For copies of Tack2Realty BrandXReport 2017-18 please contact marketing@track2media.com

Why are Indian homebuyers dissatisfied?

Posted on by Track2Realty
Track2Realty Exclusive

Track2Realty Survey: To say that a vast majority of homebuyers in India are sulking would be stating the obvious. A pan-India survey tried to figure out the extent of dissatisfaction and the reasons behind the unhappy homebuyers.

Homebuyer Confusion, Confused homebuyer, Homebuyers grievances, Homebuyers' legal options, India real estate news, Indian property market news, Track2RealtyDissatisfaction among the homebuyers was noticed at every level, and every set of buyers had their own set of grievances. Of course, the level & extent of dissatisfaction is different in different phases of house purchase and ownership.

Only 22% of the buyers in the survey said they received a defect-free home and timely possession. A large 78% of the house buyers repent investing their lifetime savings on the house. 72% of the homebuyers say the property has neither appreciated, compared to other investment instruments, nor did they get a house worth living.

The survey could identify three levels of dissatisfaction of homebuyers – pre-purchase Possession & post purchase. The dissatisfaction is at all the three levels and the reasons of consumer grievances change with the stage of construction.

In the pre-purchase stage delayed possession is something that bothers all the homebuyers. No less than 78% homebuyers complain of delayed possession. Rest 12% of the respondents has other issues ranging from non-responsive developers to poor customer interface.

“I don’t think it is anyway justified that the developer defends the project delay with the excuse that it is not only this project that is delayed. I mean they have made it a habit in their collective consciousness and then say all the projects are delayed, as if many wrongs make a valid right,” says Sujata Mehta in Mumbai.

What homebuyers say? 

Only 22% buyers have received a defect-free home and timely possession

A large 78% of the home buyers repent investing their lifetime savings on the house

72% homebuyers say the property has neither appreciated compared to other investment instruments nor did they get a house worth living

78% homebuyers complain of delayed possession

12% of the homebuyers have other issues ranging from non-responsive developers to poor customer interface

58% homebuyers have faced the unreasonable demands of the developers and this hidden cost of the developer is what leads to buyer dissatisfaction

42% have other reasons of dissatisfaction ranging from lesser carpet area than being promised to mismatch in house specifications

55% homebuyers across the cities have complains with the poor constructions quality

45% are dissatisfied with a number of other customer interface issues, including poor facility management or the high cost of maintenance  

During the possession stage there are multiple of issues and this is the time when instead of the conflict settling down, new issues crop up that spoils the taste of occupying the house. 58% of the homebuyers have faced the unreasonable demands of the developers and this hidden cost of the developer is what leads to buyer dissatisfaction. Rest 42% have other reasons of dissatisfaction ranging from lesser carpet area than being promised to mismatch in house specifications.

“If you resist the unreasonable demand of the builder then your possession is refused. They will ask you to settle the due as per their calculations. An average salaried class with both the rent and the EMI burden over the head can not drag it for a longer period. Ultimately, you are being forced to succumb,” says a dejected Shivam Khurana in Gurgaon.

The buyer dissatisfaction does not end after the possession. Once the home occupier settles down one is confronted with the reality of poor construction quality and customer service problems. 55% of the homebuyers across the cities have complains with the poor constructions quality, while the rest 45% are dissatisfied with a number of other customer interface issues, including poor facility management or the high cost of maintenance.

“As a homebuyer you feel helpless after having made all the payments. The builder is not ready to address any of the legitimate concerns. There are, of course, legal options available but then every homebuyer can not afford the time and high cost of litigations. For the builders, it is a routine affair and a dedicated team is there is handle legal disputes,” says Roshan Mallick, a homebuyer in Bangalore.

There is another set of buyers who complain about the competitive investment failure with the project. As a Noida homebuyer sums up, “I was told that this is the prime plot of the location and with the kind of project the builder is making this project will command the maximum premium. But then the other neighbourhood properties have appreciated more and I feel like being cheated.”

Sadly, this consumer grievance can never be addressed even if the developers’ intention is right and the laws are there to protect the buyers. But the developers can definitely address the other legitimate consumer grievances during the construction cycle, possession and after delivery issues.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also be interested in :