With the escalating prices of the real estate in all major cities of India, buying a home is a complex and a tricky proposition these days, and if one is stuck in a situation where the projects land up in hurdles, and the home buyers dread and fear the situation where their hard earned money and lifelong savings gets stalled.
There are many reasons for the projects to be stalled and face regulatory hurdles.
Some are due to the greed and criminal brains of the builders who when check the present market value, and the value they have booked earlier, they have the tendency to create hurdles for the existing buyer and want him to back out, so that they may sell the property at the present market value and make huge profits. It is an unethical practice adopted by many builders.
The other unforeseen circumstances when the projects are stalled are-
Environmental issue, legal issues, violations by the builder in constructions, mid- course escalation of the price by builder due to rise in the cost of construction, or the builder is financially weak and has no funds to complete the project.
However, the ultimate sufferer is the buyer, who has invested in these projects, as hi dreams are shattered since he cannot get his dream house on time and in many cases if the project is financed by the bank, the interest keeps in ticking even of the investor has not received the possession.
Hence it is advisable to buy and book your dream house with a reputed builder, who is not involved in any controversy and assures you possession well in time.
Conduct a background check of the builder and the other projects he has undertaken in the past. Speak and discuss with other people who have recently successfully purchased new houses or other property.
It is better to be cautious than to be sorry. So beware and alert before you invest.