Although buying a Noida Extension property is highly affordable but still not many people are interested to invest here. Let us take a look at some of the reasons why people are uninterested to invest in a Noida Extension property:
Possession delays: One of the main problems in Greater Noida real estate is delay in handing over the possession of the flat. Several well known builders of Greater Noida real estate are being accused of stalling the projects. Possession delays are a very common problem faced by buyers of property in India. Sometimes possession delays happen due to unforeseen circumstances but sometimes builders of property in India purposefully delay construction to make profits.
Stamp duty hike: Recently stamp duty hike was hiked by 2% for all across the state including Greater Noida real estate and Noida Extension property. Although after protests the hike was deferred by 4 months but still as property in India is witnessing a stagnant phase a stamp duty hike of 2% could prove to be a fatal blow for Greater Noida West property. Builders, buyers as well as investors of Greater Noida West property are unhappy with decision as sales movement is already very slow and this hike will future dampen the sales prospects of Greater Noida West property.
Builder-buyer mistrust: There have been several instances when the builders of apartments in Greater Noida West have sold the property under false pretexts. Home buyers have been fooled into buying apartments in Greater Noida West by believing in fools’ paradise. Many builders sell apartments in Greater Noida West even when the project does not have the necessary approvals. The innocent buyer is duped as he blindly trusts the buyer while investing his hard earned money. Greater builder accountability will help to solve the problem. Recently the government has also announced that their will be a regulatory body which will look at all such complaints. The regulatory body will allow much greater builder accountability.
Litigations: Properties in Noida are wrapped under various litigations like Okhla Eco sensitive zone, land acquisition row, etc. However, while selling a property the builders very conveniently forgets to mention the litigation problem. This creates a bad image for the real estate market and prevents others to put the money in the market. This is another reason why people are hesitating to put their money in Noida Extension property and Greater Noida real estate.