2013 to see a delay of 50% home deliveries
New Delhi- All those waiting for a home possession need to wait for another year as a survey has found out that about 50% i.e. 323,000 home deliveries will be delayed as they are lagging behind the construction schedule.This is followed by nearly three of every four homes which were promised for delivery in 2014 to be delayed .
Delays have always been a serious issue and are currently the biggest concern as there are a quantum of homes being produced. DK Mittal, secretary, department of financial services, states that the delay not only affects the home buyers as their money is stuck but also has an impact on the country’s economy.
The year 2010 saw a weakened economy due to the lack of funds and delays in securing approvals followed by decreased home sales, dried up equity, subdued primary market and reluctance by the banks to lend the money. Other factors like the consumer activism, agitation by farmers, bureaucratic delays, labour shortage and legal wrangles has also contributed to holding up projects.
All these problems eventually impact the buyers due to the price fluctuations and slowing economy. Individuals can also opt for the recourse to the law but they seldom do as this is a cumbersome process and will lead to a further delay. As per the city reports, builders from Delhi-National Capital Region have been the biggest culprits, with a 74% late delivery rate, followed by Mumbai and Chennai at 61%, Bangalore at 59% and Kolkata at 57%.
bureaucratic delays, Chennai, construction schedule, country's economy., decreased home sales, Delhi, Delhi-National Capital Region, department of financial services, DK Mittal, Farmers, home deliveries, home possession, Mumbai, Secretary
