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Property In Noida: The Dismal State Of Affairs
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In the light of current extortionate price rates, the buyers are shying away form making any purchase. A city like Noida, that offers affordable properties, too has failed to pull in enough buyers to market. High interest rates, economic inflation, and rising cost of living have, cumulatively, have exerted a negative impact over their sentimentality. As with the other NCR regions, the demand-supply ratio is a highly mismatch value. Exodus of supply with only selective takers has resulted in a high inventory of unused inventories. With interest of buyers gone cynical, Noida properties market stands only a little chance.
The sellers of property in Noida, exasperated with negligible sales, are coining new strategies to give furtherance to their projects. While around festive season last year, it was all about discount offers and freebies, now, it is 40-60% offers. Under these, a buyer needs to pay an upfront amount of only 40% of the total worth of property. The rest, they can pay once flats come in their possession. While most of the buyers are unwilling to take long-term liabilities, there are a few who are finding such preposition by sellers attractive. It is either the section of buyers with immediate property requirements or the investors looking for long-term returns that seem to interested in rolling out a substantial part of their incomes.
Though the scenario seems quiet bleak, a silver lining is still peeping out from behind clouds. Developers and builders have pinned their hopes on the period post elections. The results are already out and it will take at least six months to see on which side the camel sits. The futuristic scenario of properties in Noida will depend on the stability of new government and the policies that it comes up with.
The recent verdict by Allahabad Cort has put restrictions on Floor Area Ratio to be used by developers. According to the verdict, sellers are barred from using 30 msft FAR in their ongoing projects. This, in turn, would result in a further hike in land prices. According to Jones Lang Lasalle, the land price rates are expected to get appreciated by about 20% in light of the court's decision. And it would, ultimately, put extra burden on buyers' shoulders and they would continue with their willy-nilly approach.
Amidst all this, some renowned builders have continued launching new projects in Noida and Greater Noida. Ansal Properties is keen to invest 130 crore on an IT SEZ in the city. Godrej Properties too is prepared to foray with its new project in Noida.
Makaan.com is an eminent Indian real estate website that connects buyers and sellers of property in Noida. The site features cheap, budget, and luxury residential properties across Delhi NCR.
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