There is much truth in the age-old saying, “home is where the heart is”. Your home is not just
a collection of rooms, but a space within which memories have been created and collected
over generations. It is never easy to let go of that home in favour of new builder floor home
constructions. As if it isn’t bad enough to have to give up the family home and relocate while
the new building is constructed, most property owners suffer endlessly at the mercy of the
hollow promises of the builder regarding delivery time of the completed project.
Most builders are hesitant to contractually commit to a project delivery time with penalties for
cases of delay in handover. The standard practice is to win plot collaboration partnerships
with a lump sum amount to the owner at the beginning and then wait to secure finances for
the project via bookings. This leads to delay in payments for goods and services, which in
turn stalls the work progress. As a result, the delivery time keeps extending till all bookings
are finalised and money is secured to finance the project. The stress and agitation caused
will be passed off as an inevitable part of the process.
It is quite easy for the novice property owner to not give much importance to the delivery
time promise when generous sums of money are offered in the initial stages. One assumes
this would be a lucrative deal as the margin of delay could only be minimal as compared to
the financial gains of a large settlement. It is the simplest error to make, yet one of the most
regrettable as the repercussions of a move-in delay are many. Remember, time is money.
Rebuilding your existing home requires a lot of pre-planning. Most commonly, a temporary
residence has to be rented. In cases of unforeseen delays one has to undergo the hassle of
extension of rental contracts, not to mention extra rent payable month after month till your
new home is ready. Not only this, your whole family’s routine is upset as you are often forced
to relocate to a different locality and live with the limitations of a temporary home.
Additionally, any interiors work planned independently for your home is also stalled until
handover. Such uncertainty also makes it impossible to plan for future family events,
functions, vacations, etc.
The builder undertaking a project should have the necessary funds to execute the plot
collaboration project as promised to the client independent of revenue from sale of future
units. This ensures steady flow of payments for all stages of work on the building, making
sure the work progress is on-track. If the contract clearly states a penalty clause for delays
the property owner can rest assured that the builder will do his best to ensure on-time
delivery to safeguard both his money and his reputation.
In Prithu, we have a clear contractual 14-month delivery promise. We guarantee to have all
the funds necessary to deliver the completed house on time, regardless of the timeline of
bookings and sale of units. So don’t be penny wise and pound foolish, chose a builder who
commits to deliver your builder floor home construction on time and guarantee your peace of
mind.
