Finish existing projects before starting new ones: Credai to builders

Delhi/NCR
Real estate body Credai on October 30 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.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/finish-existing-projects-before-starting-new-ones-credai-to-builders/77724.html