Finish existing projects before starting new ones, builders told
Builders have been asked to complete pending projects first, before starting new ones," Credai NCR president Rohit Modi said
Oct 31, 2014
Source : The Times of India
Credai NCR

 

NOIDA: Real estate body Credai on Thursday said it has urged builders in NCR to not launch new projects before completing existing ones.

"Most of the genuine developers try to deliver on time, since delays lead to higher construction cost for the developer due to inflation and escalation of material and labour cost. So, they have been asked to complete pending projects first, before starting new ones," Credai NCR president Rohit Modi told TOI.

However, despite the push from Credai, most builders in Noida and Greater Noida are at least two to four years behind schedule. Delay in environmental and pollution board clearances often result in delay in project completion. "At a time when some builders are running two to four years behind schedule, with some having taken 70-90% payments, there is no reason why they should launch new projects without completing existing ones," said Indrish Gupta, a member of the Noida Extension Flat Owners Welfare Association (NEFOWA).

NCR Home Buyers Group also demanded clarification on possession dates. "People need clarity and commitment on the dates of possession. The elusive dates given by builders won't work anymore as we intend to make our protest stronger," said Markandey Mishra, a member.

Latest Realty News

Land pooling is against SC ruling: CPM
Oct 31, 2014
GUNTUR: Coming down heavily on the State government, CPM affiliated raithu sangham has said that the entire process of land pooling is against the Supreme Court (SC) directives and norms of Land acquisition Act
DDA told to seal revised master plan
Oct 31, 2014
NEW DELHI: The urban development ministry on Thursday directed Delhi Development Authority (DDA) to finalise the revised Delhi Master Plan
Bhubaneswar Development Authority City Centre future tense
Oct 31, 2014
BHUBANESWAR: The Bhubaneswar Development Authority (BDA) has recommended the general administration (GA) department to take back a vast patch of land, where BDA City Centre (earlier Nicco Park), is running
Enforcement directorate plans to attach Seashore property
Oct 31, 2014
BHUBANESWAR: The enforcement directorate (ED) is planning to re-attach the Seashore Group's properties, which were earlier seized by the Crime Branch
BMC to lease out spaces in markets
Oct 31, 2014
Bhubaneswar: The municipal corporation has decided to lease out its share of space to traders and business houses after it failed to sell them
FDI in real estate may double after easing of rules: NAREDCO
Oct 31, 2014
NEW DELHI: Foreign direct investment (FDI) in the real estate sector could jump over two-fold in the next one year
HCL chairman Shiv Nadar buys Rs 115 crore Delhi bungalow for daughter Roshni
Oct 31, 2014
NEW DELHI: In one of the latest bulge-bracket property deals in the national capital, HCL chairman Shiv Nadar has bought a bungalow in the Friends Colony East area of Delhi for Rs 115 crore
Real Estate Industry Hails Government Move to Ease FDI Rules
Oct 31, 2014
New Delhi: India's real estate industry hailed the government's decision to relax FDI rules in construction sector
Easier FDI in real estate means govt is inflating India’s urban housing bubble
Oct 31, 2014
New Delhi: India's relaxed rules for foreign direct investment (FDI) in construction will make it easier for foreigners to invest in real estate
Delhi Development Authority to have incentive policy for green buildings soon
Oct 30, 2014
NEW DELHI: The Delhi Development Authority is drafting a policy on financial and non-financial initiatives to promote green buildings in the national capital

Latest Realty News Of State

Realty Talk's