17th August 2022: Real estate as an industry contributes to a lion’s share of India’s economic development. For the average Indian property seeker, affording a dream home equals investing life-long savings. Despite investment, there have been countless victims of severely delayed and halted housing projects. According to a recent analysis by real estate consultancy Anarock, there are 500,000 homes worth Rs 4.48 lakh crore stuck across seven micro markets in India. Highlighting the plight of such disgruntled homebuyers, Moneycontrol, India’s leading market and finance platform, has introduced ‘India’s Most Delayed Residential Projects.’
This dedicated microsite shares detailed information about stalled and delayed construction projects through various sub-sections. Under Delayed Projects, one can find a list of hampered projects from Mumbai, Greater Noida, Bengaluru, Gurugram, Noida and Ghaziabad, where buyers await possession of their houses. Its Distressed Home Buyers section sheds light on the agony of homebuyers. The Expert Comments section provides legal suggestions regarding property purchases from industry spokespersons, while Rera Complaint includes a step-by-step guideline for homebuyers to file complaints in the event of delayed or no acquisition of property invested in. The microsite also includes photos and videos of homebuyers who have been paying EMIs for 5-10 years but still await possession of their dream homes.
Sharing her thoughts on the situation, Vandana Ramnani, Editor, Real Estate, Moneycontrol, said, “While reporting India’s Most Delayed Residential Projects series, the Moneycontrol Real Estate team stumbled on the heart-wrenching stories of hundreds of homebuyers waiting – for more a decade in many cases – for their dream homes after investing their life savings and taking bank loans. It’s been a treacherous path for them from the time they book an apartment, a path that runs endlessly through government offices, tribunals and courts. The aim of the series is to turn the spotlight on the lakhs of distressed homebuyers and potentially nudge all stakeholders, including developers, to find a solution to their agonising wait for homes.”