SC ruling in Noida has come as an eye-opener to buyers
The recent Supreme Court ruling brings to light the fact that the builders need to be more transparent regarding the land they are developing and the buyers need to be more cautious about the status of the land on which their flats/houses are being built.The Supreme Court ruling has come as an eye-opener to all the parties concerned — the state, the developers and end users. The recent happenings in Noida have only made the buyers more circumspect about the builders whose financial well-being is suspect.
Ajay Dabas, director, Certes Reality Ltd, said, “Noida and Gurgaon created products in different price categories, and we don’t see a large shift from Noida to Gurgaon, considering that most projects in Gurgaon are already in the above-3,000-sq-ft category. Demand is likely to go up only in the initial sectors of the NPR like Sectors 109-112, which might see an appreciation in the prices of plots.”
“While there will definitely be a greater demand for properties in the city now, the Gurgaon real estate market itself is not priced on the right lines. The more affordable projects in Gurgaon will sell out more quickly now, but it is areas like Ghaziabad and certain areas of Greater Noida that are more suited to cater to the demand,” said Santosh Kumar, CEO, Operations, Jones Lang LaSalle, India.
Analysts maintained that “some opportunist sellers” are using the Noida developments as an excuse to increase prices, as well as to spread canards about a surge in demand.
The restrictions and cautious approach of the capital markets towards the real estate industry is only too well known to the educated buyers, who should realize that the Noida incident only improve their bargaining power with developers,” added Dabas.
While some said there is a surge in queries related to the pending decision on Delhi’s master plan 2021.
Ruchika Bhardwaj, an analyst, said, “We have seen a surge of enquiries regarding the Delhi master plan, MPD 2021, over the past few weeks and most informed buyers are well aware of the supply of more than 25,000 acres. This supply would apply the brakes on the periodic hikes that most brokers and resellers scare the intending buyers with. We advise caution and a more diligent approach in the project selection by the buyers.”
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