Factors that cause delays in home construction
Why good ventilation is a cornerstone of Nitesh Estates homes
Posted on Feb 9, 2018 at 05:45 PM
A residential construction project aims at creating a space that is wholly personal to those who would inhabit it. That is why a lot of planning goes into every such project in order to ensure that it is also in tune with the current home trends and demands. For buyers, it is crucial to be aware of an estimated timeline according to which they can expect the property to be handed over to them. So, delays in home construction can be very uncomfortable because it can derail all your plans related to the property and even affect your expenditure at times. Nitesh Estates, a leading construction company in Bangalore, examines some of the reasons for delay in homes and complete home construction projects.
Natural factors that cause delays in home construction
Unpredictable changes in the weather are one of the primary reasons why apartments are delayed. Weeks of unpredicted rain or a storm can put a halt to all the construction processes. If the bad weather continues for long, a significant delay can be expected in the entire project timeline. This is one of the factors that cannot be helped and waiting for the bad weather to pass is the only practical solution.
Instability in the financial market
External factors like demonetization, status of the currency, new tax reforms and inflation rate can all have an impact on the performance of a construction project. The fluctuations in the financial market can cause the interest rates on home loans to grow, leading to a reduced demand. On the other hand, inflation has a direct impact on material prices, costs of transportation and labour wages.
Laws and RERA causing delays
The Real Estate Regulatory Authority acts as an adjudicating body in the real estate sector in India. So, all the residential as well as commercial building projects spanning over an area of 500 square meters, have to be registered with RERA. That means any changes made to the regulations and guidelines put down by RERA can have an effect on the construction schedules, even putting them behind in case of discrepancies and non-compliance issues. Due to the law being introduced quite recently there are delays in registration due to backlog as well as changes needed in the plans to adhere to all the facets of RERA. This has led to delays in home construction and possession.
Contractor Delays equal Delay in Homes
Any construction project requires the seamless collaboration of different parties and delays from any one of the numerous contractors is one of the core reasons why apartments are delayed. An overbooked construction crew, lack of proper communication to the construction company, and unexpected delays are all reasons for delay in homes.
If you are planning to invest in real estate, it is important to get in touch with reliable construction companies like Nitesh Estates who have the required experience and expertise to properly manage all aspects of the construction projects and prevent extreme delays in home construction.