Supreme Court’s judgment on the Amrapali saga has restored faith in homebuyers.
It was in 2010 that Pashupati Sharma, a Delhi resident, booked a flat in Amrapali Group’s Smart City project in Noida Extension. He was around 33 years old at that time and his daughter was just a few months old. He had bought the flat with a hope that his daughter would grow in her own home instead of a rented one. Today his daughter is already 10 years old and he is still living in a rented accommodation in Noida Extension area with no idea when he would get his flat and whether her daughter would be able to experience living in her own home before she moves out for higher studies.
There are tens of thousands of such stories across the country, especially in Noida and Greater Noida, where home buyers are still awaiting possession of their homes despite paying the full cost of their flats. Most of them are paying their EMIs for almost a decade and paying rent at the same time because they are not able to move into their homes which were due to them years back.
According to a research by ANAROCK property consultants, as many as 220 projects equalling 1.74 lakh homes are completely stalled in the top-seven cities alone. Launched either in 2013 or before, these projects have absolutely no construction activity going on. The overall value of all stalled units is estimated to be more than `1,774 billion. Most of these projects have been grounded due to either liquidity issues or litigations. Almost 66 per cent of these stalled units (approx. 1.15 lakh homes with approximate cost of `1,111 billion) have already been sold to buyers who have been left in the lurch - at the mercy of either the concerned developers or the law of the land.
Denne historien er fra September 2019-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 2019-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.