Over 75 per cent of the total 3,540 live projects with total outstanding investments worth over Rs 14 lakh crore attracted by the real estate sector across India remained non-starter as of financial year 2014-15, noted a just-concluded study by apex industry body ASSOCHAM.
"While over 2,300 projects in the realty sector remained non-starter, over 1,000 on-going projects have registered significant delay in completion," highlighted the study titled 'Real estate investment: State-level analysis,' conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
"On an average, real estate projects in India are facing a delay of 33 months in completion," said D.S. Rawat, secretary general of ASSOCHAM while releasing the findings of the chamber's study.
"We urge the government to pass the long-pending Real Estate (Regulation and Development) Bill on an urgent basis as it would help in resolving the key issues that are hampering the growth of the sector," said Rawat.