#Sorry Property Buyers, Noida Flats To Become Expensive
Home buyers fighting from builders to get possession of their property from builders get ready for another shock from NOIDA. As per Uttar Pradesh Stamp and Registration Department, Registration Charges will be increased from 5% to 7% .The Move is targeted to bring NOIDA registration rate same as rest of the state as per news published by The Times Of INDIA.
NOIDA Property Buyers : The Complete Story
July 8, 2013 : Petition filed in the NGT, demanding that construction work around Okhla Bird Sanctuary be stopped. Builders Stop Construction possession delayed for about 2 years.
August 19, 2015: Eco sensitive zone of Okhla Bird Sanctuary notified by Center and Construction of the properties which were affected resumed.
Till Feb,2016: Most of the builders don’t have Completion Certificate (OC) .About 26 Developers which received OC which had about 16,000 flats out of which only 800 flats registered.
Last year after the gazette the Revenue and Stamp Department had similar plans to do the registry rate hike but did not do after several campaign by various organizations. They realized that that would have had adverse impact on the home buyers and sellers. Till now only 20 percent of projects have received OC and have registry option open but remaining 80 % will be adversely affected if this proposal is passed.
Perhaps NOIDA Real Estate market will further weaken .In NOIDA most of the expressway properties launched in 2009 are available today at prices of 2010 the main reason in this being erratic construction of the developer because of which project which had delivery timeline of 3 years have not been delivered in 7 years.
Even ready to move in properties are available at 2013 prices primarily because of oversupply housing inventory.But Expert Investors believe this is the best time to buy Real Estate since after absorbtion of these unsold flats prices can hike any time.
Some of the best selling ready to move in properties are :