Buying one’s dream home is the largest financial commitment anyone ever makes in their entire lifetime. When one purchases his or her dream home, they obviously want to shift in it with their loved ones as soon as possible and change their life for the way better. But should one expect possession as per the time stipulated by the builder at the time of purchase? If the past and present record of builders is anything to go by then the answer will be a simple and big no.
Housing projects all over our great nation are running behind anywhere between a humungous 2 to 3 years. Even after shelling out a major chunk of the total amount due to the builder, much to the distress of buyers, the projects are nowhere near completion and handover. The most severely affected cities of India are Mumbai and Delhi-NCR. The financial capital and national capital of India have 45% and 78% of the total projects under construction, behind schedule. A similarly shocking trend can be observed in many other major cities like Kolkata, Pune, Hyderabad, Chennai and Bengaluru.
Several reasons can be attributed to these gigantic delays by developers. Firstly, owing to immensely high prices, the demand for real estate amongst end users has become sluggish. A plethora of projects were launched by developers when the going was exceptionally good, but it has led to a colossal drop in ability of developers to deliver so many projects in a timely fashion. To make matters severely worse, all but most developers are suffering from an acute cash crunch.
But no matter what the reasons for these delays are, they can never be justified. Majority of people who have bought these homes could have never imagined in even their wildest of dreams that such a delay is even possible. This breaks their financial backs and makes it irreparable. Almost everyone leverages by taking a home loan from a commercial banks or NBFC to buy this house. At the end of the day most people end up paying EMIs and rent at the same time, instead of living in their own home. Their entire monthly and yearly budget goes for a toss.
Such a situation is to ideal for real estate investors as well, as the valuation of their property reduces significantly because of the delays. As a result their ROI goes down as well. One remedy for one and all that are stuck with such delayed projects is to sell them off. But it is easier said than done as everyone knows, disposing a real estate property takes time. Considerable costs are involved as well as far as selling properties are concerned.
Thus the best solution which all intending buyers should follow is to consult real estate consultants who have expertise in the field. Real estate consultants tend to study a project in great detail before deciding to sell it to their elite clientele. A property where the clients money might get stuck is steered clear of. So take advice from real estate consultants before taking the biggest decision of your life.