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Builders this festive season forced by RERA for on time delivery

This festive season, builders are all focused to complete their pending projects and offer home buyers with luring schemes. Unlike the previous festive seasons, not much new schemes have been launched instead concentration has been put to complete previous projects and sell it out to the prospective home buyers. These are signs of maturing in real estate market, which seems to have appeared after a long struggle phase in the market.

Developers who have pending projects and are going through financial crisis, are planning to join hands with buyers by opening an escrow account. Here, they are planning to use the deposited money for completing the building and then offering it to the buyers. The happy news is, lately Noida and greater Noida authority announced their intention of opening a joint account with real estate developers and complete the long ongoing project.

Praveen Jain, chairman and managing director of Tulip Infratech and National Real estate development council further announced that, developers would concentrate on completion of projects and their handovers. In the coming year between February and March, new RERA rules would be proposed and this is why builders are taking cautious decisions.

A sigh of relief also came with the announcement made for Tulip Violet project in Sector 69, wherein they are offering 10% off on approx. 600 ready to move in projects. It is hence a good opportunity for buyers who were looking forward to some concessions in purchase of property.

Regarding launch of new projects, it would only be seen in areas, wherein possession of land has been taken and also wherein there is demand for new residential complexes. Such measures are taken to organize the real estate sector, and ensure that neither the builders nor investors are exploited during sale/purchase of property.

Lotus Green Developers Pvt. Ltd. is also coming up with a project in Sector 150 Noida during this mid-October. In this project, they are going to utilize their land bank of 300 acres to build properties in joint ventures with Tata Housing and Godrej. It is also going to launch 800 apartments which shall be spread over 20 acres, and would have 2 and 3 BHK apartments.

Talking about Lotus Zing, incomplete projects they are also opting to open escrow accounts with buyers to complete blocks in the pending projects. 2500 home buyers have been approached, who have units in 15 towers and have agreed to contribute to the scheme. The escrow accounts shall be opened with welfare association for completing the work in due time.

TDI Infratech is also planning to launch a 110 acre project that shall be named as Connaught estate; that shall be designed similar to the Connaught place. The first phase of the project shall be launched in this festive season, as confirmed by Ravinder Kumar Taneja, director of the company. Along with it, Gaursons is also coming with a special offer for buyers, wherein 500 units are planned which shall be available for buyers within the range of 50 to 75 lacs.