How To Smartly Deal With Project Delays
No matter how meticulously you must have planned your project, hurdles will arise in the way. No matter how hard you try, after all, some things are not under our control. Aren’t they? Well, there is always a possibility for project delays. Having Prosperty Chennai these days can prove as a relief.
The following excerpt dives into the details of the event of project delays. It explores what one can do in such situations, what are their solutions, etc.
Golden Rule Of The Real Estate Sector
There is one golden rule in the real estate sector. “Anticipating The Worst” is one key phrase that can take you a long way. Believe it or not, one has to always try to mitigate loss. Anticipating future uncertainties and preparing for them is one such example.
Similarly, project delays can occur for any number of reasons. In some cases, it may turn out to be for the greater good. Whereas in other cases, it may turn ugly. Whereas in some instances it might even turn into a blessing in disguise. Prosperty Real Estate Brokers in Chennai are extremely knowledgeable here.
However, the question is not whether delays will occur or not. At the end of the day, they will occur. But the important question is how they are handled once they occur.
What Can You Do About It?
Well, projects can get delayed for millions and millions of reasons. Often the source of delay happens from the development authority’s side. They are the ones who approve delays to the developer. As a buyer, it is your responsibility to ask the developer to furnish copies of the approvals. These copies are usually received from statutory bodies like the municipal authorities, development authorities, etc. Prosperty Real Estate Brokers in Chennai can guide you through this like a cakewalk!
However, if you are a buyer who has bought on pre-launch rates then it will impact you. When the
project finally receives its approvals, it was well away from the planned layout. The extra payment for a corner plot at a location close to the expressway did not hold. Thus, he had to settle for the next best. Because of this abnormal delay in approvals, it isn’t possible to reinvest in another
project. Thereby as a buyer, you can get stuck! But Prosperty Chennai is truly your way out here.
How To Mitigate Other Risks?
Most of the agreements for Sale or Allotment Letters carry penalties. These penalties are those that developers undertake to pay as compensation to buyers for unnatural delays. Yes, you heard that right! Make sure you check for such clauses when you purchase a property. Also, you can never go wrong when you have Prosperty Real Estate Brokers in Chennai.
In the unstructured market conditions that prevail, there may occur other risks too. In some cases, the river may even flow the other side. For example, when the development authority delayed civil and development work in the sector, the developer invoked ‘force majeure’. This means that the circumstances were beyond his control. Meaning, his hands were tied. Prosperty Chennai is such a company that completely understands the play here.
And in such scenarios, there is no provision for municipal and development authorities to pay compensation to buyers for delayed
projects. Yes, that’s true! This means that the buyers can wait helplessly for their project to get completed. However, good developers may compensate buyers. This compensation is in line with the penalty amount agreed upon during the purchase of the property. Prosperty Real Estate Brokers in Chennai are a blessing in disguise here.
To conclude, as a sole buyer it is extremely difficult to pass through such phases. Project delays can occur for a hundred reasons and you possibly alone cannot do much. With the help of Prosperty Chennai, there’s so much you can do.
They have the necessary resources, documentation, connections, etc to deal with such events. They have trained professionals that have in-depth knowledge about the real estate sector. Their years of experience and skillset can prove extremely handy in dealing with such situations seamlessly. Therefore it is a must to have the best Prosperty Real Estate Brokers in Chennai.