Real estate India is facing a slowdown and looking at the falling sales figures recent the civic authorities of Gurgaon slashed circle rates in all segments by 15%. This news bought cheers to many prospective home buyers but the builders of property in Noida are not happy with the situation. Already due to present situation in real estate India there is no demand for Noida flats what’s worse the authorities had recently also increased the stamp duty hike. Builders of property in Greater Noida are now worried that now more people will be interested to buy property in Gurgaon than in Noida.
Noida was always a safe destination for all those who could not afford to buy property in Delhi and Gurgaon. But over the years the city has became known for delay in possession over Noida flats. Builders of property in Noida and property in Greater Noida are also notoriously famous for flouting rules and making building before getting all the approvals. Many Noida flats have not got occupancy certificate as the real estate builders have flouted several rules. A property was also demolished for flouting the rules.
Things have worsened for builders of property in Noida and property in Greater Noida as the feel that now the buyers would be more prompted to buy property in Gurgaon. They too are hoping that the state government will also take some action owing to the slump faced by the real estate India. Although the property rates will certainly affect the sales of Noida flats. The builders of property in Noida and property in Greater Noida must understand a simple fact that over the years the customers have lost the faith in them and this is one of the major reasons why people are now not investing in the city.
Many big builders have also opening flouted rules and state government regulation. Some builders have not offered the amenities that it had promised others have delayed the possession timeline. Builders must understand that even though the circle rates of Gurgaon have been slashed but still the city’s properties are very expensive to buy people are currently not buying property in Noida and property in Greater Noida as they feel they will cheated or their money will get stuck. The builders of Noida flats should maintain transparency and they should not fool the customers eventually when the customers trust is restored they will come back in the market.