How buying a flat became a nightmare in NCR?

The Indian Real Estate sector is considered to be a grand prospect for investment, but it has been through a number of ups and downs since the very beginning. If we check the current state of the Indian property market, then it is over saturated and a lot many projects are stuck where they were. Whether it is the builder or the consumer – both suffer in different ways and there is a good possibility of a lot going in vain.

One of the many incidents that have taken place from time to time wherein the end users who invested a huge amount of their lifelong savings in different projects ended up being bankrupt or in losses since the builders did not fulfil their promises of delivering their homes ever. The few who were fortunate got whole or some part of their money back, however, numerous people have lost fortunes in such projects.

A similar incident was reported on a hot June afternoon where a group of people gathered together against the Today Ridge Residency of Noida, Sector-135. The people came from different areas and age groups, however, the one thing common was their utter dismay as far as the delivery of their apartments was concerned. All of them were buyers who had booked an apartment and invested a major part of their savings in the Today Ridge Residency project in the year 2010. They were in return, assured of delivery in two-and-a-half years times, however, like many other builders who failed to keep their promises, Today Ridge Residency also could not.

Today Homes is not the only project where the final deliveries were delayed for years; The 3C Company, Amrapali Group and Jaypee Group are the others to name a few. The reasons behind getting any such big projects stuck can be many like lack of funds, unsold inventory, rising debt, a trust deficit among the customers, any legal proceedings, etc. Whatever the reason be, there is no denying the fact that the projects get delayed and the customers suffer – not only monetarily but physically, mentally and emotionally as well.

The year 2010 proved to be a turning stone for the real estate sector where numerous players entered the market with the aim to gain huge profits in the ever blossoming property sector and that is from where the downfall began. Post 2010, the real estate segment has seen a manifold decrease in the numbers whether it is the new projects coming up or the investment that has been made in the property market.

One cannot gain making the other one loose and that too the farmers, on whom our nation depends. With so many big players entering the property market crazily, the farmers had no other option than to protest since it was their land which was manipulated and illegally captured. All this led to several litigations against several builders and big companies over the years and the consequences are fairly visible all across the Indian Real Estate Market.