NEW DELHI: Housing demand in Noida extension area in the NCR (National Capital Region) has fallen by more than 20% as a consequence to a court order according to which land which was acquired for residential development has to be returned to the original owners. According to some property developers and consultants most of the home buyers are adopting a wait and watch policy following the court’s order and the demand has fallen in the Noida Extension, a part of Greater Noida area. The Allahabad High Court have passed an order and directed that the entire land shall be returned t their owners.
The court’s decision has undoubtedly affected the real estate market in Noida Extension. Buyers are nervous and are waiting till some clarity emerges in the whole scenario. According to Santosh Kumar, CEO (operations), Jones Lang LaSalle (India), demand has definitely slowed down, but it is difficult to quantify the fall in demand. We have not seen any decline in the property rates so far adding that increase in the home loan rate was slowing down the demand. According to Mr. Anil Sharma, chairman and managing director of property developer Amrapali, said that the housing demand has been lowered down by 20% and his project is also affected by the said directions of the court.
The court’s decision has undoubtedly affected the real estate market in Noida Extension. Buyers are nervous and are waiting till some clarity emerges in the whole scenario. According to Santosh Kumar, CEO (operations), Jones Lang LaSalle (India), demand has definitely slowed down, but it is difficult to quantify the fall in demand. We have not seen any decline in the property rates so far adding that increase in the home loan rate was slowing down the demand. According to Mr. Anil Sharma, chairman and managing director of property developer Amrapali, said that the housing demand has been lowered down by 20% and his project is also affected by the said directions of the court.
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