It is Risky to buy homes in Under Construction projects
By Accommodation Times News Services
Projects delayed for six to seven years, in some cases ten years. Look at modus oprendi of some of delayed projects. In pre-launch, builder take advance of 20% without sanction plan or owning land or development rights. Use this money for six to seven years. Give excuse of permissions and government policies or fight within directors or family members to show investors a dispute. After seven years, if cases are filed, pays along with 9% to the person who booked.
A common complain by NRIs and many in the country who have booked home now running pillar to post while builder refuse to meet or fulfill commitment. The capital appreciation in seven years make builder richer and hand on unsecured funds without interest which no bank would have given to them. Buyer feel cheated while builder’s claim can not be authenticated since delivery is with builder.
This is happening nation wide. In Delhi, 90% of projects are stalled and stopped for reason which cannot be vouched by buyers. Same is in other cities like Mumbai, Pune, Ahmadbad and Bangalore. Big reputed name in building are hiding their face since funds they have taken to complete project is deployed in further purchase of land and now since time to deliver is coming close they make nonsense reason for delays.
Thousand of NRIs have written letters and mails to this newspaper for delay in projects and non committal attitude by builders. Its time for ready property. Purchase only ready properties with Building Completion Certificate (BCC) not just Occupation Certificate (OC).