The latest deadline for the Dhauli Heights housing project in Bhubaneswar, India, was extended to March 2024 due to several delays. Homebuyers are unhappy by these continued delays because they had originally anticipated having their flats by 2016. The project's partners, Odisha Cooperative Housing Corporation Limited (OCHC) and Odisha Police Housing and Welfare Corporation Limited (OPHWC), have an unpaid balance of Rs 3.12 crore, which is the cause of the delays. To settle this amount, OCHC has asked for an additional six months. The Indian real estate sector needs better project management and accountability as a result of these ongoing delays.
The Dhauli Heights housing project in Tamando, on the outskirts of Bhubaneswar, has once again found itself with a new deadline, causing frustration among homebuyers. This project is managed by the Odisha Cooperative Housing Corporation Limited (OCHC) in collaboration with the Odisha Police Housing and Welfare Corporation Limited (OPHWC).
Cooperation Minister Atanu Sabyasachi Nayak addressed this issue in the state assembly last week, explaining that the remaining construction work must be completed before the allocation of flats to homebuyers can commence. This development has cast a shadow of uncertainty over the project, with the latest deadline set for March 2024.
However, this isn't the first time that Dhauli Heights has faced delays and missed deadlines. The project, which originally commenced in 2014, was initially expected to be completed by 2016. To exacerbate the situation, OCHC initially entered into an agreement with a private developer for this project, but the developer failed to meet the completion deadlines. Subsequently, the contract was transferred to OPHWC. Despite this transition, the project remains incomplete.
The primary reason for the latest delay is a financial matter. OCHC has disbursed Rs 5.48 crore to OPHWC as part of the project's funding. However, there remains an outstanding balance of Rs 3.12 crore, which has contributed to the project's protracted timeline. OCHC has reportedly requested an additional six months to settle this remaining amount. This protracted ordeal has left many homebuyers in limbo, eagerly awaiting the completion of their flats. These delays have not only caused inconvenience but have also raised concerns about the viability and transparency of the project.
As the Dhauli Heights project grapples with its latest deadline extension, it highlights the challenges associated with real estate projects in India, particularly when they involve multiple stakeholders. Such delays not only inconvenience homebuyers but also affect the credibility and trustworthiness of housing corporations and developers. Efforts should be made to learn from these experiences and implement measures to streamline the execution of housing projects. This includes improved financial planning, effective project management, and accountability among all stakeholders.
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