Residential real estate projects launched after the introduction of RERA are witnessing an average delay of 10-18 months, while the delay in projects launched prior to RERA, ranges from 20-48 months
Delays in residential real estate projects have historically been one of the key challenges faced by the sector. Such delays result in erosion of customer confidence and financial losses for customers and investors, while also impacting the perception of the industry in the eyes of various stakeholders. The delays can be on account of varying reasons such as lack of timely approvals, inability to mobilise required funds (debt or equity), poor sales response resulting in inadequate customer advances, or, in some cases, mismanagement and diversion of funds.
Source: Money Control News
