A rush has been created in the builders across the city to deliver the projects by the deadline as the courts and customers maintain them to keep their words ahead of fixed real estate law. The outcome of this rush will lead to the completion of various delayed projects by many reputed builders. Also, it will have an impact on the long-delayed projects, making them deliver during this year.
With the passing of Real Estate (Regulation and Development) Act in March 2016, a transparency from builders has been ensured along with stringent provisions where the builder will have to provide compensation in case of delays. As per the research reports, there has been an increase of 9% in the first four months of 2016-17 from just 2% in 2013-14 in the average delivery of projects.
With the implementation of this law, there may not be launch of any new projects from the developers as they are now focusing on the completion and timely delivery of the pending projects. Moreover, in a report released in the month of July, there are a large number of houses that are lying unsold across top cities and thus the first 6 months of 2016 has witnessed the launch of very few project launches as compared in the past three years.
With many buyers back lashing for the delayed projects in Delhi-NCR, the developers are now focusing on handing over several projects by December. Such efforts by the developers will help in bringing back the consumer sentiment but certain factors such interest rates and affordability will also be included. Once all the things are put together, experts are expecting a revival of the market.
With this, it can be concluded that now delivery will come out as the new normal and not luxury. Only this will result in convinced consumer attitude which will create new market and hence, bring more cash flows.