Buyers adopting a Wait-and-Watch Policy as Prices may Go Up
“Noida as well as Greater Noida offer a wide range of affordable housing, so the demand cannot go down for such units. At present, there is confusion in the minds of buyers because of the SC order. This should settle down in the next fortnight,” said Getamber Anand, vice-president CREDAI.
However, while many property agents believe that realty prices in areas such as the belt along the Noida-Greater Expressway, Indirapuram and Greater Noida would see an upward trend in the next three-four months, many think the market trend would remain stabilized.
What was a booming piece of real estate till about two months ago today wears a deserted look. Confusion prevails over Noida Extension. But property pundits remain optimistic even as they say that housing demand in the area has fallen by at least 20% following the earlier court order — of May, 2011 — directing return of land acquired for residential development to the original owners.
The SC order is unlikely to have much impact on realty prices in the area as there are already fears of an excess supply of residential housing in the region. “I do not think it is going to impact the prices as high interest costs have already slowed down demand and due to excess supply, buyers have many options,” said the realtor.
Client walk-ins have certainly plummeted in view of the SC order and the affect can be seen across Noida and Greater Noida. “Demand has definitely slowed down, but it is difficult to quantify the drop in demand. We have not witnessed decline in property prices so far,” said a property broker from Greater Noida. A realty expert claimed that if more such farmers looked for relief and the verdict given in their favour, the real estate business would definitely be hit.
“It is difficult to say where the property market is headed. Also, the endusers would not want to block their money considering the prevailing scenario of the entire Noida Extension area,” said an expert from a leading real estate consulting firm.
“There may not be an immediate impact on property prices and demand in Ghaziabad, Noida, Faridabad and even Greater Noida,but once existing supply gets exhausted , property prices may go up,” said Mubarak Ansari, a real estate consultant from Noida. “Currently, prospective homebuyers are apprehensive despite assurances of developers. People are afraid to invest their hardearned money. But after things are clearer, end-users should once again start buying homes. One of the best features of Noida and Greater Noida is affordable housing and connectivity ,” he added.
Developers and consultants said most prospective homebuyers are adopting a wait-and-watch policy before any further purchase in the Noida Extension area. Even areas in Noida and Greater Noida have not experienced any significant demand for residential housing either. And as property prices in Noida Extension are significantly lower than those in other NCR townships , realty rates there are unlikely to get affected.
“If farmers started selling their land directly to builders or started plotting their farmland, this would pave the way for illegal colonies and illplanned development,” he said.
Times of India
Delhi NCR, Farmland, Ghaziabad, Greater Noida, Homebuyers, Illegal colonies, Indirapuram, Noida, Noida Extension, Noida-Greater Expressway, Property Prices, Realty prices, Residential development
