Builders apparently in deep financial mess

Builders in Noida and Greater Noida are clearly reeling under financial pressure.

We have seen news of Amrapali asking for financial assistance on pretext of mission completion. We have also seen how builders like Supertech are trying to get their flats booked with offers that don’t sound reasonable.

Some of the builders that appear to be going through an unprecedented lean phase are:

Amrapali

As if selling vacant units in their ready to move projects at dirt cheap prices was not enough, the builder asked its buyer to offer financial assistance to help them complete projects on time. Builder has been the most forthcoming accepting financial constraints leading to delay. However, having invested heavily in advertisements, this was certainly not expected of a group of its size. The fact that none of its delivered projects in Noida have registered lease or sub lease is only adding to the fear.

Supertech

After selling their assets with unbelievable offers like 1-pe-1 free and book at 2%, Supertech is clearly not having a good time. It is expected that the builder owes crores of rupees to authority and like Amrapali, has regularly defaulted on the payments. With the high exposure list, the suspense about the group’s future has only grown leaps and bounds.

Gardenia

Its flagship project in sector 75 was always a disappointment. Neither its sector 75’s project nor sector 46’s project have done well. Though reasonably sold out, the builder has not managed to put enough funds to either of the project. While some funds pushed to Glory (sector 46) helped push construction in few towers a bit, other towers and sector 75 project are still far from possession dream.

Logix

Logix’s foray into residential sector came in form of its Blossom country project in sector 137. That it has fooled its buyers by delaying the project by over more than 3 years already is no brainer.  Even after getting OC for the project, builder allegedly  doesn’t have funds to pay one time lease rent to enter into lease with authority.

Sikka

Its K* projects except for one in sector 78 are all going at a pace where even a tortoise will appear swifter. Not enough funds are apparently devoted to construction activities.

Jaypee

Being consistently degraded by various rating agencies, Jaypee seems to be missing its association with previous governments in UP. With lack of financial support, dis-engagement with high profile contractors has been quite common leading to unbearable delay in possession of projects that shall have been delivered long back.

Shubhkamna

Its project in Greater Noida and sector 137 are perhaps the slowest of all in vicinity. No doubt the financial crunch has gotten better of the usual construction activities.

Other than these, there are more builders like 3C, Unitech, Today Homes, IITL Nimbus who seem to be under deep financial stress to meet their commitments.

Do you feel your builder is going through a tough phase as well? Please do share details if you feel so.

Last updated: July 28, 2015 at 18:07 pm

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Short of money builders offer flat to its employees in lieu of salary | Reviews Suggestions and UtilitiesRomil SingalAshPuneetRishabh Jain Recent comment authors
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[…] builders are going through one of their leanest phase these days. In continuation of our previous discussion, it is learnt that few builders have even stopped paying their employees for over three months. In […]

saurabh sarin
Guest

IITL Nimbus goldenplams in sec 168.. Seems to be going at good pace.. What are your views about this group n project.

Ash
Guest
Ash

You seems to be in very touch of area!
any insight on YEW Sector 22D affordable housing scheme prospects in next 5-10 Years?

its next sector to F1

Cost wise its only 7L to alloties , its worth to keep for 5-10 years?

Ash
Guest
Ash

any idea about investment in Chi-V sector near zero point Greater Noida? any inside news of sampada Livia project. They broke away from Shubhkamna last year

Puneet
Guest
Puneet

Hey I have an apartment in logix blossom county…is it worth the wait or should I succumb out at loss??

Rishabh Jain
Guest
Rishabh Jain

What about Assotech? Assotech also looks in deep financial crisis as it is offering possession only on payment of last installment and also, it is now installing local make/unbranded accessories in flats…

saurabh sarin
Guest

What about Paras in sector 137..

balbir singh
Guest
balbir singh

Do you see any ray of hope …will the buyers get their flats…& when expected from the above builders..

Arsh
Guest
Arsh

Is it mean its not good time to buy a home in Noida extension as they may delay it for long time ?

iceman
Guest
iceman

For the builders – as you sow , so shall you reap

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