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75% Real Estate Projects Pending As Of FY'15: ASSOCHAM

By Religare

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).

75% Real Estate Projects Pending As Of FY'15: ASSOCHAM
"With 964 projects, domestic private sector accounted for 95 per cent share in real estate projects facing delays followed by public sector (49 projects) and foreign private companies (six projects)," noted the study prepared by the ASSOCHAM Economic Research Bureau (AERB).

"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.

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