Builders push forward project completion dates while registering with authority; homebuyers to suffer, as they won't get properties on dates decided in agreements earlier
A survey has stated that the deadline for almost six out of 10 under-construction houses was revised by more than a year. Pic for representation
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Thousands of homebuyers who intend to move into their new houses as per the dates mentioned in the agreement with builders, will not be able to do so then, as majority of developers have pushed their project completion dates forward by more than a year, to ensure that they don't come in the firing line of MahaRERA. Builders seem to have done this to give themselves some more time for the work, and to avoid paying penalties to MahaRERA in case of a delay on their part.
71,000 out of 1.07 lakh houses registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) in the western and central suburbs of the city, will not be ready as per original deadlines.
Projects registered until August 16 with MahaRERA in the central and western suburbs such as Bandra to Dahisar and Kurla to Mulund were covered in the analysis done by Knight Frank, a property consultant. The survey stated that the deadline for almost six out of 10 under-construction houses was revised by more than a year.
Dr Samantak Das, Chief Economist and National Director-Research, Knight Frank India, said, "The crucial trend that comes to light is that there was lack of seriousness in the completion time commitments made to the buyers before RERA came to effect. Going forward the MahaRERA database or similar information networks created by other states would bring the missing information parity between buyers and developers. Availability of such detailed information would also play a crucial role in the financial planning of home buyers setting a new paradigm in the real estate sector."
This however, is now seen as a problem for homebuyers. For example, a buyer has a written agreement that the possession of an apartment will be given by December 2017 by the developer. But if there is a delay and a complaint is made to RERA, whose database has the completion deadline as December 2019, action may not be taken in such a case.
When asked whether action will be taken in such a case, RERA chief Gautam Chatterjee replied, "Matters of adjudication cannot be discussed."
The purposeful delays
25,680 under-construction houses of the 1.7 lakh registered houses saw the completion deadline pushed forward by 12 to 18 months. The report further found that 20,955 under-construction homes were delayed by 24 to 48 months, and 9,852 of these houses would not be completed before four years. The completion date of 36,068 houses has remained unchanged, according to the report.
71,000
Number of houses which will not be ready as per earlier deadlines
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