[Miyata]

According to this link, Delhi-NCR has bulk of the stalled housing projects at 62% followed by Mumbai at 22%!

A screenshot from the website below -

the total number of residential units classified as delayed/stalled, in the top seven cites, stands at 4.54 lakhs. Almost 84% of these units were present in two major metro cities: Delhi NCR (62%) and Mumbai (22%).

[skchettry]

RERA has brought in a bit of fairness in real estate business, but there's still a long way to go.
My experiences with the one that I moved in to in Mumbai are: delayed possession (just a year), lot of amenities shown on brochures, but in reality most of them were omitted on the pretext that BMC did not grant permission, carpet area difference of 6.9% between original plan and revised plans submitted after OC (and buyers are struggling to understand what's in MOFA and in RERA to define carpet area - The agreement was done during MOFA days and delivery made under RERA), a namesake swimming pool looking more like a kids pool for a society of 402 flats, poor workmanship giving way to seepages and leakages through structures, advance maintenance charges mismanagement wherein it was assured all municipal taxes would be paid through the same - but now BMC has slapped property taxes on owners right from the day OC was granted and the builder is keeping mum, and finally not handing over assets and finances to Provisional Committee even after one year of formation of committee of owners.
Some other home buyers say I am still very lucky and yes I feel so when I look at the plight of some others around us. And it looks we have normalised such 'petty issues'.
Regards
Sravan

[Engine_Roars]

I bought an under construction 2 BHK flat from a very reputed builder here at Pune. I knew buying an under construction flat is mostly a bad idea however financially it made sense and I took the dive since we are a middle class family and this is the first and only property we would have once it is ours.

The agreement that we had with the builder was, there will be no EMI till flat is ready for possession and same was documented with bank as well through a tripartite agreement. The builder at the time of selling the apartment committed December 2020 as the month of possession for this particular building, however as per RERA the project delivery date is July 2022(The project has 6 buildings, and my building was under phase I).

I had raised this issue at the time of buying however I was assured that July 2022 is for entire project and I will have my apartment ready by December 2020. As of today, building is no where near completion by December 2020, hell looks like it will go to 2022 and I will have to pay EMI and my rent starting December 2020 for which I was not prepared and which I feel is unfair on part of the builder.

The loan has been half disbursed however I have stopped further disbursement till things become clearer. The question I have is, what is my best way forward? Am I with in my rights to stop further disbursement of loan? What are the implications? It is frustrating, to say the least.

[Sebring]

In Bangalore, RERA has not made any difference. My friends project got delayed and builder (very reputed) was mocking him to take him to court so he gets two years extended time to deliver the flat keys. Or else 'shut up and take the keys in 3 months', was the offer. My friend got the flat after a year's delay (almost). Paying Emi and rent together. It was a terrible ordeal for his family.

[Vid6639]

Originally Posted by Malyaj

My wife and I purchased an apartment from Nitesh Estates in Bangalore in 2013, with the promised possession date being 2014. All the slabs were completed that time and this was a major reason for opting for that particular project. Before finalizing this we had visited about 2 dozen projects. In the last 7 years I have seen each of those projects completed before my eyes, in fact I see some of them while driving to work every day and regret my decision.

Which project was this? I bought a Nitesh Property with same outcome. CapeCod in Bellandur in 2013. Now we just have the slabs completed and almost full payment done but since he is absconding and all his assets seized, it is stuck.

[Memnon]

This is a very important topic that the government needs to address. Builders/Developers are looting people and people have very few options to respond. Many problems are because of lack of transparent records regarding the status of a property.

Personally I have also had bad experiences with certain developers in Bangalore.
I see some patterns here:
Developers who have bad reputation are creating new companies with new names and the "innocent" customer goes ahead with the property only to realise that he has been duped by the same builder he wanted to a avoid in the first place!
In case of land, after you have bought the land , there are cases where the developer's relative(such as brother etc.) comes and makes a claim for the land saying that this has been sold without his knowledge - in most cases the builder is very much part of this game. In most cases there is no legal basis to this claim, yet the buyer is harrassed while he is trying to construct a house.
Another pattern I see is that developers are trying to promise clubhouses with "5 star" facilities . But once you have bought the property they try to push you into a position to pay high maintenance on the clubhouse thus keeping on getting a revenue from you besides the initial exhorbitant cost. I think the strategy is to convert a real estate customer ( which was a one time deal earlier) into a customer for life.

I have always wished there is an honest forum like team-bhp for getting reviews on property and builders. However , I think the challenge could be that people will hesitate to give honest feedback as they are hoping to sell off the land/property at good prices.

But if such a forum were created it would be an extremely useful resource.

