Pankaj Bajaj Eldeco Asks Authorities to be Lenient on 'Construction Period'

When you go out for a dream home, you spare no expense; but when the outcomes are not what you expected, it becomes quite frustrating. Something very similar happened to the home buyers in NCR. Delayed delivery of homes in NCR is an irksome issue for customers. More than 25% of the committed supply has not been able to hit the market on schedule.

Henceforth, it was high time for the authorities to step in. CREDAI-NCR has come to the rescue of the buyers and has declared to support projects stuck in last-mile funding due to an apparent cash crunch in the real estate sector.

Pankaj Bajaj Eldeco and President of CREDAI-NCR said that if the Noida authority takes a lenient view on declaring the period during which construction was stopped through court order as “zero period” and defer the schedule of payment by that period, a substantial number of apartments would be ready for possession.

The issue of delayed delivery is something that homebuyers across the country are facing at the hands of several developers. Industry experts are of the opinion that new developments such as arrest by enforcement agencies and FIR against developers by homebuyers and investors will not only be a matter of concern for developers who have delayed their projects but will also force them to make a genuine effort to complete their projects. It would definitely bring in efficiency in the industry.

Regulatory hurdles such as land clearance and different approvals from various authorities are also much time consuming due to inefficiency in systems and thus are a major cause of delay in projects. But it is the opinion of real estate insiders and experts that the implementation of RERA and cases against developers would quite likely ensure project handovers in time.