Real Estate-No excuse for delay

No excuse for delay

A well-known developer having a project in the Palam Vihar neighborhood in Gurgaon was made to pay a hefty fine and 24 per cent interest to the buyer by the National Consumer Disputes Redressal Commission (NCDRC) for not giving timely possession.”

Cases such as this are routine as almost 90 per cent projects in India are delayed and a significant rise in complains of delayed possessions has been recorded. The image of the real estate industry is being tarnished by a few but it is the buyer who suffers the most.

The Impact

“I have taken a loan and am paying huge EMI on it since 95 per cent of the payment is taken by the developer. I was to get the possession in last June, hence I sold my small house by then. Since I didn’t get the possession as promised, I had to shift to a rented apartment for a short while. Now I am paying EMI and rent every month. The recent hike in interest rates has added to my ordeal. If I still do not get possession by this April, I will face increased rent as well. It is a mess,” says Jasbir Mehrotra (name changed), who has booked a flat in the project by a known developer in a central suburb of Mumbai, which has been delayed by years.

Many buyers are not been able to plan their shifting especially with school going children. Worst hit are the middle class.

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