Realty developers have started offering tower-wise possession and completion in their upcoming projects in many cities. Under the scenario, the developer applies for a partial completion certificate in order to offer possession of the completed section of a project. In the current market, many developers are facing a liquidity crisis and are unable to complete the entire project on time. Tower wise possession takes less time and developers are able to manage the rotation of funds.
Pawan Jasuja, Director of Finlace Consulting Pvt Ltd says, “Developer should provide a dedicated separation between under construction towers and complete towers. The entry and exit of people and construction staffs should be separate. The towers where possession has been offered should be absolutely safe to live and have no intervention of construction activities".
Why are developers offering tower-wise possession in their upcoming projects?
Now a day’s project sizes are bigger when compared to previous days even a portion of the townships project size are in 100s of acres. Developing complete township and enormous size projects takes decades. Shortage of available funds is another factor that is responsible for increasing cases of phase/tower wise possession. Tower wise possession takes less time and fewer funds also. This is beneficial for home buyers also they get possession on time. Development authorities also know these facts and have permitted partially completion certificate so that buyers can get their apartments registered and shift in.
Should buyers accept the offer of possession in a completed tower in an under construction project?
Everything depends on circumstance to circumstance, if buyer requires immediately to move they can however developers ought to ensure that there ought to be dedicated separation between under construction towers and prepared towers. Also, Towers where possession has been offered should safe to live and have no intervention of development activites.
What challenges can a buyer face when he shifts to another home in such project?
When a buyer shift/move to another home they should make sure that developer has provided dedicated separation between under construction towers and ready towers. All security norms and environmental conditions should be livable. The entry and exit of people and construction staffs should be separate and basic amenities should be available.