Noida Upcoming Projects – Sureshot litigations, delayed or no possessions and no commitment at all.
Alarming situation of Price war in Noida between all leading Developers, heading towards devastating outcome of Non-deliverance of the property in future ultimately leading to litigations.
While i was searching for an apartment for purchase in any of the upcoming projects in Noida especially in Sector 74, 75 ,76 and 78, i realized that the current real estate market situation is in a really sad state.
I fail to understand how all these builders are calculating the viabilities of their projects. The current prices which all these developers are offering are purely impractical as the average FSI cost is Rs. 1,200 per sq. ft. and the cost of construction is Rs. 1,400 per sq. ft. approximately.
It is impossible to understand how these developers are selling the apartments between Rs. 2,500 to Rs. 2,900 per sq. ft. including all charges when the basic costing is atleast Rs, 2,600 per sq. ft.
This shows that all these developers have entered into a price war and they do not intend to develop the projects as they have committed.
RATHER, IT IS IMPOSSIBLE FOR ANY DEVELOPER TO ACTUALLY DELIVER THE PROJECTS.
In addition, it was astonishing to learn that all these developers are selling huge number of apartments through Broker's Consortiums but almost all of them are failing in timely payments of land revenue installments to the authority.
The developers are offering 10% to 12% commission to the brokers and such brokers forward these discounts to the prospective customers thereby creating an alarming situation of price war.
As per my understanding, all the developers will never be able to deliver the projects as they have committed because it is practically not viable for them to construct the buildings after selling them at a rate between Rs. 2,500 to Rs, 2,900 per sq. ft.
IT IS A WARNING FOR ALL THE POTENTIAL BUYERS THAT PLEASE DO NOT RUN AFTER THE CHEAPEST PRICES, RATHER SEARCH ABOUT THE INTENT OF THE DEVELOPER BEFORE INVESTING ANYWHERE. DISCOURAGE BROKER'S CONSORTIUM AS THEY WILL NOT STAND WITH YOU IN FUTURE WHEN YOU WILL REALIZE THAT THE DEVELOPERS HAS STOPPED THE CONSTRUCTION AT THE SITE AND HAS SHIFTED ITS BASE TO SOME DIFFERENT STATE.
IT IS THE TIME TO OPEN OUR EYES AND TO SEE WHAT THESE DEVELOPERS AND BROKERS DOES NOT WANT US TO SEE.
Kindly revert with your comments.