Realty sector under threat as 1.74 lakh flats in 7 cities are stopped

Shockingly construction of 1.74 lakh houses worth about Rs 1.4 lakh crores is stopped completely. It is not known when these houses in the seven metro cities will be completed. Additionally construction of 6.29 lakh flats that are sold also came to halt. The situation of the customers who have purchased these flats by paying advances are now in tears.

In the Delhi-National Capital Region (NCR), the construction of 66 percent of flats is halted which is the highest in India. This was revealed by real estate consultant Anarock Research report.

Anarok said the lack of funds availability in the realty sector is the main reason for the problem. Economic impact caused by Covid is also sighted as the reason for troubles in the realty sector. The builders were not getting enough loans from banks and NBFCs. Home buyers in Delhi have been hit hard by a number of builders, including JP Infratech, Unitech and Amrapali.