After the RERA (Real Estate Regulatory Act) being notified by the government, there has been a drastic increase in the sales of home buying, especially around the Noida region. Most of the people prefer Noida Extension for home buying as compared to other regions of NCR. The festival season being around and the RERA together have definitely swayed the interest of the buyers. People are now booking 2 BHK flats and 3 BHK flats in and around the Noida Extension as there are several ongoing projects in this region.
Though the RERA will come into implementation from May 1, 2017, but its effect can already be seen on the market. As 70% of the money need to deposit in a separate account, the investors and the developers will have to make sure that the project is completed within the mentioned deadline or will have to pay a penalty for the same. This has certainly come as a boon for the buyers who can now look forward to timely possession of their flats thus putting an end to all their worries.
In the recent month, there has been a huge rise of 15% in the sales which clearly indicate that this is the right time to book your flat. People are looking for ready to possess flats and Noida projects offer them this facility thus seeking the attention of many buyers who want to move as soon as possible. The RERA has brought a lot of change with the buyers having more faith in the developers and enjoying transparency which was missing earlier. In all RERA has really struck the real estate market hard and has brought in many benefits for the buyers.
The buyers in and around the Noida region are happy with the step taken by the government as this has brought in security as well as transparency which was much needed in this sector. The RERA has been admired by the buyers but still there are some clauses which need to be understood carefully so as to grab the best. Also, the recent demonetization policy has also affected the market with the black money being completely rooted and leaving the developers with no option to complete the project as early as possible.
Hence the time is in the favour of the buyers, so if you are planning to buy a home in and around the Noida Extension this is the right time. The prices are low and you can easily get ready to possess flats.