New flat buyers to pay 15 per cent extra
The approval of the Greater Noida master plan by the statutory body of NCR Planning Board is all set to push the real estate prices in the region amid indications from developers that they would go for a price revision once the draft gets approved by the board.
New buyers may have to end up paying 15 per cent extra while prices for existing flat owners waiting for possession of property may not change. The reasons for increase in the price are slump in demand for housing, high land-prices, huge input costs, etc. The draft plan is almost set to get final approval.
Also the move of NCRPB statutory committee to place in the rider of 16% green belt and construction of 20 to 25% of the houses for the economically weaker section (EWS), may also contribute its bit to the price revision on the higher side as builders may pass the burden on to the buyers.
Vice-president of confederation of real estate developers association of India (CREDAI), Anil Sharma said that there was a consensus among the builders about not revising prices of the existing flat owners waiting for possession, but there could be some revision for the new buyers. But that is only after the board gives the final approval to the master plan.
To read more real estate news:
Noida developers warned of illegal constructions
Source: The Times of India
Confederation of Real Estate Developers' Association of India, Construction, CREDAI, Economically Weaker Section (EWS), existing flat owners, final approval, Greater Noida, Green belt, NCR Planning Board, NCRPB statutory committee, New buyers, price revision, Real estate prices
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