Living In The Times Of Perpetual Project Delays
It was not before the pains of homebuyers attained unbearable levels that curing methods were horribly implemented, primarily with an aim to bring back to life a sector that provides jobs to the highest number of people in India after agriculture. Frequent use of the conjunctions if and but in the legal document also meant not all the homebuyers would see their troubles magically evaporating because a game-changing law was introduced in the May of the year 2017.
While project delay is the common phenomena across major real estate markets of the country, Noida happens to be the worst-hit. Thousands of homebuyers are fighting desperate legal battles while their wait for a dream is only seen getting longer. It is the Noida homebuyers who are the worst affected by the failure of real estate biggies facing insolvency proceedings. Names in the list include star-performers of the past such as Unitech, Jaypee and Amrapali.
Frequent changes are being made in the legal framework to provide relief to affected homebuyers, but, these alterations have so far made little impact. The Supreme Court is, for instance, hearing all the three cases – Unitech, Jaypee and Amrapali – where new deadlines are being set with each hearing to resolve the matter.
In the meantime, new cases are coming to light.
On April 22, for instance, hundreds of homebuyers staged a protest against Today Homes over non-completion of its residential project in sector 135. The 13-acre Today Homes Ridge Residency project with about 1,800 flats was launched in 2009-10, and was expected to be completed by 2013-14.
At this juncture one is forced to think—even if the law is on your side and is busy taking its long course, what should you be doing, as an individual, to guard your future if you are stuck in such a scenario? Should you be investing all your time, money (whatever is left of it) and energy to ensuring the guilty is booked? One must go ahead, by all means, but not without giving a serious thought towards constructing a better future. Adopting a positive and constructive approach would be your best way to handle the crisis on your own.
Let us think.
Are you willing to take possession of the unit if the builder is somehow able to deliver?
In case you have to make a compromise on the construction quality, this is the time to demand a refund.
In case you will not take possession, what are your plans about having a home?
You cannot go on living on rent and wasting your income in case buying a home has been your dream.
In case you have applied for a refund, how do you plan to use the money?
Developers are sitting on huge ready-to-move-in inventory stock, trying to sell them at lower rates. You may consider your options here.
Assuming all your savings were spent in paying the earnest deposit, and a great deal of your current money is being wasted in pursuing the entangled matters, what are you doing to refill your saving kitty?
You will be getting your refund, but, you would need to get out of the current crisis since it might take time for you to get the money.
How would you know you are not making a mistake this time?
No matter how unbelievable it might seem, home-buying decisions are taken almost entirely emotionally, their monetary significance in our lives notwithstanding. You would now have a different approach now.
Whatever solution you and your family come up with, let your nasty experience with reality in the past not fiddle with your future. Use your experience to your advantage.