Owing to the financial crisis and the slowdown in the real estate sector, residential projects worth around $66 billion are facing bankruptcy proceedings, a recent survey said.
According to property consultant JLL, nearly 4.54 lakh units running behind their completion dates due to various reasons.
“In the current scenario, it is the residential real estate segment that presents the maximum amount of stressed assets. India’s residential sector has been reeling under the pressure of delayed/stalled projects with 4.54 lakh units running behind their completion dates,” the agency said.
Some of them are already under bankruptcy proceedings and the value of these projects is estimated to be $66 billion, JLL said.
As per the Insolvency and Bankruptcy Board of India, a total of 115 insolvency cases have been filed as of September 2019 under real estate category. Of these 87 cases are under process while 28 are closed.