On Time Delivery is The Key in Reality Market

If developers were to stick to their promised schedules, both developers and the customer could reap rich dividends.

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Debrupa Bannerji, a Delhi-based IT professional, could not believe his eyes when she visited the construction site of the project where she had bought a flat eight months ago there was hardly any work to show. When he took up the matter with the developer, he was given oodles of assurances. Two months down the line, nothing has moved on the ground, she says. Like Debrupa, there are hundreds of buyers out there suffering endless agonies waiting for their flats to be delivered, even years after making their down payment and the EMIs. To add to the woes of customers, builders do not offer compensation for project delays, and there is no mechanism in place to make them toe the line.

One must ascertain the reputation and history of a developer before making an investment. There a very few developers like Mahagun, which has an impeccable record of delivering all their projects before the committed dates and to the satisfaction of their valued customers. One aspect that highlights the company's distinction is its focus on rigid quality and time control, without getting into unnecessary frills. The company always strive to provide optimal specifications thereby adding more value and cutting cost for the benefit of the customers.

Some builders are not ready to change, especially when it comes to timely delivery of flats in Noida and Greater Noida. A recent study clearly proves the point that while buyers are booking their flats in Noida, developers are failing to deliver them on time, and this is one reason why buyers are visiting the resale market to buy their house. Another reason for buying a house in the resale market can be non-availability of new projects in the area where you want to settle. Also, a property available in the resale market is not necessarily cheaper than a new one-unless, of course, the structure is old.

If the project under construction is close to completion, the price difference will be minimal. The difference will be more in the initial stage but in such a case the risk will also be higher. It may not be a bad idea to buy a resale flat. But one is unlikely to find the facilities and amenities that are available in newer projects in an older building.