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.

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