Magicbricks Poll Reveals That Almost Half of The Home Buyers Had To Wait Three Years To Get Possession

By siliconindia   |   Friday, 08 February 2019, 08:51 Hrs
30
cmt right
18
Comment Right
40
cmt right
4
cmt right
Printer Print Email Email
Magicbricks Poll Reveals That Almost Half of The Home Buyers Had To Wait Three Years To Get Possessi


A recent poll by MagicBricks, one of India’s no.1 property portals reveals that inordinate delays in delivery of residential projects by cash-strapped developers remain the main cause of concern for Indian home buyers. It also revealed that, 50 percent home buyers had to wait three years to get possession of their dream home.

Dr.Niranjan Hiranandani, President, National Real Estate Development Council, says, “More than 2.5 lakh apartments in ghost towns, which are incomplete, have to be completed. Unfortunately, most of them do not have enough cash to complete the project inspite of being a part of the positive network. NAREDCO has requested the government and Niti Aayog to assist us to put in stressed asset funds immediately for the completion of these projects so that people would get their houses quickly”.

Inorder to solve the issue of delay in delivery of projects, RERA, builder’s body and all key stakeholders are focused towards completion of stuck projects and getting them delivered. RERA also works to get stuck projects completed and delivered to buyers. However, a Magicbricks poll showed that 56 percent buyers want to use RERA as the first port of call to file complaints.

Commenting on this, E. Jayashree Kurup, Editor, Magicbricks, says, “More than 2.5 lakh apartments in ghost towns, which are incomplete, have to be completed. Unfortunately, most of them do not have enough cash to complete the project inspite of being a part of the positive network. NAREDCO has requested the government and Niti Aayog to assist us to put in stressed asset funds immediately for the completion of these projects so that people would get their houses quickly.



Read more news:

IRCTC partners with Magzter to provide unmatched online reading experience to passengers



PNB back in black after 3 quarters; Q3 net profit at Rs 247 cr



SPOTLIGHT
Technology
To ensure uninterrupted functioning of the app in areas of low networks, Facebook-owned..
Travel
Imagine life being a romantic Bollywood song of the 90's. All those exotic frames punched into one..
Gadgets
Yamaha Music India has launched its first Indian keyboard PSR I500 under the 'Make in India' initi..
Business
Automobile major MG Motors India on Wednesday said that it plans to manufacture electric vehicle E..
Career
Les Roches Global Hospitality Education, a multi-national hospitality management institute, a..
Startup City
With cities growing rapidly and infrastructure not keeping pace, the daunting work com..
Entertainment
Actor Dhanush, whose last Hindi release was R. Balkis "Shamitabh", may be working in another H..
Finance
India's tea exports increased by 11.5 per cent to 17.93 million kgs in April this year aga..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will ..