Despite a spate of ‘good news’ from the twin cities regarding emerging and upcoming infrastructure development, in terms of an airport, expressways, new malls and flyovers, there has been only a marginal conversion of the big ticket infra-announcements in terms of secondary residential real estate sector price points in Noida and Greater Noida. Those looking to sell, it is being advised to wait for at least 18 months, stated JLL (Jones Lang LaSalle). Buyers trying to exit the market claim there are no takers for their flats even if they are ready to take cuts and sell at prices lower than purchase points. Picking up from market corrections due to Real Estate Regulatory Act (RERA) and Goods and Sales Tax (GST), the market slowdown which has affected the primary market leading to a big inventory pile up has led to more aggressive correction in the secondary market which has resulted in a lot of customers willing to sell their flats yet holding on to their inventory.
Source : NAREDCO