By Accommodation Times Bureau
Every on going project which has received Commencement Certificate, whether started or not or in whatever stage of construction and has not obtained Occupation Certificate needs to take license from Real Estate Authority in respective states.
According to research by Accommodation Times Education and Research Foundation, there are more than 6000 such projects in the country which never started after receiving permission to start. Big names and reputed construction houses are fighting for various permissions to start such projects.
Of these 6000 projects, 90% are becuase of unwillingness of builders to start the project was reported. Builders usually take booking amount and use it for other projects or to procure further land or FSI. He then left with no funds to start projects. Majority of such projects are in Delhi NCR, Maharashtra and Tamil Nadu.
In Mumbai alone there 442 projects stalled since 2006. There are 1800 projects which have signed redevelopment agreement with builders have been stalled and stopped or never progressed.