In this paper we present new estimates of the coalescence rate of neutron star binaries in the local universe and we discuss its consequences for the first generations of ground based interferometers. Our approach based on both evolutionary and statistical methods gives a galactic merging rate of 1.7 10$^{-5}$ yr$^{-1}$, in the range of previous estimates 10$^{-6}$ - 10$^{-4}$ yr$^{-1}$. The local rate which includes the contribution of elliptical galaxies is two times higher, in the order of 3.4 10$^{-5}$ yr$^{-1}$. We predict one detection every 148 and 125 years with initial VIRGO and LIGO, and up to 6 events per year with their advanced configuration. Our recent detection rate estimates from investigations on VIRGO future improvements are quoted.