Real Estate Law
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The builder is being unreasonable. There needs to be a closing date. The date can always be changed. So, I will not sign a contract without a potential closing date, if I were you.
Your specific questions:
Am I being unreasonable
Response 1: No, you are not.
and this is this common practice in new constructions or the builder is unreasonable?
Response 2: The builder is being unreasonable.
Will I get burned by signing such contract?
Response 3: Yes, because you would be at the mercy of the builder. He would not be in a rush to do anything because there is no date. He can drag it to 2018 and still not be in breach of the contract because there is no closing date.
I cannot do because that would be giving you legal advice, which is prohibited by terms of service.