How Developers Harass Home Buyers

Bangalore: Complaints from real estate industry is increasing day by day. Developers are taking home buyers on a ride to double up their cash. Home buyers are harassed by builders in many ways like denying of basic amenities, foul business and delay in possession. Below listed are few ways how developers harass home buyers.

1) Delays in project completion:

Delay in project completion and late possession have become a frequent issue in real estate sector and home buyers are getting trapped into this problem.

"At times, the developer acquires land, launches a project and uses the booking amount to buy another land. Buyers who have opted for construction-linked payments do not pay installments until the construction reaches the promised stage. This creates a cash-flow crisis for the builder," said Manish Aggarwal, Executive Director, investment services, Cushman & Wakefield India, reports Business Today.

For home buyers, the wait to get over the possession continues. For instance, home buyers who booked a flat way back in 2009, was assured that the project will be ready by January 2011, which was further postponed to deliver by January 2012 and now again has been delayed till June 2013. Sometimes the wait to get over possession for end user continues as long as 10 years.

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