Prices may shoot up on Expway
The court's decision to denotify land in Noida Extension may augur well for developers who have projects along the Expressway.delhi Updated: May 19, 2011 22:58 IST
The court's decision to denotify land in Noida Extension may augur well for developers who have projects along the Expressway.
"The valuations will go up as this will put a cap on new land supply in the area," said Anckur Srivasttava of GenReal Advisors, a real estate advisory firm.
Greater Noida has the most developer-friendly land allotment policy.
In Gurgaon, group housing area ought to be over 10 acres.
"But in Noida, a two-and-a-half acre group housing can easily be available with only 15% payment at the time of booking...," he said.
So now, medium-sized and small developers focusing on Greater Noida may show signs of duress, he said.
Besides, though court decision hits just a few projects, the panic in the market can have large scale repercussions.
"The farmers' petitions may have a larger bearing in other areas," said Sachin Sandhir, MD and country head, Royal Institution of Chartered Surveyors.
"The fundamental issue is take a second look at the Land Acquisition Act, quick fixes will not help," he said.