Delay in delivery pushes people go for resale property

 

"About 74 percent home buyers across India are negotiating for a ready-to-move property," real estate market news portal Track2Realty's survey titled 'Home Buyer's Satisfaction Index' said.

Mumbai: Owing to delays in project completion, most of the people prefer to go for resale property, which gives them instant access to property and also locational advantages with all amenities in place, a study reveals.


The survey says out of the remaining 26 percent, who opted for new launches for price discounts, as many as 82 percent were now repenting their decision, mainly due to delays in the project completion.

The survey was conducted in Delhi, Mumbai, Kolkata, Bangalore, Kochi, Ahmedabad, Chennai and Patna.

About 68 percent of buyers prefer ready-to-move property because they could avail of tax benefits only after getting the possession of the house, it says.

"Saving tax on the EMIs is one of the big reasons why eight out of 10 plan their house buying," it points out.

Around 92 percent of the respondents agreed that buying under-construction property makes them suffer double blow of paying rent and EMI and not getting any tax benefit.

Nearly 52 percent were ready to pay slightly more for a ready-to-move property because they wanted to make sure who their neighbours would be and the overall community profile.

Delay in the delivery was cited as a major reason by almost 92 percent buyers for reluctance to book a new launch.