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Property buyers beware

Sanjeev Menon Indian Express
Property buyers beware - property buyers - buyer guide - India


Have you recently come across a home-buyer waiting to take possession of his property praise his developer? Chances are, you haven’t. It’s a game everyone knows, and plays along with. Developers lay the bait perfectly with enticing offers, ‘world-class amenities’, and what have you. Forget about speculative buyers who look at their purchases as mere investments, waiting to dispose of their properties when prices appreciate and they are poised to strike on a good profit. For first-time buyers, developers not working according to contracts clauses become a harrowing affair.



Right from making the initial booking amount to your broker, or directly to the builder, the home-buyer begins to understand that what he will finally get isn’t what he signed up for. Either the facilities or amenities promised will be altered, changed or simply vanish, or he will be asked for more money for additional undertakings in the project that he wasn’t informed about earlier.

Real estate companies are protected by a number of lawyers who will always find a way to make their case strong. Developers can even challenge dissatisfied customers to take them to court, knowing fully-well that justice will be a long tie coming. And those customers who do rake up the courage, time and effort to challenge the developers, in most cases rue their decision. Three to four years of litigation, if one is lucky, to finally be paid the penalty as per the contract and maybe an additional Rs 50,000 for time wasted. But it’s a paltry sum (sometimes just Rs 4-5 per square foot per month for delay) when compared with the years wasted to finally get possession.



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Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.