approvals will sit with the existing developer said mullick according to data collated by anarock property consultants nearly 192 lakh apartments worth rs 217550 crore are currently stuck in various stages of noncompletion in mumbai metropolitan regionthese projects are delayed due to multiple reasons including a liquidity crunch involving developers they were launched in 2013 or before thatdespite having the will to complete some of these projects some builders are stuck due to a funds crunch thus this trend where financially stressed builders are scouting for stronger developers to either jointly develop projects or for a complete takeover is gaining ground said anuj puri anarock chairmanthis seems to be a viable solution particularly because both banks and nbfcsa major fund source for developershave become extremely cautious in lending out funds to developers he addedprivate equity funds are also sensing an opportunity in these financially stressed projects and are coming forward to act not just as mere investors but also have a say in project designing pricing etc for instance kotak realty fund invested nearly rs 100 crore in a commercial project near andherikurla road last year which helped the builder partly pay his loan and also help complete the projectlast year nirmal lifestyle roped in construction giant shapoorji pallonji as a partner to execute two of its projects in mulund nirmal also had a partnership deal with godrej properties to build one residential project in thane this has helped nirmal group to raise money and thus reduce their debts said puriradius developers took over rohan lifespaces luxury project at hughes road and another upscale project called avenue 54 of sumer developer in santa cruz interestingly radius itself is selling its one bkc building to blackstone for rs 2500 crore to reduce its debt to indiabulls finance by rs 1700 crore