Construction delays are a common occurring in India. Not only in our country but construction delays happen in almost all countries and this is not only because builders are careless or their greed makes them step in to too many projects at once. Reasons like long list of clearances, unfavourable weather, uncooperative suppliers, and shortage of cash can often lead to projects delays.Delays in residential projects are so common that both the developer and the buyer are prepared for a delay and a grace period of six months is considered even in the purchase agreement. Some buyers can even wait patiently for 12 months after the delivery date has expired. But when it goes beyond the expected and even the tolerable limits of delay what do you do?Take the example of an unfortunate buyer whom we met just the other day. You might come across such people who had been looted of their live savings by delayed projects. This buyer had invested in buying an apartment that he hoped to rent out to support his income. So he made a down payment of Rs 3 lakhs and another Rs 1.5 lakh as deposit for Rs 30 lakh apartment in an under construction project. He could keep his patience even when the project was progressing at a snail’s pace and was overdue for months. EMI on the bank loan was also eating into his income. But the shock came when the project was finally shelved.When the buyer asked for a refund, the builder was ready to only return the deposit amount. He told the buyer to be happy with it or drag the case to court. Consumer lawyer (the buyer finally thought it will be wise to consult one) told him fighting the case in court will only lead to loss of more money as the initial agreement did not have any clause for penalty on delayed construction.Delay in construction is most common in Indian metros like Delhi, Mumbai and Chennai. This fact has to be well understood before buying any incomplete project and hence one should not only be ready to face the risks, precautions should also be taken.The lack of funds and clearances can often hold up a project. If a project is funded by foreign investors and private equities then there is less chance of hold up due to fund shortage. If a buyer asks to see a construction schedule the developer is bound to provide a construction progress report. As clearances take the longest to be obtained and are often the main cause for a delay, the buyer should check if all the clearances have already been obtained. It is best to conduct the purchase through an attorney.The recent Real Estate (Regulation and Development) Bill has certain clause that will benefit the buyers in such cases of delay. If the builder does not deliver the project within the promised time he can be heavily penalized and if the project is shelved the developer will have to refund the entire amount to the buyer that has been invested in the project along with interest.If you are presently stuck with a delayed project and your agreement has clear parameters for penalties for delay mentioned in it you can move to consumer court. But since prevention is better than cure, an informed decision is better than a court battle later on.займ на карту без отказов круглосуточновзять кредит онлайн