Knight Frank India, in its report released today, said that more than 50% of projects from Mumbai's suburbs covered in the study extended their completion timeline by over a year after registering with the Maharashtra Real Estate Regulatory Authority (MahaRera), while about 30% projects raised deadline by more than two years.
The report took a close look at residential units registered with the MahaRera until August 16, 2017, including the Andheri and Borivli talukas which stretch from Bandra and extend up to Dahisar. In the central suburbs, the study covered the Kurla taluka spanning Tilak Nagar to Mulund.
For nearly one-fourth (24%) of the 1,07,875 registered units, the completion deadline was pushed by 12 to 18 months. The report further found that 19% under construction homes were delayed by 24 to 48 months and 10% of these properties would not get completed before four years. Just about one-third of the units listed with the MahaRera are set to be completed on time, and timelines for almost six out of ten under construction units (57%) were revised by more than a year.
Knight Frank India chief economist Samantak Das said the MahaRera database is an eye opener for customers in the residential market. "Our analysis of the database shows that significant number of residential units lie unsold in projects that should have been completed as per the initial commitment of delivery," he said. "Another crucial trend that comes to light is that there was lack of seriousness in the completion time commitments made to the buyers before RERA came to effect."
The study also found that at least 48% of the registered units stood unsold, a third of which should have been complete as per their initial proposed date.
