Some developers have again delaying their projects, citing the reason of demonetization. It is huge impact on the real estate sector.
According to Builders, demonetization has hit the realty sector hard as it has historically seen a high incidence of cash transactions. Cash flows of developers have been affected. They are also facing the problem of labour shortage and delay in transportation of materials etc. Due to demonetization, this is impacting the progress of their projects and may also lead to some delay in giving the possession of flats to homebuyers.
The fact is homebuyers are getting affected as some builders have again started delaying their projects. So, what should the affected buyers do? What are the options left before them?
Mr. Pawan Jasuja, Director of Finlace Consulting advises that “There is no denying the fact that some builders may take this situation to their advantage and delay their projects deliberately. Therefore, it is in the interest of buyers to invest in property carefully and go only with established builders with a track record of timely delivery”.