One in every 5 home buyers needs to wait for 10 yrs to get possession: Survey

One in every five home buyers will have to wait for at least a decade to get possession of his flat booked with real estate developers, according to a survey.

Almost 50 per cent of home buyers had to wait for three years to get possession of their dream homes, the survey by realty portal Magicbricks said.

About 16 per cent respondents faced 3-5 years of delay and another 16 per cent had to wait for 5-8 years.

"Inordinate delays in delivery of residential projects by cash-strapped developers remain the main cause of concern for the Indian home buyers," it said.

Real estate sector is facing a multi-year demand slowdown, leading to huge delays in completion of housing projects in the NCR and other cities. Home buyers have been forced to protest on streets and projects site as well as file cases in different courts.

With monthly traffic exceeding 20 million visits and, with an active base of over 1.1 million property listings, Magicbricks provides its users a platform to connect with buyers and sellers of the property.