Almost a lakh of buyers in the National Capital Region (NCR) have been waiting for ownership of apartments / houses for many years. Many of these buyers have been waiting for a decade.
These homebuyers are unhappy with real estate developers and builders as project completion dates have been further delayed due to the 2020 pandemic. They believe realtors and builders are taking advantage of the situation and deliberately delaying projects. possessions.
Many of these delayed projects are located in Noida and Greater Noida. In view of the situation, many affected home buyers have already called on the government of Uttar Pradesh to resolve the issue as soon as possible.
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Abhishek Kumar, president of the Noida Extension Apartment Owners Welfare Association (NeFowa), said: âThousands of buyers have been waiting for their apartments for a decade. As no action is taken against the builders, they are again taking advantage of the situation and further delaying projects. “
âWe paid 90-95% for the apartments, we would like to ask Prime Minister Narendra Modi to guarantee our apartments by 2022, as he promised,â Kumar said.
However, the builders say they cannot be blamed for the delay, as consecutive lockdowns imposed in the state due to Covid-19 have impacted the real estate industry. One of the main reasons for the delay in the completion of projects is the unavailability of labor and raw materials.
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âThe back-to-back lockdowns imposed in states due to the rising number of Covid-19 cases have impacted businesses across industries and real estate is no exception. The real estate sector had in the first quarter shown positive signs of recovery after the first However, the second wave of the pandemic further led to a downward growth curve for the sector with less demand for the residential and commercial segments â said Sanjay Sethi, CEO of ATS Infrastructure.
âInitially, due to the closures announced by the state, there was a slowdown in construction activity, mainly due to the unavailability of labor and the disrupted supply of raw materials. raw materials had a subsequent impact on the completion of projects in the NCR region, âhe added.
âWhile the government took the right steps and relaxed foreclosure standards during Wave 2, it did create some obstacle to accelerating the pace of construction. This may cause some delay in some projects. “
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