Buy real estate properties in Greater Noida. Even though there is no straight forward way to defend the construction delays, it is wise to keenly look for early warning signs and follow basic steps so that you can navigate effortlessly through the situation. But, before you know what you should do as a buyer in case of a construction delay, it is important to know what causes the delay. Mentioned below are some of the common reasons which indicate why the projects get delayed: You will often find that the builders are launching new projects even though the previous projects are still under construction. This is because these builders are not investing their own money in the project instead they are using the money of the buyers to fund these projects. So, the risk of these builders here is mitigated. Gaur City 14th Avenue Price / Gaur Yamuna City Plots / Gaur City Center Price / Gaur city 16th avenue Price
Most of the properties are purchased through home loan, and in case of under construction projects, the banks pay out almost 85 to 90% of the amount when the super structure is ready. As per research, most of the projects tend to delay after this point as the builders then start to fund other projects. The project can also get delayed because of government approvals, political instability, as well as delay in material supply. If all the flats are not sold after construction gets over, then it often spoils the name of builder and can affect his return. So, the builders keep project in the under construction phase unless all the units are sold out. After knowing the reasons that result in delays in completion of the project, you must be thinking how to solve this problem. It is vital to keep in mind that nothing as such can be done to avoid these problems, but certainly the risk due to delay can be reduced. Mentioned below are the things that a buyer should do in case of a project delay:
Go through all the contracts signed by the builder, and try to understand the clauses related to project delay. Ask the builder about the cause for the delay. But, do not expect to get the exact reasons for delay. Experts say that a buyer’s responsibility is to check the progress of the project right from the beginning before indulging in the process. Verify the claim made by the builder for project delay. You can get information about this from the public domain. Obtain the information and then compare with builder’s claim. In case your project has been delayed, try to create or identify a group dealing with the same issue. This will create more pressure on the builders. Always ask for a written communication from the builder explaining the reason for project delay. Prior to taking any legal action, ask for penalty or compensation from the builder for project delay, and get a written statement stating the completion date of the project.
