News: Noida witnesses meagre property sales, mostly in ready-to-move category-01.11.2017

Noida witnesses meagre property sales, mostly in ready-to-move category

 Diwali offers like waivers on GST and other benefits have seen a conservative number of apartment sales in Noida and Greater Noida, but only in the ready-to-move categories. According to the real estate body, Credai, the sale figures have been under pressure, and a modest number of sales have taken place in the pre-Diwali week.

“Most people who have considered buying real estate this season, have held back for the next GST Council meeting where a proposal of reduction of GST on properties under construction is expected be considered. At present the GST on property under construction is 12%. We expect this to drop to 5%. So many are expected to make buying decisions after this correction once this comes through,” Pankaj Bajaj, president, Credai NCR said.

While modest numbers of sales by all builders who have ready-to=move properties have been made, the numbers have shown a downward trend.

“If any builder sold 100 flats around Diwali last year, he may have only sold 50 this year. The buying sentiment is low. However most people choose to book or buy houses at this time of the year as it is considered an auspicious time. Most builders have offered festival discounts, so some ready to move flats have gone off the shelf during this period,” Amit Modi, vice-president, Credai Western UP, said.

“The buying sentiment has not picked up and though there is a curiosity among people about available real estate offerings in the market both the situation of the real estate industry itself and the general situation of the economy has created a disinterest among people to invest in property at the moment. Not too many people are booking their first house and there is certainly no trend in buying a second flat at the moment,” Abhishek Kumar, president Noida Extension Flat Owners Welfare Association, a home buyers’ group.