When buying an under construction property, there is an expectation of getting a home that is ready to move into at the end of the promised time. But there is also the danger of unscheduled delays in construction and possession of their homes. Delays are common and is in fact, one of the major complaints buyers have with their developers.
Be prepared for construction delays. There will be risks when buying an under construction property.
So what should you do to try and avoid such a scenario?
- Ask the developer for the construction schedule. Often, payments for under construction projects are linked with construction progress.
- Ask for a copy of the projects’ layout duly stamped by the appropriate local authorities.
- Get all agreements and documents verified through a reliable lawyer.
- Check if the project has received all necessary approvals
- Check if the project has enough funds – usually, construction delays occur due to lack of funds.
Usually, buyers consider a delay of up to a year common. In fact, some developers may even include a few months’ grace time in their agreements.
But in case, you find yourself in one, what steps can you take?
- If a project is delayed beyond the period mentioned in the agreement, buyers can ask for a refund.
- If a developer is a CREDAI member, you can look for redressal of grievance from the CREDAI chapter in your city. Register an online complaint at https://www.credai.org/register-your-complaint
- You can also file a case with the Consumer Disputes Redressal Commission at the district, state and national levels.
With a real estate regulator in the offing, we can look forward to parameters that can help streamline the sector.