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Only 10 percent homebuyers wait for possession if project gets delayed: Poll

The poll by Magicbricks revealed that 72 percent homebuyers would like to file a RERA complaint in case of delay in possession while 19 percent would opt for a refund.

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RERA may be the first choice for home buyers when it comes to fighting inordinate delays in possession of their flats but just 10 percent would like to wait for possession and one out of five home buyers still prefer a refund in case of delays, revealed a consumer poll.

The poll by Magicbricks revealed that 72 percent homebuyers would like to file a RERA complaint in case of delay in possession while 19 percent would like to ask for a refund and just 10 percent would like to wait for possession if the project gets delayed.

With RERA coming in, the number of registration of projects and agents are picking up across states and this is leading to a transparent ecosystem for real estate stakeholders. However, there have been cases where RERA orders have not been followed by builders and authorities had to impose penalties for delay in possession, it says.

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"There are still many gaps in the implementation of RERA as buyers still face many issues related to filing complaints, getting possession on time and penalties for delays. RERA regulators need to have a mechanism for timely redressal of issues so the lost confidence of consumers is restored in the sector," the portal said in a statement.

Another report claimed that NRI interest in purchasing under-construction properties in India has renewed following the implementation of RERA.

"Project delays in the past resulted in investors shying away from under-construction projects. From being the hot favourite of the Non-resident Indians (NRI) buyer segment, under-construction properties went on to take the back seat. This trend, however, is beginning to change - thanks to the real estate law," a study by realty portals Housing and Makaan.com said.

Earlier, the preference ratio for ready-to-move-in and under-construction properties was 67:33, but now the ratio stands at 56:44, it added.

NRIs from the US, the UAE, the UK and Singapore are seen having the keenest interest in Indian realty, and form about 55 per cent of the buyer base, the US alone accounts for 26.5 per cent of the bulk of users while the UAE and Singapore each account for 9.1 per cent of the user base each, the report said.

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First Published on Jun 4, 2019 02:46 pm
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