With the largest volume of unsold inventory in the region, the natural course of action did take place. Quoted prices have dipped bringing in the time correction factor. Developers seem to have given-in to price resistance to boost sales.
For an end-user this may be a good time with attractive discounts and deals floating in the market like no pre-EMIs, customized payment plans, free maintenance up to a year, assured rentals and even assured possession or money back schemes.
With RERA around the corner, builders are also gearing up to ensure timely delivery rather than launch new projects. This explains the sharpest decline in the number of new launches in NCR, to the tune of 50% in the first half of the year.
Moreover, consumers are also shifting focus to ready-to-move-in units or those that are nearing completion. Increase in land allotment rates will further put a check on new launches because developers are cash-strapped at the moment.
Interestingly, those who are unable to complete their projects within a set time can now surrender the land to the authority, which can fetch 70% of the deposit value. This would help in financing the completion of the project after which a fresh allotment process can be initiated.
Meanwhile, focus of the buyers is largely the affordable segment. Although there is enough inventory in this budget, sales velocity is expected to remain muted for a little longer. This works well for builders with a good and clean track record as well as end-users who get to identify quality amidst the quantity. Office space absorption is also healthy, helping Noida retain the image of a bankable, investible destination.
Will buying a home in Noida become costlier in the future will be decided by the survey undertaken by the Gautam Budh Nagar district administration. It has decided to carry out the annual revision of circle rates.
Noida Authority is also going tech and aims to roll out details of properties, allotment letter, transfer of memorandum, occupancy certificate and more online. This will address consumer concerns a lot more transparently.
On the whole, researchers have noticed that at the current pace of sales, it may be difficult to exhaust the already existing inventory in the Noida market. Both buyers and sellers are waiting for respite.
SOURCE: CREDAI NCR
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