Track2Realty Exclusive
There is a clear disconnect between what home buyers want and what they get. And it is here that the home buyers are ready to pay more to get what they see to believe. While the frequency of launching new residential projects have declined in the last year or so, there is also sizeable inventory building up that is available for buyers who are willing to make that investment.
Of course, more movement in secondary market also suggests that developers need to bridge the trust gap that they so conveniently created when the market sentiments were high and bull run saw the lure of price appreciation translating into trading of home as well.
Atul Modak, Head of Kohinoor City agrees with the fact that in last decade lots of customers have burnt their fingers in buying under construction properties, where the developers failed to deliver on time. He, however, asserts there are many reasons for this delay like, the delay in getting permissions, approvals and sanctions.
“It is true that today people prefer ready possession or, under construction properties of reputed developers with a good past track record on delivery. Mostly all the developers have a good intent to deliver projects on time however due to inadequate delay in getting permissions and approvals from various authorities they are forced to delay project. None of the developers would like to intentional get a bad reputation but circumstances mentioned above are the reasons that projects get delayed,” says Modak.
Almost as many, 72 per cent, are cribbing about the lack of amenities like the water splash as the swimming pool, clubs being no more than cafeterias and under-equipped gyms etc in their housing project.
Nearly nine out of ten, 88 per cent are not taking the verbal promises of the developer, like cost of parking, club, swimming pool, gym etc, and want it to be clause of the agreement paper with all details and delivery milestones. More than seven out of ten, 72 per cent, are scared of going to consumer courts and face all the legal hassles, something that developers so smartly use as a saving grace.
…….to be continued
