Garden (175) in Sector 16B Greater Noida, Ambrosia (290) in Sector 118 Noida, Homes (150) in Greater Noida West, Integrity (195) in Raj Nagar Extension Ghaziabad, and Panorama (300) in Yamuna Expressway. Real rstate developer Gulshan has applied for the Completion Certificate for approximately 750 units in Gulshan Bellina at Noida Extension, and it hopes to offer the possession of units as soon as the CC is received. The ABA Corp claims to be handing over nearly 5-7 luxury residential units per day. Since the lockdown, it has handed over residential units to more than 150 families and will be welcoming more than 200 more families in the next 6 months. The company will also deliver the Cleo Gold project soon.
The NCR-based Bhutani Group has announced that in a month’s time they plan to deliver 14 lakh sq ft in their commercial project Alphathum, located in Sector 90 A, Noida. The group has recently launched Grandthum in Greater Noida West which is being constructed and hopefully will be delivered on time. Chandigarh-based developer Sushma Group has given the possession of 186 units post lockdown in Sushma Crescent (3), Joynest MOH1 (84), Sushma Grande Chandigarh (31), and Sushma Infinium (68).
Gurugran-based Signature Global has given possessions of 25 units from March till now in Signature Global Sunrise-The Premium Floors in Sector 35, Karnal. In FY 20-21, the Sikka Group plans to deliver 1200 units in Karmic Greens (Sector 78, Noida), Kimaya Greens (Dehradun), Karnam Greens (Sector 143 B, Noida), and Kaamna Greens (Sector 143 A, Noida).
Chandigarh-based GBP Group in the last three months post the lockdown has sold 377 units, which corresponds to around Rs 250 crore of business. The units were in Athens (100 units) in Zirakpur, Camellia in Kharar (90), Techtown (30) in Mohali, Dera Bassi (45), Centrum (30O) in Zirakpur, Commercial on Nagla Road (57 units), Central Town (25 plots) in Zirakpur.
Rajasthan-based Bhumika Group also says that its 1.8 million sq ft mixed-use project Urban Square in Udaipur is progressing as per delivery timelines and the project will be delivered as per RERA commitment.
Industry experts expect a large number of completed project deliveries to take place in the next year, although there is still some uncertainty around the availability of labour and other delays due to the lockdown.
Whatever be the case, eyeing the upcoming festive season, developers have been quick to announce discounted pricing and various flexible payment plans to boost sales. Now the need is for concerted efforts by developers and the government to ensure that the pace improves further. It may be noted that multiple steps have been taken by the government recently, but more needs to be done to give a boost to the real estate sector. One of the major issues that realtors are facing is liquidity which, industry experts feel, needs to be addressed immediately.