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Buying a house? Beware! This is horrific experience that may await you

One in every five home buyers will have to wait for at least a decade to get possession of his flat booked with real estate developers, according to a survey. 

Buying a house? Beware! This is horrific experience that may await you
One in every five home buyers will have to wait for at least a decade to get possession of his flat booked with real estate developers. Image source: PTI
Written By: PTI
Updated: Thu, Feb 07, 2019
10:10 pm
PTI
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Buying a house is on every salaried person's mind. However, here is a warning that a prospective homebuyer must pay heed to. One in every five home buyers will have to wait for at least a decade to get possession of his flat booked with real estate developers, according to a survey. 

Almost 50 per cent of home buyers had to wait for three years to get possession of their dream homes, the survey by realty portal Magicbricks said.  

About 16 per cent respondents faced 3-5 years of delay and another 16 per cent had to wait for 5-8 years.

"Inordinate delays in delivery of residential projects by cash-strapped developers remain the main cause of concern for the Indian home buyers," it said.

Real estate sector is facing a multi-year demand slowdown, leading to huge delays in completion of housing projects in the NCR and other cities. Home buyers have been forced to protest on streets and projects site as well as file cases in different courts.

With monthly traffic exceeding 20 million visits and, with an active base of over 1.1 million property listings, Magicbricks provides its users a platform to connect with buyers and sellers of the property.