Investing in real estate is not just another hunting & approaching game! At least not in Noida Extension!! The location of entire Noida Extension was a bustling hub for property business till last year. This was the place where one could easily book his dream home suiting his pocket. And this was the reason why it became favourite amongst all property investors after Delhi. But now, the entire belt wears a deserted look. However, the situation may improve within a short span of time but there seems to be no end to the uncertainty looming over the fate of these projects.
Decline in Sale
According to the industry experts, the bookings of flats or villas / bungalows in the Noida Extension belt have fallen up to 70-75%. However, the builders are trying to portray as if everything is under control but they are also feeling the heat of the issue. Most of the investors or home buyers are asking for money-back with due interest. This way, the builders may face great loss. Moreover, brokers and property agents also have a different story. There was a time when they could easily close an average of 25-30 enquiries over weekends. But today, the business has declined up to a large extent. Who should be blamed – the farmers or the Greater Noida Authority or the builders?
Who’s the Culprit?
It is not the builders’ fault, certainly. However, the dispute started between the farmers and the Greater Noida Authority but it is the common man or the home buyer who has to bear the brunt. Today, the entire belt of Noida Extension comprises of different projects by around 50-55 developers. But with thousands of existing buyers in panic over the fate of their bookings, the region has turned in to a risk zone.
The problem is not limited to the projects on disputed land. Now the home buyers are not ready to trust other builders too. The issue started with Sahberi Village has gradually extended to other adjoining villages like Patwari, Hebatpur, Bisrakh, Itteheda, Ghanola, Mancha, Devna and Roja-Yakubpur.
Initiatives for Betterment
Recently, the builders’ association CREDAI has requested the Greater Noida Authority for a letter that will clearly outline which plots have been hit. They make sure that the prices remain where they were at least for a couple of months. But that could change depending over the discussions between the authority and farmers.
However the advantages that Noida Extension offers are incomparable but home buyers have shifting towards locations like Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension. Experts say that even the Court would not easily harm the investments of over 30,000 home-buyers in Noida Extension. The bench also questioned the urgency clause invoked to acquire the land, denying the land-owners the right to file their objections.
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