In this episode of The Moneycontrol Real Estate show, Moneycontrol's Vandana Ramnani talks to Santosh Agarwal, CFO and Executive Director, Alpha Corp, to understand the options available to homebuyers stuck with incomplete projects. Listen for more.
Agarwal explains the process of a third party takeover of a stuck project and the legal processes involved. He says that under normal circumstances, it generally takes a developer six to nine months to restart construction once the legal documentation and clearances are in place.
He advises buyers that they should be prompt in filing their claims and should bring on record all the documents, including discount letters, they had signed with the previous builder, to get a fair deal.
He also informs listeners about the construction quality of a project left abandoned for several years before a new developer takes over.