Once bitten, twice shy! Realty developers learn from Unitech case, to be more realistic now

Realty developers are learning it the hard way but it is working out in the favour of home buyers.

After the Unitech case, when the management was jailed over multiple delays over delivery, real estate firms are telling the truth about the deadline to their customers.

They are now not giving any imaginative figure and if a project will take six years of time, they will say six.

As per media reports, DLF has increased the delivery time from 36 to 48 months. This way, even customers will not lose their faith in the builders.

Property research firm reported that nearly one-third of more than 25 lakh apartments launched between 2008 and 2014 were delayed by at least a year.

Home buyers have complained to the National Consumer Disputes Redressal Commission (NCDRC), state-level consumer commissions, the Competition Commission of India (CCI) and even filed first information reports with the police where fraud was involved.

"Consumers don't expect houses being built in a year. They also know that there are a lot of other entities involved in building a project. They expect an update and constant communication along with transparency,” Parth Mehta, managing director of Paradigm Realty, told ET.

A spokesman for builder BPTP in Gurgaon told ET timelines have been revised to 48-54 months in most of its new projects.

(Image: Reuters)