Delay in possession worry flat buyers

Written By kom nampultig on Senin, 21 Juli 2014 | 22.23

MUMBAI: A perennial complaint from flat buyers across the country is that builders seldom hand over apartments on time.

Despite assurances, promises and agreements, beleaguered flat buyers face an uphill task when builders fail to deliver as promised Property market sources said the delay in handing over possession is rampant. Purchasers, who have invested their life savings in a home, find it extremely difficult to take on powerful developers. Moreover, seldom do builders pay interest to buyers for the delay.

One suggestion is that each police station in urban areas should constitute a special cell for cases pertaining to cheating and breach of trust. Unfortunately, the delay in dispensing justice works in favour of the law-breakers. In Mumbai, there have been several cases of harried flat buyers holding protests, forming protest groups and filing police complaints against errant builders in the past one year. But nothing much has come out of these protests.

Experts say the delay in handing over possession could be due to a builder's sheer incompetence or because he is under financial stress or entangled in some litigation. There could be circumstances beyond the developer's control too. He may face sudden shortage of material and labour. There could be government hurdles in procuring approvals and failure of service providers like the local municipal authority. The new state housing regulatory bill will offer some succour to harried buyers and impose penalties on the builders for such delays.

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