Home buyers suffer due to money crunch
Homebuyers in Noida and Greater Noida are not keen to shift to their new houses before January, in a bid to escape demonetisation hassles.
In Noida and Greater Noida alone, more than 20,000 apartments will be up for possession by December 31. By March 31 2017, the handovers are estimated to be nearly 40,000.
“Demonetisation does not affect homebuyers directly as final payments are made by cheques. But shifting to a new home requires a lot of cash expenditure. The present priorities for people may be the year-end settlements of accounts or taking care of other urgent expenses,” Indrish Gupta, co-founder, Noida Extension Flat Owners Welfare Association (Nefowa), said.
“All those builders who were working on procuring completion are ready with apartments and keen to handover. But it seems people are engaged in other practical concerns. Apartments which have already procured completion are mostly on track and ready for handover, as was estimated previously,” Amit Modi, vice-president, The Confederation of Real Estate Developers Association of India, (CREDAI Western UP) told.