London plane crash: Aircraft crashes at Southend Airport, video shows HUGE fireball
Missing Delhi University student found dead in Yamuna River after 6 days
IND vs ENG: Can India break their Lord's chase curse or will England defend a 'mini' miracle?
Haryana: Internet, SMS services suspended in Nuh for 24 hours due to...; banking services continue
SpaceX to pour Rs 16800 crore into Elon Musk’s AI venture xAI, boosting valuation to Rs...
IND vs ENG: Shubman Gill's India set all-time Test batting record against England at Lord's
Biggest piece of Mars on Earth is going up for auction in New York, could be sold for whopping Rs...
Viral video: Polish tourists share clip of trash near Taj Mahal, internet reacts
Ratan Tata's TCS CFO makes BIG statement on wage hikes of employees: 'Priority is...'
Bihar SHOCKER! Lawyer shot dead in Patna, fourth murder in state in 24 hours
Delhi-NCR Weather: Delhiites receive fresh spell of rain, check IMD forecast here
Throwback: 23 years since Sourav Ganguly's iconic Lord's celebration broke the internet - Watch
Meet IPS Sonali Mishra, who is set to become first woman officer to head RPF
Ratan Tata's TCS suffers HUGE blow as it loses Rs 56279 crore due to...; emerges as biggest...
'Told him I will get my 100...': KL Rahul admits role in Rishabh Pant's critical run-out at Lord's
Elon Musk's company xAI issues apology over Grok's 'horrific' behaviour, here's what happened
Meet man who earns Rs 10791666 monthly, runs Rs 442000 crore company, not from IIT, IIM
Anil Ambani's Reliance Infra's BIG move days after achieving debt-free status, now plans to...
Radhika Yadav case: After killing daughter, Deepak Yadav told his brother, 'I should be...'
R Madhavan comments on Hindi-Marathi language row: 'I speak Tamil, I speak Hindi, I never had...'
Who was Surendra Kewat? BJP leader shot dead in Bihar days after chilling murder of Gopal Khemka
Yuzvendra Chahal’s rumoured girlfriend RJ Mahvash buys THIS cricket team, league to start from...
Bigg Boss 19: This singer to enter Salman Khan's show? Here’s what we know
EAM Jaishankar set to make first visit to China in 5 years, scheduled to meet..., will discuss...
IND vs ENG: Team India need to bowl out England at what score to secure win at Lord's?
Not Shubman Gill, KL Rahul sides with THIS star in ugly feud between India-England players at Lord's
Kushal Tandon's fan enters his house without permission: 'Today, something happened...'
KL Rahul makes BIG claim, reveals why India fell short of taking lead against England
Ujjwal Nikam, Harsh Vardhan Shringla, Sadanandan Master, Meenakshi Jain nominated to Rajya Sabha
Pakistani actress Humaira Asghar buried in silence after family refused to accept her body
Drunk Audi driver runs over people sleeping on footpath in Delhi, arrested
Veteran Telugu actor Kota Srinivasa Rao dies in Hyderabad
After 15000 layoffs, Microsoft issues BIG statement for remaining employees, tells then to invest...
Former Bigg Boss contestant Kashish Kapoor accuses house help of Rs 4 lakh theft, files FIR
Ratan Tata was madly in love with this Bollywood actress, wanted to marry her, but...
This date in June is important for Mukesh Ambani as Reliance set to announce...
Abdu Rozik arrested at Dubai airport? Bigg Boss 16-fame breaks his silence
IIM Calcutta issues statement after alleged rape incident on campus, says, 'We urge everyone to...'
Good news for PF members, rule change lets you buy new home faster with withdrawal of up to...
Buying house in US? Viral post warns Indian H1B visa holders against it
Flight passengers in THIS country stranded for over 17 hours after drunk couple caught...
'I still want to play Test cricket': Former India captain expresses desire for sensational comeback
US embassy's BIG warning to visa holders, says, 'Will revoke their visas if they don't...'
MUMBAI
Budget housing inventory is lying vacant in 7 cities around India due to lack of support infrastructure
Around 2.37 lakh housing units (flats) across top seven cities belonging to the affordable housing segment (units priced less than Rs 40 lakh) were left unsold as of second quarter of 2018. The cities, namely Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Pune, Kolkata, and Hyderabad.
This number pertains only to the unsold units of organised private developers and does not include government housing schemes, which essentially means that the number would go further northwards if those are included. This figure was revealed by Anarock Property Consultants, a real estate consultancy firm. According to the report, most of these houses are lying vacant because they lack infrastructure, connectivity, bad construction and no proper approvals.
Anuj Puri, Chairman, Anarock Property Consultant said, "In any discussion about affordable housing in India today, the fact that a lot of such houses are lying vacant is bound to crop up. One may point out that with the Government's avowed intention of providing Housing for All by 2022, this supply should logically bridge the affordable housing gap. However, a lot of this budget housing inventory is lying vacant for good reasons."
According to the report, many barren projects are the result of good, old-fashioned miscalculation, the developers had not undertaken thorough feasibility studies prior to launch. They just went ahead with launching affordable housing in an area because the land was cheap and local development regulations were lax.
"When housing comes up in areas which are simply too far from the city's workplace hubs and lack the necessary support infrastructure — most importantly transport-specific infrastructure — the results are fairly predictable," said Puri. Most projects according to the report have serious flaws in design and construction and were launched before RERA hit the market. RERA also applies retrospectively to under-construction projects and is very strict about factors like construction quality. It is strict on projects which were launched without the necessary approvals in place (and also on non-approved floors in otherwise approved projects). This obviously makes the apartments in them unattractive to buyers, who shun them in favour of fully-compliant developments.
The solution according to Puri is, to rapidly deploy infrastructure in areas which have unsold budget housing. Even if this cannot happen immediately, buyers will still take some comfort from a formally-announced plan to deploy such infrastructure in the foreseeable future. The second way out would be to announce amnesty schemes to regularise projects with relatively minor deviations (with certain provisos and conditions) and/or were built without the necessary approvals.