Yamuna Expressway Industrial Development Authority (YEIDA) will hold the meeting in Noida on tomorrow formally authorised the Project Settlement Policy (PSP). The PSP is expected to rescue sick realty projects in the area. The board meeting agenda has a zero period for builders.
The Project Settlement Policy has already been adopted by Noida and Greater Noida authorities in last month. The policy is focused on helping thousands of home buyers, rather than the builders. It plans to address issues concerning the realty sector, including delayed and sick projects.
Yamuna Expressway Industrial Development Authority will also approve the implementation of zero period for realty projects, which had been delayed in the Greater Noida (west) area, following a 2013 National Green Tribunal order. Realtors have been demanding that the period during which work on the sites was stopped be declared as ‘zero period’.
This decision will surely benefit the realtors of the area on whom huge fines in terms of interest were imposed.
Due to Demonetisation there are lots of question arising in mind of homebuyers, whether property price will be down or not? Home loans interest rate will increase or decrease in upcoming year and many more. According to today’s scenario some builders are assuming that real estate sector is driven by sentiments rather than reality. It may be possible due to demonetisation, for short period of time real estate market will go down but for long term there will be not affect. For coming 2-3 months property prices may be decrease, you can say this sector is in holiday now. But it will take 6 months to get things settle down. There will be huge change in terms of property price as well as in home loan interest rate.
If customers are waiting to see property price will fall then they should know the truth behind the Demonetisation impact at residential and commercial property. A small developer group said to ET (economic times) that currency recall will help to cut home loan interest rates and drive good sales. This is actually a good move by the government and we do not see any negative impact on the real estate industry.
December 6, 2016 /
/ in demonetisation
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