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Possession drive by builders to accelerate Delhi-NCR realty market

The real estate developers in Noida and Greater Noida are set to deliver around 45,000 housing units by the end of March 2017, bringing sigh of relief to many home buyers.

The real estate market of Noida and Greater Noida is riding of new wave of realty growth where developers are putting their maximum efforts to deliver residential units by the end of this financial year to the customers. This drive has been welcomed by real estate fraternity. According to market experts, this move will help in reviving current market sentiment.

According to Deepak Kapoor, President CREDAI Western UP a close to 45,000 flats will be delivered in Noida and Greater Noida by March 2017. He said, “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 25,070 units have been delivered by now and approximately 45,000 more will be ready for handover by the end of this financial year to meet buyer’s demands. ”

Most market experts believe that this drive is influenced by a series of government decisions and laws passed in last few months. The RERA Act 2016, has increased the interest of genuine buyers which ensures strict obligations on quality, material and coupled with timely delivery of the units. Ministry of Housing and Urban Poverty Alleviation has imposed 11 per cent interest as penalty that developers have to pay for delay in possession of housing projects. However, this rule is only applicable to all Union Territories that do not have their own legislative bodies. The new resolution in Real Estate Investment Trust (REIT) rule gives freedom to investors to invest more in under-construction projects.

The new exit policy which has been sent to UP government to take a final call by Noida and Greater Noida Authority will boost builders to complete their ongoing project nearing completion and give possession on time. Experts say these rules will benefit developers in broader way in coming future, as the fear of penalty will push them to complete the project within time. Shyam Singh, executive at Antriksh India, which has many ongoing residential projects across Delhi-NCR regions says, “Antriksh Group has delivered over 3,900 housing units in Antriksh Golf View 1, Golf view 2  in past one year and plans to deliver over 4,000 units in next one year. Projects that are 60-70% complete, speed up the construction to meet the possession promise on time”.

Avneesh Sood, Director, EROS Group says, “Our project Eros Sampoornam is in Greater Noida West. The project will be delivered in 4 phases. We will be delivering around 1768 apartments this year itself as committed to our customers.”

Ashudeep Batra, ED- Exotica Housing says, “In first phase of Dreamville, we will be offering possession of 744 apartments till December 2016. Launched in 2010, our plan is to offer possession to families from this festival season till year end. Our T4, T5, T6, T7, T8, T9 and T10 are ready and soon we will obtain completion certificate as it has been applied long back. “.

Suresh Garg, CMD- Nirala World says, “Nirala World will be offering possession of 1948 apartments in Nirala Estate project at Gr Noida West till 2016 end. We are ready to offer possession in all 18 towers along with club house, pool, park, parking, open gym etc. Soon we will receive completion certificate from authority and assure our buyers to get finest quality, products, equipment and finishing in the region. “.

According to Alok Srivastava, assistant general manager at Gaursons “Gaur has given possession of around 6,000 flats in Gaur City, in the last six months and another 4,000 unit is ready to be handover to the customers in next couple of months in same project”.

Apart from these major realty players of Delhi NCR regions such as Supertech, Amrapali, Arihant, JP Group, Gulshan Homz, Ajnara India etc. have lined up their projects and speed up their work to deliver around 45,000 apartment by the end of this financial year.