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Properties In Noida: Major Developments Are On CardsBy Expert Author: Vinay Kumar
It was only recently that a big real estate scam was unearthed; the land scam involved huge capital value and the non-production of legal documents by the developer. This is one of the other cheating cases that have plagued Noida City's real estate. A number of other Noida property scams have already been brought into light. The scenario indicates that there is a dire need to take stringent steps to bring the situation under control.
In order to keep a check on the activity of fraudulent property realty agents, a new law has been enacted. According to this new law, every dealer of properties in Noida shall require to get a license before starting his business in the city. Only after the valid registration online and getting license, he shall be able to initiate any real estate practice in the city. The law keeps importance as this will help the buyers from several unscrupulous practices adopted by these brokers. The bill is still to get the nod from Cabinet and legislative assembly. The licenses shall be issued by a local officer once he approves of the dealer's work. A number of grievances of the buyers shall get addressed by such an action.
Another important step taken by the authorities of Noida properties is the plan to reduce the circle rates for commercial and group housing projects. Such a step shall be taken in order to improve the the number of registrations, which dropped significantly when the circle rates were raised last year and the target revenue values could not be achieved. Out of the intended 1536 crore aimed revenue, only 1083 crore could be achieved. For grouping housing scheme, the buyers have to pay an extra 5% for the facilities they get.
The rates of Noida property are expected to see a further drop-down in light of the new developmental land created in Delhi. An aggregate of 70,000 acre land has been created for residential and commercial constructions. The land has been acquired by the Delhi Development Authority(DDA) from owners/farmers, who shall get 40-60% of the developed land in return. With almost 200 villages been identified by DDA for future construction, the predilection of buyers' in Delhi NCR is expected to get diverted from Noida and Gurgaon, at least for sometime.
In the nutshell, one can say that Noida realty market is all set to see a good scale down in prices, in the coming future.
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