Anuj Puri, Chairman – ANAROCK Property Consultants
Self-redevelopment of old, dilapidated housing projects in cities like Mumbai is a much-talked-about new phenomenon and is rapidly catching on because it is, in many cases, a practically possible proposition. Self-completion of stalled projects is, however, another ballgame altogether.
The issue of stalled or delayed project is one of the major pain points of the Indian real estate sector currently. With buyers feeling the heat of delays, it is not surprising that some are now considering completing the projects themselves.
This falls within the realm of possibility if the project in question has sufficient cash flows but is delayed for other reasons.
Rather than being victims, some buyers prefer to take matters into their own hands and are forming groups, hiring contractors and even consulting with Government authorities about the process of completing their projects themselves.
The Challenges of Self-Completion
Realistically speaking, it is a mammoth task to build a real estate project, and only experts within this domain will know the inherent challenges. Projects stuck due to land ownership titles flaws or litigations may not be doable self-completion propositions for buyers at all.