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flats-possession

45,000 units to be handed over by March 2017 in Noida, Greater Noida

The real estate developers association of western UP has released a database of 45,000 apartments which it states will be handed over to the buyers in Noida and Greater Noida.

With pressure mounting on builders to deliver pending residential flats, the confederation of real estate developers association of western UP has released a database of 45,000 apartments which it states will be handed over to the home buyers in Noida and Greater Noida, by the end of the current financial year. This also indicates that the twin cities could see a population shift of over 1 lakh in the next 6 months, in conservative assessment.

In the current fiscal year, Noida and Greater Noida builders have handed over 25,070 keys. The additional 45,000 would make the total key handovers of the year over 70,000. Experts say, this is very positive move by builders. This mission possession will change the sentiments of buyers and investors and help in reviving the real estate market of the NCR region.

We have compiled database on the basis of inputs from the developers operating in Noida and Greater Noida. While many of them are giving possessions, the remaining will hand over the units by March 2017. Already 25070 units have been delivered by now and approximately 45000 more will be ready for handover by the end of this financial year to meet buyer’s demands,” Deepak Kapoor, president Credai Western UP said.

Regions of Noida and Greater Noida are home to number of housing projects under various construction stages. But construction works were halted under various circumstances and possessions of flats were also overdue.

Lakhs of home buyers in Noida were affected because of construction and possession delays due to one or the other reason. The data has sprung new hope among home buyers.

Only offering possession is not the solution. It is important that amenities like roads, power, and water-supply also be offered. For the people who have shifted already, there have been major teething troubles in terms of maintenance charges and facilities. Healthcare facilities for these new residents should also be created,” Indrish Gupta, co-founder Nefowa (Noida Extension Flat Owners Welfare Association), said.

We see multiple benefits of [population shifting to this region as the cities would increasingly become a hub of new residents, leading to a multi-pronged development in the region,” Kapoor added.