Heres another manifestation of the slowdown in the real estate sector - peripheral cities of Delhi- NCR are dotted with delayed projects with buyers continuing to wait for possession, in some cases by up to two years. However, that has not deterred developers from increasing the selling rates of these properties.
Most of these delayed projects were launched between 2005 and 2007. For instance, Uppal Chaddha Group launched the Hi- Tech City in Ghaziabad in 2006. Plots were sold at the pre- launch stage at Rs 7,000- 8,500 per sq yd. A senior official of the company said the project would now be officially launched in June this year at Rs 15,000 per sq yd per.
Then, there is Triveni Heights, launched by Triveni Infrastructure Development Ltd at the National Highway 24, Ghaziabad, which has been delayed by almost two years. The project was launched at Rs 1,800 per sq ft. However, apartments are now being sold at Rs 1,850 per sq ft in the resale market. Here too, the company has increased the rates to Rs 2,200. It plans to hand over possession in 2009.
More : indiatoday.intoday.in
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