Noida Real Estate Market Is Ready For A Comeback
Aakash and Niyati Singh, a Delhi-based couple working in a multinational company in Noida, had bought an apartment in a reputed project in Noida's Sector 168. However, the couple is now in a dilemma. The project is stuck, the equated monthly installments (EMIs) the couple is paying stand at Rs 40,000, but, there is no hope of project completion anytime soon. Booked in 2010, according to the Real Estate Regulatory Authority's (RERA) website, the project will only be delivered in 2020. This means it is still a long wait for the Singhs.
But, is everything about the Noida real estate market negative? Read on to know why you should still be up and ready to explore this micro-market:
Unsold could be a boon
Reports suggest that there are close to two lakh unsold units in the national capital region market. Do not get bogged by the numbers. If sales happen before the project is completed, there is no need to worry. Also, after the coming of the real estate law, developers are now focusing on one project at a time. The developers under the recently implemented law should maintain their funds and not divert it elsewhere. Through this, it can be ascertained to an extent that the number of unsold units would anyway come down and for those looking to buy in future, there would be ample choice.
Businesses indicate positivity
New offices, co-working spaces and a lot of new enterprises have made their way into the Noida market. It is a clear indicator that Noida is a thriving destination for commercial property seekers, too. The land cost is affordable when compared to other popular markets such as Gurgaon and rentals are economical, too. According to market reports, four new co-working spaces have sprung up in Film City, Sector 8, Sector 125 and some of the branches in Sector 2 and 3.
With easy connectivity to the Metro, many localities have become a choice for buying or renting a property.
The best man is winning
Some developers are sure that the NCR market has been a success bed, driven by aggressive sales with quality construction. Though there have been some that got in trouble due to proceedings on insolvency and bankruptcy, this is clearly a good time for end users. Industry insiders say that while investors should keep away for a little longer, end-users should make the best of this opportunity.
Attempt to make it easier
The authorities are planning to make registration easier for Noida and Greater Noida property buyers. Given that there used to be beelines at the registry office, this move would be able to address this issue and also lead to transparency. Assistant Commissioner of Gautam Buddh Nagar has informed that homebuyers can log in to the website igrsup.gov.in and they have the option of applying for registry of properties. It also guides in filling the forms and submit the required documents online.
Also read: Things You Must Know About Noida Real Estate Market