Builder versus buyer: who is affected more with delay in construction?
The delay in construction projects is doing nothing but burdening the property buyers who end up paying lakhs extra by the time they get possession of their flats booked!
Whereas the developer will hardly pay Rs 5-10 per square feet as penalty!
This is not bringing in any justice to the property buyers as the delay burdens them with lakhs of equated monthly installments (EMI) payment.
In the same context, the PropEquity CEO Samir Jasuja say that Delhi NCR has a major contribution in delay of realty projects when compared to Mumbai and Bangalore. Lack of funds, execution bandwidth, subprime crisis has paved way for delay in projects!
However its property buyers who are bearing the burnt of heavy EMI payments, this needs to be fixed with relevant solution.
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Source: The Times of India
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