[Sk8r]

Originally Posted by aargee

Do I have permission to share the name of the builder? If yes, then I can share the horrors of 688 families from one of TN's reputed builder

Never go for Akshaya, they have multiple failed projects in Chennai:

1- Republic, Kovur

2- Vaan Megam & Mann Vaasanai, Thiruporur

Both have been pending since I don't know when !

[smileline]

Hi. I had an extremely horrifying experience. One week before my intended possession date I visited my flat and was shocked to see the status of my flat. My heart just broke, the ordeal did not end here, after fighting with a very arrogant builder and getting the things in order, I had lot of leakage issues, even when the flat was unoccupied and not used. I had tough time in managing the situation as my flat was 25km away from my residence. This was my first flat and the most horrible experience. Finally decided to sell the flat and sold it within 6 months of possession.

Tips or advice
Don't rely on the reputation of the builder. My advice would be to visit your flat at various stages of construction and take pictures for your records.

I definitely felt Cheated by the builder

Let the pictures do the talking.

Mods please review the post, Not sure if the post suits the topic.

[BoneCollector]

While hunting for an apartment in Gurgaon in 2012-13, we visited multiple sites of different builders which were in different states of WIP. What we found out that most of the projects of DLF were moving with little delay but many of other builders were stuck, so we did go ahead with DLF. The apartment complex was under construction when we visited first in 2013. And by the time we shifted in 2015, almost all towers had received occupancy certificates as well as had people staying in them. But some of the projects we had visited earlier are still incomplete. I know a couple of people who had booked earlier than us at other sites and have been paying EMIs on their house loans but the house is far from completion. A cousin of mine had to shift to a different tower in a project in NOIDA as the house allotted to them had no working lift in that tower for almost 3 months.

My advice is like many shared here, prefer to stick to a project that is either completed or ready to move. Do not venture where the construction is still going on. You cannot differentiate between a good builder or a bad one. Amrapali and Jaypee were one of the pioneers of apartments in NOIDA and Ghaziabad. Look at them today. Be ready to accept some or the other issues cropping up now and then, be it water seepage or poor electrical work or poor masonry. Remember, the apartment may be of DLF or Mapsco or Vatika or Amrapali or Jaypee or anyone, the building has been made by the lowest bidder.

Another important thing is to preferably stay away from CGHS (Cooperative Group Housing Societies), especially in Gurgaon. A friend of mine who has been staying in one such apartment in Gurgaon has had a horrible time. About 2 years after everyone in that apartment had taken possession, the farmers who had sold that land filed a court case that their reimbursement has not been as per government norms. And the High Court ruled in their favour after which they had to collectively pay about Rs. 80 lakhs. This was first incident. After this, they've paid 2 times more.

I wish government makes more stringent rules to deal with such cases as the common person is always at receiving end.

[Cooltronics]

Originally Posted by 2000rpm

I keep it simple. I target buying "ready to use" properties, though you have to pay a premium for the same. This leaves little scope for surprise, actually none if the documents are properly vetted.
.

Just to add some more information to what you excellently described - people should look out for "Resale Properties" as well.
In cities like Mumbai and well established old city areas of many cities it is very common but in Metros and especially with next gen. buyers - its always pristine new property which comes with its fair share of risk.
What are benefits of "Resale Property"
a) Cost benefit - I have seen them to be upto 50% cheaper as compared to new property few blocks away
b) Well established Management Committee and maintenance processes, all flaws ironed out and cash flows sorted
c) Clear paper work - one do not need to wait for OC or Khata etc.
d) Amenities are well created and no scope of builder shying away any more
e) No tensions about land disputes (one still needs to hire a lawyer)

Now, the money saved can be spent on state of the art interiors and make your house look as beautiful as you want to be.

In today's world, RE has a life of at least 30+ years so 5-10 or even 10+ year property makes complete sense.

[su1978]

We had booked a flat in August 2010 in Amrapali terrace homes which got stalled due to several reasons. Later we even booked a flat in their project called verona heights. We invested in them thinking that the promoter belongs to one of the most prestigious institutions in world, IIT kharagpur. But later realized that he is a reputed conman with a degree. We have other as well in politics.

Out of the two flats, One was on cash and other was Financed. Now we have clearly communicated to the bank for the second one. But all said and done, we do not know when we would be getting the possession of these flats. However, we got one ready to move property in Faridabad. At least the flat was offered to us. But the builder here also happens to be a fraud and has defaulted upon payments to the authorities. His name figures in the defaulter list.

What to do and whom to approach? Builders are criminals and frauds. A common man like you and me has no other option but to fall back upon the non-existent law and order in our country where crime and politics are always hand in glove. Till then:Suffer

[anand_roy]

We bought a flat in Gurgaon in 2010 and are yet to get possession.

