Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Homebuyers at Renuka Aashiyara in Gurugram are protesting against the developer for the delay in the delivery of flats. The project was launched in 2018 and was supposed to be completed by January 2023, but only 63% of the work has been completed so far, leaving the buyers frustrated. They have already paid 100% of the amount and are facing financial burdens due to the EMI and rents. The buyers also alleged substandard quality and non-adherence to the approved layouts and specifications by the developer.
Homebuyers at Renuka Aashiyara in Gurugram's Sector 37C protested against the developer on Sunday over the delay in the delivery of flats, which have not been handed over after five years. The project was launched in 2018 and was supposed to be delivered by January 2023, but only 63% of the work has been completed so far, with the buyers stating that most of them had already paid 100% of the total amount. The buyers have made multiple complaints to the concerned authorities but have not received any relief yet. The President of Aashiyara Society, Gautam Maiti, stated that the developer has changed the project's completion timeline five times in the last two years.
Advertisement
The buyers also alleged that the developer is not adhering to the approved layouts and specifications and that the construction quality is substandard. The General Secretary of the Homebuyers Association, Amrit Kumar, said that they are paying EMIs and rents, causing a financial burden, and they doubt the developer's ability to deliver the flats this year.
The representative of the developer admitted that there has been some delay in the delivery of the project due to the pandemic-induced lockdown and ban on construction due to high pollution levels. The representative added that they have submitted a detailed plan to the concerned department.
In recent years, Gurugram has witnessed rapid urbanization and emerged as one of the country's leading corporate hubs. It has seen the emergence of a large number of residential projects by various developers, leading to an increase in demand for real estate. However, this has also resulted in several instances of buyers being left stranded with delayed projects and substandard quality. The Real Estate (Regulation and Development) Act, 2016, was implemented to protect home buyers' interests and bring transparency to the real estate sector. Still, instances of delays and other issues persist.
According to a recent report, Gurugram's real estate market saw a 23% decline in new launches in the first half of 2021 compared to the same period last year. The report also revealed that the average residential property prices in Gurugram increased by 1.2% during the period. The delay in the delivery of flats at Renuka Aashiyara is yet another instance of the challenges faced by homebuyers in Gurugram's real estate sector.
Similar to Gurugram,the real estate sector in India has seen a rapid expansion in recent years, with cities such as Mumbai, Delhi, Bangalore, and Chennai witnessing significant urbanization. As a result, the demand for residential properties has increased, leading to a surge in real estate development. However, this has also brought with it several challenges, such as delayed projects, substandard quality, and other issues.
One such instance occurred in Mumbai, where a high-end luxury project by a renowned developer faced several delays, leaving home buyers stranded with incomplete projects. Despite paying substantial amounts of money, buyers were left without their promised homes, leading to protests against the developer to demand their rights and address their concerns.
Similarly, in Bangalore, homebuyers of a project by a well-known developer had to approach the court to seek justice as the developer failed to deliver the promised amenities and delayed the project beyond the committed timeline. The court directed the developer to compensate the buyers and deliver the project as per the agreed timeline. In Delhi, homebuyers of several projects have faced similar issues, with developers failing to deliver the promised projects on time or providing substandard quality.
Despite the regulations, the real estate sector continues to face several challenges, with buyers left stranded with delayed projects and substandard quality. Therefore, it is essential for developers to fulfil their commitments and provide homebuyers with quality projects delivered on time to maintain trust and credibility in the real estate sector.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
