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Business News/ News / India/  Twin towers' demolition: Will it adversely impact housing demand in Noida, Greater Noida?

The Noida twin towers demolition is unlikely to put an adverse impact on housing demand and prices in Noida and Greater Noida, industry experts asserted adding that the ‘market has already factored in the Supreme Court's decision passed nearly a year ago’. In fact, some are of the opinion that the demolition of illegal structures is expected to boost the morale of homebuyers, in terms of enforcing their rights. 

"The demolition of the twin towers will not impact prices and demand in Noida and Greater Noida. Even though the buildings were demolished recently, the news is old, and the sector has moved on," CREDAI NCR President Manoj Gaur told PTI.

For much long homebuyers had faced issues like long delays in getting possession even after making payments. But now, demand is again on a rise for properties developed by builders with a credible track record.

"The market at present is end-user-driven and regulated efficiently by measures like RERA. Therefore, the sector has already addressed the issues that led to the demolition of the twin towers. Today, the market is robust and sufficient mechanisms are in place to ensure the buyer’s confidence," he added.

Adding to his thought, housing brokerage firm Anarock Vice Chairman Santhosh Kumar said the demolition of the twin towers conveys that the authorities and the judiciary have zero tolerance for any malpractices.

"This reinforces the consumers’ confidence in the system and empowers them substantially. The buyers today are more discerning and prefer to go with developers and projects with a clean track record." 

The Delhi-NCR property market, one of the biggest in India, has remained impacted because of defaults by developers in completion of real estate projects. In Noida and Greater Noida, there are 1,65,348 units worth 1,18,578 crore stalled or delayed units.

Jaypee Infratech, Unitech, Amrapali and The 3C Company are some of the big companies whose projects are stalled in Delhi-NCR.

There are many other builders who have defaulted on their promises to deliver their projects on time to customers, who have already paid almost the entire purchase price and are also paying interest on home loans.

(With inputs from agencies)


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Updated: 29 Aug 2022, 06:12 PM IST
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