Delhi-NCR: All those who are expecting to step into their new houses in the coming year have to wait a little more as the delivery of approximately 50% homes that are due for 2013 has been delayed. In a nationwide survey, Liases Foras (real estate research firm) figured that nearly half of the 323,000 homes to be delivered in 2013 are dallying behind construction schedule, with one-third not ready for a housewarming before 2014. Also nearly three of every four homes promised for delivery in 2014 are also likely to be delayed.
“Everyone’s money is stuck. It is not only bad for homebuyers, but also for the economy,”said DK Mittal, secretary, department of financial services. However in reaction, the chairman of India’s biggest mortgage lender HDFC Ltd, Deepak Parekh optimistically said that “There have always been delays, but it is a bigger concern today as the quantum of homes being built is much larger now.”
This dilly-dallying in the completion of residencies is the culmination of several economy dampening factors such as moderate primary market, drying private equities, weakening economy, banks reluctant to lend to builders, consumer activism, agitation by farmers, bureaucratic delays, labour shortage and legal disputes.
The delays forced lakhs of homebuyers to battle with another problem in the midst of rising prices and a slowing economy. Although buyers can knock the doors of law yet the process is complex and there is a risk of further delay if the builder gears up to oppose. This leaves the buyers in no position but to wait.