Real Estate Developers Either Deliver Projects on Time Or Perish

Some of the realty players, it seems, are at last taking project deliveries seriously. “The thrust this year has been in ensuring quality workmanship, timely delivery and reasonable costs. If you look around, there are several residential projects which are ready for possession,” says one developer.
CHD Developers has completed two projects, one in Karnal and another in Gurgaon. This has given buyers the option to compare the features of the projects on offer – from the quality of construction to the amenities on offer – from a huge supply of ready-to-occupy apartments.
“I feel that reputed developers are consciously constructing projects in phases, which enable easier management and control over construction schedules,” says Samir Jasuja, head of PropEquity, adding, “If this positive trend continues, it will go a long way in helping people gain confidence in the realty sector.”
We follow a strict mechanism and track the progress of on-site construction continuously to make sure every task is completed on schedule. We are bound by our agreements with customers and are liable to pay penalties if we don’t deliver on time. Our commitment is demonstrated with the pace at
which we are delivering our projects in Ghaziabad,” says Sunil Jindal, the chief executive officer of SVP group.
With their commitment to delivery, the NCR projects are adopting the trend of a phasewise completion, so that buyers can check maintenance standards of a society before making the final investment.
If developers are in one of the most favoured development markets like the Delhi NCR, consumers today are aware of the potential of different developments, thereby raising the bar in quality of deliveries.
Recently, Lumbini Terrace Homes (LTH) of Brisk Infrastructure and Developers became the first and only project in the NCR to receive the c ove t e d Crisil 4-star rating for the viability of the project. “We would like to further boost the rating with high quality and timely deliveries,” says Kailash Gahlot, the director of Brisk Infrastructure and Developers.
There are a few real estate players in the market with whom investors and buyers go without thinking twice, only because of their meticulous project planning, stringent quality controls and adherence to delivery schedules.
In the current scenario, reputed developers appreciate the importance of timely possession of houses for customers, most of whom take home loans and live in rented accommodations to boot.
“The real estate market in the Delhi NCR has seen a lot of upheaval owing to numerous issues like the agitation against land acquisition and the subsequent court cases, increment in the rate of interest, bank rates, inflation in the raw material, etc. But, with so much uncertainties, we never lost hope and have completed our projects on time,” says Anil Kumar Sharma, the chairman and managing director of Amrapali Group. Some of their latest projects ready for deliver on schedule include Amrapali Sapphire, Amrapali Zodiac, Amrapali Platinum and Amrapali Village.
“Our projects have been driven with the commitment to deliver on time. I can vouch that we have always completed our projects well in time,” says Sanjay Khanna, the director of Kailash Nath Projects Pvt Ltd.
At a time when the current market sentiment and consumer confidence is at a low, there is an utmost need to stress on fair play, quality of construction and on-time delivery – the reputation of developers hinges on these. The timely delivery of projects will help developers retain customer trust and confidence in these times.
Harinder Dhillon, senior vice-president (sales and marketing) of Raheja Developers, says that customers are now extremely aware and do due diligence on the developer’s background before investing their hard-earned money. The past delivery record of a developer is a major determinant whether a client invests with the developer or not. Those developers who have delivered are better poised to capitalize on the New Age customers.
Sumit Bansal, the joint managing director of Innovative Infradevelopers Private Limited, says: “A few good developers have lived up to the promise and delivered projects on time in the Delhi NCR. This has boosted customer confidence and has made the region very alluring for end users and investors.”
“With late delivery, a homebuyer not only has to wait for an extended period but also have to bear the pre-EMI interest on the housing loan, throwing his or her budget haywire. Therefore, it’s important to check the developer’s track record for timely delivery before investing on a house,” says Bhim Yadav, the chief executive officer of Falcon Realty Services.
Every region has its own advantages and disadvantages, which plays a role in the market price. The agitation over land acquisitions and the court cases in their train in Noida Extension has affected the buying decision of investors and end users in this place. At the same time, adjacent areas like Gurgaon, Ghaziabad and Faridabad have seen a tremendous growth in the real estate market. Although the rates of these areas have gone up, demand has also seen a growth.
“To gain the trust and goodwill and further strengthen our bond with cust o m e r s, which were setback owing to the events in Noida Extension, we are ensuring timely delivery of all our other projects,” says Mohit Arora, the director of Supertech Limited. Puneet Gupta, the managing director of Tivoli Holiday Village, says that timely delivery is the need of the hour and that every developer has realized that if he has to survive he has to deliver within the stipulated time.


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