Noida flat rents may see a dip
The reduction in the home loan rates to up to 8.5% by some banks after demonetisation, the lowest in eight years, and a slew of project deliveries slated for this year can lead to a possible correction in residential rental rates in some of the prime locations in the city, according to a recent report released by Gurgaon-based real estate research firm, Colliers International India.
New apartments are slated for completion and possession in prime localities like sectors 28, 29, 37 and 47. Meanwhile, a significant number of people are looking for apartments along the Noida-Greater Noida expressway. So, existing residential hubs could see rental corrections in the months ahead, said the report titled, ‘Colliers Residential Property Market Overview 2016’ highlights.
“ There is no scope for inflated pricing in a market like Noida any more. This means landlords will need to be flexible, and those seeking rentals will have more variety,” Surabhi Arora, senior associate director (research), Colliers, said. The report, however, also projects the rental rates would stabilise over the next two years.