The developer had launched multiple projects in succession and work had stalled in between some year back. After talks with the builder failed and with no progress, we formed a welfare association and filed cases in the NCDRC. There are multiple cases filed based on different projects and date when they were filed. Finally, last month we got a favourable ruling where the builder has been asked to pay a penalty and also deliver within a fixed date. If the builder does not deliver within that date, then there will be additional monthly penalties. This is just one case for a particular project where we have got a judgement and judgement for other cases are still to be provided. We hope the judgement for other cases will be in similar lines. Since this is still confidential information, I am unable to share more details, but it was a long road to a favourable outcome.

With the prospect of paying huge penalties, the builder has finally started to deliver and is providing possession in batches.

There were numerous hurdles along the way and we saw first hand how slow the justice system in India is. It is completely broken. The builder used all tricks available to stall and delay. However, justice prevailed, though it was very late. Life has been difficult for most where they are paying EMI's as well as rent.

We have also explored H-RERA (Haryana RERA), however it seems that RERA does not have much tooth yet. Though they pass judgements quickly, however we are yet to see them enforced. On the other hand, NCDRC is tried and tested, though it takes time.

[aniyo]

We bought apartment in Cyberzon Hyderabad. It was ready to move in, new property. Wife's uncle is in real estate so he told safe builder to go. All our formalities was done under a month from Booking to handover.

I will never invest in under construction property

[pavanmadhini]

Unlike all the horror stories, I've had a surprisingly good experience in buying flats in last 2 years.

We booked a flat in Aparna Serene Park in Hyderabad and they actually completed the project ahead of the promised deadline and the flat was ready one month earlier than they'd promised. And the quality was also as good as we'd hoped for.

The other flat we booked was in a Prestige project, again in Hyderabad, and that is also undergoing construction at a brisk pace, and is sold out. So far there have been no delays in construction status, and I'm confident of getting handover on the promised dates.

The data also shows us the same thing - Hyderabad is by far the best real estate market in the country despite so many issues with the economy. No massive unsold inventory or stalled projects.

[lamborghini]

From the other side here - a builder's (or Developer's as we prefer to call ourselves) representative!

If there's one thing I will not disagree with is about how dirty & murky a real estate transaction in India is, especially pre-RERA!
That being said, a lot of changed for the better over the years - and there is definite improvement bound to happen in areas pertaining to transparency, quality, and timeliness.

Why so? Here are my reasons:

1) RERA: RERA was introduced to help real estate purchasers. It hasn't been very successful so far as many states have their own laws & regulations under RERA; and many 'already launched' projects (projects that were already launched in the market before implementation of RERA) have been given several loopholes / an easier time than launches that have taken place post-RERA.
In states such as Maharashtra, RERA has definitely made it easier for a lot of customers, and they aren't shy to call out & fine Developers. Over time as the laws are further refined, it will only help the consumer.

2) Entry of MNCs & Corporates : As competition increases, local players have to adapt or die out.
Godrej, Piramal, Tata, Raymonds, etc. are all entering real estate. These are guys who will play by the book because they simply cannot afford to dilute their brand value - clean transactions, and the ability to deliver! Others are going to have to follow suit!

That being said, I do like how some assume most realtors are associated with politicians / goons. I have to say that while it may be true in smaller towns & cities, it definitely isn't always the case - especially for more reputed developers.
We don't want to work with a politician / goon out of choice, and we definitely don't want them to trouble our customers. Most importantly - Nothing is free in this world, unless you're a politician who is owed a favour.
If at all we need them on board, it is to keep 'local elements' (for lack of a better word) at bay.
Some of the stuff I've seen while working for other developers - the local politico asking you to employ local 'xyz' party to carry out construction work (as compared to someone better qualified), 'RTI activists' trying to extort you by filing false claims, vendors / contractors who are irked at being rejected for a tender and decide to follow you / stalk you, etc.

Some tips to help out, and avoid dealing with criminal organizations:

1) The premium for a clean & cash rich developer is always worth it! You may get a better deal by negotiating with someone who is in dire need of liquidity, but you will also have a higher chance of delays.
2) In addition to the developer point above, In the case of larger developments especially (which always take the most amount of time for completion) - choose a reputed contractor. Most reputed contractors like L&T, etc. focus on quality & timely development while being picky about clients.
3) Listed real estate companies are a safer bet + you have access to their financials to see how sound they are in their ability to deliver
4) Casting slabs are easy - the real delays faced are due to approvals & finishes. Please make sure all approvals are in place, and try to negotiate payment terms such that 30-40% of your payment is payable during finishing stage (as compared to 15-20%). Smaller developers would be in a position to agree to this.
5) If going for a smaller developer, see what all projects are there in their portfolio & at what stage of construction. If all the projects are in approval stage - then he may have issues in funding should the market be slow as it currently is. Ideally he should have his projects spread out across life cycles to ensure proper cashflow. Thankfully, due to RERA requirement of an Escrow account - inflows & outflows are restricted to project purposes only as compared to using inflow from Project A to fund Project B.