Reaction over hiked Registration Charges in Noida

by Mr Amit Modi, Director ABA Corp and Vice President CREDAI Western UP
“Noida have been suffering due to inventory overhang as multiple reasons including NGT litigation delays, lack of sales and stagnant prices had kept investors away for a long time, until the recent clearance on NGT issue had freed up a lot of inventory for possession. But this hike in registration charges will dampen the market scenario and especially due to its timing, at the time when Noida market had been reeling under immense pressure with thousands of unsold inventory in the region; hiking registration charges will definitely give major setback to buyers planning to invest in the region, especially the real and first time investors with limited and accounted means, who may either delay or put off their investment decision for the want of more funds.
Whereas we believe that the present state of scenario should have been supplemented with some relief to reduce the unsold inventory load, on the macro scale it would have benefited the state exchequer as well by bringing in crores of rupees in mass property registration, which had been held back for a considerable time.”