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Tall is beautiful for realty players in Mumbai

>> Tuesday, 11 October 2011

It's been long that we have heard of any possessions of the housing projects. Or is it that only launches of projects make news? "Yes , only
launches make news, which is relevant only to real estate developers to attract gullible buyers. How many times have possessions made news? Never" , said Manoj Thaldi, a prospective flat buyer to FINANCIAL TIMES. Manoj is looking for a project nearing possession.

Apparently, it's time only for new launches and no possessions (read delivery of goods promised in the contract). Let's take the most recent example of the Amrapali Group, which announced the launch of its new project Amrapali Zodiac, last week. About a couple of months back, it had announced Amrapali Empire. It's not just to do with Amrapali, other real estate developers like DLF, Vipul, Pearls, BPTP, Mahagun, Omaxe, SVP and Assotech - all fall in the same league. Omaxe and Assotech have announced about two to five projects in past five months in NCR and prominent cities of India.

Good news, so far, is for the customers of the Meriton Group; the developer soon promises to give away possessions. "We will hand over the flats of the Orange County project in Indirapuram to the flat owners, maximum by April 2010, which will exclude condominiums" , said Avnish Agrawal, one of the directors, Meriton Group, ABA builders. Though like any other project, Meriton Group's two projects - Orange Country and Olive County are also running behind time by about eight to 10 months.

Rohtas Goel, CMD of Omaxe, promises to deliver Grandwoods Noida, Omaxe Heights Faridabad, Omaxe City Sonipat, Omaxe City Bhiwadi, Lucknow, PDA OmaxeCity Patiala, within the next six months.

Ashiana is one of the builders in NCR, which is always praised amongst its buyers, for timely delivery of its projects. "We have always delivered our projects within time. The last one we handed over was Ashiana Upvan in Indirapuram and the one nearing possession is Ashiana Palm court in Raj Nagar Extension, Ghaziabad. We will start giving the possession from June 2010", Rohit Raj Modi, director Ashiana Homes Private limited and spokesperson Raj Nagar Extn NH-58 .

While the SVP Group's two projects - one Gulmohar Greens in Mohan Nagar and other Gulmohar Towers in Ghaziabad are nearing possession too. They too are running behind time by four to eight months. "We will give possession of Gulmohar Greens' flats by March 2010 and Gulmohar Towers' flats by April 2010," said Sunil Jindal, CEO, SVP Group.

Notably, when buyers book flats, builders promise them possession before time, which never happens . Also, they promise compensation if the project gets delayed. But do the buyers actually get compensation ?

"I am heading for possession of my flat in Indirapuram, which has got delayed by a year. Apparently, the builder is only talking about the registration money and last five per cent payment. He doesn't want to touch the topic of compensation. We won't even get it if we will not fight for it" , said Ganesh Sharma, a flat buyer.

Yes, even builders forget the compensation topic if a customer doesn't bring it into notice and fight for it. "Every builder company has a clause to pay and compensate its customers if a project is delayed. If the customer asks we do pay him/her compensation, considering it as a penalty on our part" , admitted Jindal of SVP group.



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