Diversion of funds leading to project delays

The prime reason behind project delays in Delhi-NCR has been the diversion of funds by all the major developers. During the boom time, they had over-booked their projects and then failed to deliver their commitments. In fact, the immediate impact of the global slowdown on the Indian residential real estate market was most visible during the second half of 2008. And then, many under construction projects got delayed due to a sudden and rapid contraction in demand. This was accompanied by a significant drop in the residential real estate supply statistics across India as many developers adopted the cautious approach and deferred their plans for any new launches for the rest of 2008.

Source:http://www.expressestates.in/full_story.php?content_id=93883