Most common problem in real estate market- Construction delay.

Q: One of the basic challenges does buyer facing while buying any property is delay in construction. What steps has been taken by authority to resolve this issue?

Prasad, Noida

22nd June 2015

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Replies (6)

It is very important that you invest in a property that has reputation of delivery projects on time. Dont invest in projects where the constructions has not even started. Dont fall into the trap where the builders promises you falls deliveries. It is very important that when you are planning to invest, do a good market research about the project and the builder.

Abhay Bhardwaj,

29th June 2015

Comment

Hi Abhay,
I agreed with you . In my point of view, before investing in any property , you should have complete locality knowledge. Now a days builders are promising to deliver their projects in time. But I believe you should have six months time extra in your hand .

Mritunjoy Deb,

7th July 2015

Hey Prasad, Yes you are right, there is always a construction delay in most of the real estate projects . But i want to let you know that some circumstances is not under control of real estate developers, they also have to face some critical issue's. And i personally want to suggest you, if you want to invest your money in developing real estate projects, then go with "Unnati Fortune Group".

Tanuj Verma,

29th June 2015

Comment

Hi Tanuj,
Are you an real estate agent Register/Login at Agents Login to get matching buyers and tenants.

Veena K,

7th July 2015

Hey Prasad,
According to late news, Mr Akhilesh Singh, additional CEO, Noida Authority pronounced that, from the 11th year onwards, allottees will be charged a penalty of 25% of the allotment rate for delay in construction.This is the way by which ,penalty for construction delay diminished in Noida.

Sangam, Noida

22nd June 2015

Comment

@ Prasad,
Suppose, if an allottee has a 200 sq-mt plot assigned at the rate of Rs 5,000/sq-mt for the initial 2 years, the allottee does not pay any fine for not developing on the plot. Beginning from the third year, the allottee pays a penalty charge of Rs 40,000, Rs 50,000 etc. In the 11th year, if the allottee still neglects to construct, the penalty/fine gets to be Rs 2,50,000.

Veena K,

23rd June 2015

Hey Guys,
According to news, the move takes after continuous requests from allottees to the Authority for giving help from substantial huge penalty due to neglecting to build on plots. The agreement was tackled on Thursday by Rama Raman, chairperson and CEO, Noida Authority. In spite of the fact that the directions will be taken after quickly, the formal approval of the board will be looked for in a board meeting.

Ananya,

24th June 2015

Hi Mr Prasad,

As per my knowledge, the fine/penalty for the initial three years starting from the third year since the plot was assigned, keeps on continuing as before (4%, 5% and 6%). For each & every ensuing year up to the tenth year, it will now be charged at 7%, 8%, 9%, 10%, 11%, 12% and 13% of allotment rate.

Hritwik, Noida

22nd June 2015

Comment

Hey guys,

From there on, allottees would be fined for any extension at the rate of 4% of the present prevailing rate of the sector the plot is situated in. This prompted to allottees bringing about huge penal charges. Friday, June 19, this has been done away with and, for an extension of 10 years, allottees will confront an extra penalty amount of 1% point every year.

Saran, Noida

22nd June 2015

Comment

Hey Prasad,
According to current news, those who have been assigned land by the Noida Authority for residential plots yet have neglected to begin construction within the stipulated time of two years or as indicated by number of years specified in the lease deed now face a slight penalty. The new rules will workout from Friday.

Wahi, Noida

22nd June 2015

Comment

@ Prasad,
According to rules & regulations, for construction delay, residential plot owners/allottees have so far been giving money for penalty from the third year. Thus, for an expansion of three years, the penalty/fine was charged at the rate of 4% of the allotment rate in the third year, 5% (fourth year) and 6% (fifth year).

Prasad, Noida

22nd June 2015