Homebuyers worried over slow progress of construction work in Patna

Patna, Feb 8 : Despite stringent laws in place and close monitoring by the concerned agencies, majority of the private developers in Patna have taken 80-95 per cent money from the homebuyers without completing the projects.

S.C. Mishra, a retired RBI official, told IANS: “We had booked a flat after the builder company promised to construct the apartment on time. It took 95 per cent of the flat’s cost from us, but only 40-45 per cent of the construction work has been completed till now. The project was started in January 2018.”

“I had a dream of watching the construction of the building in which I booked the flat. Hence I rented a flat in the same area called Ashopur, located on the Danapur Khagaul road. But the slow progress of the construction work has disheartened me,” hge added.

Another homebuyer, Hemant Kumar, an official with the state government, said that he had booked a flat in January 2016, the construction for which started in June 2016 in New AG Colony on the Danapur Khagaul road.

“But the project is not complete yet, despite we paying 95 per cent of the flat’s cost. As per the norms, the builder companies have to take money according to the percentage of construction work being carried out. But in Patna, majority of the builders take 90-95 per cent of the money within two years without completing the construction work,” Kumar said.

“As per their modus operendai, the private builders in Patna take maximum money from the homebuyers of one project and invest it in two to three more projects. This is the actual reason for delay,” he said.

Keeping this in view, some of the homebuyers approched the Bihar Real Estate Regulatory Authority (BRERA) to register complaints against the respective builders.

“We have registered 1,905 cases since the formation of BRERA in April 2018 against different private developers. The cases have been registered for various irregularities, including builders taking maximum money but not constructing the building on time. BRERA managed to dispose of 290 cases till December 2020,” said a top official of BRERA, requesting anonymity.

“Besides, we have also taken suo moto cognisance against various private developers and registered 410 cases. Among them, 42 cases were disposed of till December 2020. The remaining cases are under process in BRERA,” he said.

Patna has some prime locations, especially on Danapur Khagaul road, AIIMS Digha road, R-Block Digha road, Patna bypass road etc. A large number of residential apartments are coming up in these places due to their good connectivity. Homebuyers are showing interest to buy residential units in these places, especially after the formation of BRERA.

“The strict laws of BRERA have put the builders in a situation where they cannot afford to delay their projects. BRERA has also built confidence among the buyers to file complaints for prompt action. Following the direction of the Supreme Court on old and delayed projects, the laws are such that if the builders are found guilty of diversion of funds or delay in the projects, we can force them to pay the buyers with interest,” he said.

“The boom in real estate sector has broader impact on other sectors as well. The banking sector in particular is bullish on it. They are coming forward to give loans for home and commercial purposes as they knew that the projects for which they are giving loans to the buyers will be completed in time and therefore their money would be repaid on time,” said Ramesh Chander, a Patna-based property dealer.

“The future of real estate is bright in cities like Patna. It will also help other sectors such as cement, iron, sanitary fitting, tiles, interior designing etc. There are 247 different sectors dependent on real estate, and it will also create jobs in Bihar. We have great expectations from the authorities to keep tab on the builders and ensure completion of projects on time,” Chander added.

Disclaimer: This story is auto-generated from IANS service.