Real estate developers evoke little confidence among home-buyers and it is not without reason. While, this year, a large number of them have been focussing on offering delivery of their existing projects to customers, rather than launching new projects, home buyers are facing a new issue. Several developers offering possession letters have given residents an unpleasant surprise with several demands for charges that were not disclosed earlier.Developers are demanding additional charges under various heads. While some are asking for money in the name of labour welfare charge, others are demanding huge amounts in the name of authority meters. There are other charges that are being demanded by most developers such as a one-year advance for maintenance of society, etc. In some cases, developers are cutting corners by leaving some key interior works for the customers to complete — like keeping the fire safety pipe network inside the flat exposed.
An industry expert said that creativity to cut costs is at its peak as developers are stressed on various accounts. While developers have witnessed their project costs escalate because of delays in execution and completion, it has also resulted in a rise in their overhead expenses on account of inflation.