In a report published by Assocham (Associated Chambers of Commerce of India), it has been revealed that 826 housing projects in the country have been delayed for up to 3-4 years. This is creating serious problems for homebuyers, many of whom are compelled to bear the burden of both rent and home loan EMIs. The report mentions that more than 2,300 real estate projects were operational at the end of December 2016. Out of these, 826 housing projects and 60 commercial projects were facing major delays of 3-4 years.
The report also provides state-wise data, which reveals that the delay in realty projects was most extreme in Punjab at 48 months. This was followed by Telangana at 45 months; West Bengal, Odisha and Haryana at 44 months each; and Madhya Pradesh, Andhra Pradesh and Uttar Pradesh at 42 months each. In Maharashtra, the delay is 39 months and in Karnataka, it is 31 months. The report says that the existing approval system is the primary cause of project delays. It suggests a single-window approval mechanism to expedite real estate projects.