Realty Updates – Page 15

YEIDA (Yamuna Expressway Industrial Development Authority) has finally initiated offering possessions letters to plot allottees under residential plot scheme 2009. The first lot of 55 allottees has been issued possession letters by the Authority. Another 1600 plots owners will be handed over possession by mid-2017, another 4800 will receive possession next year.

Firstly, 55 plots, twenty owners of 4,000 square meter plots and thirty-five owners of 2,000 square meter plots in Yamuna Expressway. Authority is trying to hand over possession of 1633 plots, these plots measure 300 and 500 square meters and are located in 18 and 20 sector. Allottees are facing a delay in getting possession of their plots due to farmer agitations. Farmers of nearly 77 villages in the area have been agitating for a hiked compensation which is approved by state government in 2014.

YEIDA indicated about Rs 300 crore has already paid to farmers for land in sector 20 of the YEIDA area. The Authority is in the process of taking over possession of sector 18, which has nearly 7000 allotted plots. As and when acquisition and development of the plots are completed, the allottees will be handed over the possession of the same.

After demonetization, Year 2017 will bring lot of transparency and home buyers confidence due to government rules on RERA Development Act, Benami transaction holders, and banks reduce interest rates that will effect into improvement in real estate market. Due to demonetization, Real estate sales have slowed down. In the long term property prices will not drop down to 20% to 30% rather it will increase. Surely, 2017 will see a boon with a major turn up.

Home buyers will have a big help as housing loan interest rate likely to come down to 7%. Just Sate Bank of India and many other national banks declared cut in lending rates. SBI announced reduction in benchmark lending rate by up to 0.9 per cent. Home loan interest rates have dropped to their lowest level in six years cutting the effective rate to 8.6% from 9.10%. Such reduction will attract more home buyers in 2017.

Every people desires for owning a property for family. Owning a home is the basic motto of every human behind his earning in India. This time population is on growing. The need for land is in great demand with this increasing population. Housing units are being unavailable and increasing gradually quarter by quarter that it speaks about the strength or progressive moment of real estate market of 2016 which clears the image of 2017 that occupancy of houses will increase in this year.

These changes have helped people to gain more trust and transparency and 2017 will be good year for real estate sector and home buyers.