The survey-covering 28 private sector developers, was conducted in 10 cities, Delhi , Mumbai , Kolkata , Bangalore, Ahmedabad, Jaipur, Patna, Kanpur, Allahabad and Indore, between December 1 and 25, by Track2Realty, a single-stop information platform for the realty sector based in New Delhi. According to Survey, Only a poor two out of 10 home buyers , both first-time as well as second-time, are satisfied with the homes they purchased.
A large majority, numbering a whopping 80 per cent, are dissatisfied with the dream homes they bought, says a survey among nearly 2,000 middle and upper middle-class property buyers. A still larger portion (92 per cent) of the respondents is highly dissatisfied with the private developers and would prefer government housing, says the survey.
What is more interesting is that in the absence of any effective regulatory mechanism in the realty sector, 74 per cent of these people would not mind investing in shares of the same realty developer they are dissatisfied with, says the survey. Again as many as 70 per cent of these home-buyers repent investing their life savings in the real estate they bought even though 65 per cent of them saw their real estate price appreciate.
Significantly, out these 80 per cent dissatisfied buyers 31 per cent have already filed or are preparing to file cases in consumer courts against their developers, and 43 per cent of those who have moved the courts or are preparing to do so have refused out-of-court settlements with the developers. Again 87 per cent those polled with double income are already looking for a better home.
The main grouse against the developers include poor construction quality (92 per cent), poor facility management provided by the developers (69 per cent) and 67 per cent are sulking over the hidden costs. Other complaints include delayed possession, and short-changing on the floor area and carpet area among other issues.
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