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Delhi-NCR: 5.68L houses under construction; periodic bans add to buyers’ woes

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Delhi-NCR: 5.68L houses under construction; periodic bans add to buyers’ woes

Even though there are 5.68 lakh houses in various stages of development in Delhi-NCR, any type of recurring construction ban by various agencies will only cause the projects to be delayed, which will worsen the situation for the purchasers.

According to estimates, Noida and Greater Noida have the most housing under construction, totaling close to 2.70 lakh units.
According to studies by Anarock consultants, a one-month suspension of all construction activities typically causes a project to be delayed by at least three to four months.
According to the research, Greater Noida West, Yamuna Expressway, New Gurugram, Noida Expressway, Dwarka Expressway, Central Noida, Sector 150 (Noida), Greater Faridabad, Raj Nagar Ext (Ghaziabad), Sohna, and Golf Course Ext are the locations in Delhi-NCR with the most construction currently underway.

Together, these locations have more than 4 lakh units that are now being built at various levels. More than 1.37 lakh units are now under construction in Greater Noida West alone.

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Delhi-air NCR’s quality has deteriorated, and severe haze has begun to cover the area. This year, too, authorities will have to enforce a ban on construction and demolition activities in NCR, with the exception of essential projects (like railways, metros, airports, ISBTs, and national security/defence-related projects of national importance) if the pollution levels breach certain levels (i.e., Stage III or “severe”).

In addition to this, protests over the subject of land compensation also delay the development of projects.

The Anarock study found that because these construction bans are sporadic, their effect on overall real estate values is essentially nonexistent. Furthermore, the affordability, accessibility, distance from key job centres or city centres, urban mobility via various forms of public transportation, and proximity to these locations are more important factors in determining real estate prices in most cities.

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