??|?? July 26, 2012 ?? 12:19pm ??|
NOIDA: Even as the three development authorities of Noida, Greater Noida and Yamuna Expressway maintained that the hike in land rates announced on Wednesday was long overdue, realtors remain apprehensive about the impact due to the increase.
Many developers felt that in the backdrop of the unresolved land row and long delays in delivering projects, the real estate sector is in the grip of a slowdown. Direct conflicts with farmers in Noida Extension have also pushed the builders on the back-foot further resulting in cost escalation of existing properties.
?In the past few months, Noida has not seen any major launch of a real estate project. While residential properties are showing good price appreciation, with even halted projects in Noida Extension shooting up by 40%, the government is yet to offer any formal clarity on the situation,? said a real estate broker. ?Now that they have announced a steep hike in land rates, the developers are bound to feel the heat,? he added.
Several developers said that the hike announced would impact the real estate market considerably. ?The increased land costs will definitely impact the group housing sector and the burden will have to be borne by the investors. However, we see such a hike every year and it will not really lead to a slump in the real estate market,? said RK Arora, CMD, Supertech.
?Noida and Greater Noida continue to be favourable destinations for developers as both locations have very good connectivity with Delhi and land has been made available by the government at cheaper rates as compared to other NCR areas like Gurgaon,? he added.
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Source: http://www.indianrealtynews.com/real-estate-india/noida/developers-anxious-over-hike-impact.html
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