Home­buy­ers have fin­gers crossed

HT Estates - - HTESTATES -

isn’t just re­stricted to hous­ing but to con­sumer goods, au­to­mo­bile, etc as well. Muted loan growth too sug­gests lack of con­fi­dence,” says Mo­hit Goel, CEO, Omaxe Ltd.

Some real­tors, how­ever, feel that it’s too early for the mar­ket to re­act to the fi­nal no­ti­fi­ca­tion. “The de­mar­ca­tion of the sanc­tu­ary’s pro­tec­tive zone will have a huge im­pact and will bring pos­i­tiv­ity to the pri­mary and se­condary mar­kets. The Noida mar­ket in the last two years faced dif­fi­cult times and a ma­jor rea­son for this was the un­cer­tainty over the bird sanc­tu­ary. Due to this, buy­ers hes­i­tated to in­vest in prop­er­ties. We are con­fi­dent that the mar­ket will now show pos­i­tive growth due to the res­o­lu­tion of the sanc­tu­ary is­sue and also the re­duc­tion in the in­ter­est rates of home loans,” says Vidya Basarkod, pres­i­dent, sales and mar­ket­ing, Jaypee Greens. Jaypee Greens has over 4500 apart­ments ready for han­dover and will start giv­ing pos­ses­sion as soon as the com­pany re­ceives com­ple­tion cer­tifi­cates from the Noida Author­ity. “We are hope­ful that this will cre­ate a pos­i­tive buzz about our projects and will re­as­sure prospec­tive cus­tomers,” says Basarkod. About the sanc­tu­ary is­sue, Basarkod says, “it did cre­ate a sense of un­cer­tainty which af­fected both the pri­mary and se­condary mar­kets. It was also a cause for fi­nan­cial bur­den to the ex­ist­ing buy­ers due to de­lay in pos­ses­sion but we are hope­ful that this will not have a long-term ef­fect. The mar­ket should show signs of growth and im­prove­ments in the com­ing months. Also cus­tomers are in­tel­li­gent and un­der­stand that this was a spe­cific is­sue and

not a fundamental prob­lem with the Noida mar­ket.”

An­other is­sue which is im­pact­ing the realty de­mand is the de­lay in grant­ing com­ple­tion cer­tifi­cates. With­out the com­ple­tion cer­tifi­cate, home­buy­ers can­not form apart­ment own­ers’ as­so­ci­a­tions. “No as­so­ci­a­tion means we can­not take charge of main­te­nance ser­vice etc from the de­vel­oper and the ser­vices he pro­vides are pa­thetic,” says Ashish, a res­i­dent of a pre­mium res­i­den­tial project in Sec­tor 45, Noida

The two main rea­sons for de­lays in is­sue of com­ple­tion cer­tifi­cates for group hous­ing projects in Noida are (a) non­pay­ment of lease rent for land to Noida Author­ity by the de­vel­oper (b) de­vi­a­tion by the de­vel­oper from sanc­tioned lay­out plans and

car­ry­ing out il­le­gal con­struc­tion work on the project.

“In any case, if the Noida Author­ity dis­plays the sta­tus of com­ple­tion cer­tifi­cates of all the projects on its web­site, it will be easy for the home­buy­ers to find out why these have not been is­sued for their projects, help­ing them plan their next course of ac­tion against the de­vel­oper. In many cases, de­vel­op­ers haven’t even ap­plied for the cer­tifi­cate and are mis­lead­ing buy­ers by telling them that the cer­tifi­cate is un­der process,” says Rahul Rathod, a Supreme Court lawyer and res­i­dent of a pre­mium res­i­den­tial project in Noida.

When con­tacted Rama Ra­man, CEO, Noida Author­ity, was not avail­able for com­ments.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.