Business Standard recently had an article about research compiled by PropEquity focusing on delays in project construction and possession. The report states a delay of 14-30 months can be observed across all major cities for projects that started 2008-2010. The report further states builders are now changing the completion clause in buyer agreements from 3 years to 5 years. Hopefully, this results in better “on-time possession” batting average but, part of me is afraid, it could result in even longer delays than we see today.
In the same news article, a real estate executive claims government approvals and litigation issues are contributors to project delays.
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