27.6 Lakh Homebuyers Reportedly Waiting for Delayed Projects

27.6 Lakh Homebuyers Still Await Possession of Delayed Projects, Report Says

While India’s property market continues to grow, delayed housing projects remain a major concern for thousands of homebuyers.

A recent report by the Forum For People’s Collective Efforts (FPCE) claims that approximately 27.6 lakh homebuyers are still waiting for possession of homes affected by delayed projects.

The organisation estimates that around ₹12.44 lakh crore of homebuyer investment is tied up in stalled or delayed developments.

Why do housing projects get delayed?

There can be several reasons for project delays, including:

• Financial problems faced by developers
• Approval-related issues
• Disputes over land
• Construction delays
• Changes in project plans
• Insolvency proceedings
• Shortage of funds

What is RERA’s role?

The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was introduced to improve transparency and protect property buyers.

However, the FPCE report argues that implementation has not been uniform across all states.

This highlights an important issue for buyers: checking the project before investing is extremely important.