New Delhi: The dilemma for many across the national capital and its suburbs is that they have bought a house but have no home, as they continue to wait for possession for over six years.
However, after a Delhi court pulled up Unitech top bosses for the delays, buyers see some scope for relief.
Pankaj Srivastava is one of those who are waiting for the possession of their homes. He had booked a flat in 2009 with Unitech in Noida sector 117. After a six year long wait, protests and a petition in the court he is still not sure when he will get his house. But the latest court order in a case that sent the owner and two top executives of Unitech to jail in a cheating and misappropriation case has renewed his belief in the judiciary.
He said, "We feel that we can fight, even the rich can go to jail for cheating people like us."
The court order has, meanwhile, left the real estate sector rattled.
While the average delay in possession of houses in Ghaziabad is 29 months, that in Noida and Gurgaon are 30 months and 34 months respectively.
Even though the company's bosses got bail within hours and stepped out of jail in a day, the news shook the industry on the need to deliver on time.
Getamber Anand, president, CREDAI said, "This is a clear message that the law will catch up and developers should focus on execution, delivery and keep their promise made to the buyers."
At a time when the sector is facing a slowdown, troubles have increased not only for home buyers but also real estate sector which faces the risk of default and with over three lakh houses delayed for around eight years, the development has certainly jolted the sector to think about timely possession.
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