Delayed Constructions: Biggest Woe for Seekers of Properties in Noida

Property in Noida at Makaan.com

Book a flat and forget about it - this is what a number of buyers in Noida and Gurgaon are forced to do. Infinite delay in constructions have left these buyers with no other option but to suffer silently. With no law strong enough to provide them with protective shield, they have no other alternative than to be at the mercy of their builders. As per statistics, about half of the realty projects in Noida, Ghaziabad, and Greater Noida are running late. Not a brick has been laid in the name of construction. And among the under-construction projects, 40% are behind their schedule.

There have been instances whenever seekers of Noida real estate properties have already paid 80-85% of the price and still haven't got any solid assurance from builders. These buyers have to dole out huge checks in the form of EMIs every month, in addition to pay rental for their temporary residences. Names of reputed builders like Unitech, Ansals, and Raheja Developers have cropped up in many cases where the buyers have been facing procrastination woes. Many of these builders, just after recovering the construction costs from buyers, start dragging projects to future.

It is mandatory for sellers of property in Noida to pay the delay penalty of Rs 5-10/sq. ft., but the developers fail to pay even that amount. At times, these developers themselves face problems like delay in land acquisition, strict credit conditions , and lack of funds. In light of all this, it is the buyers section that has to part with a large sum of mpney and not get anything in return. As the number of delayed constructions is on rise, the sellers are losing their credibility in market.

It is high time that some strict actions are taken against the defaulters and buyers are restored with the money in case they want to back from the project.