Ahistoric high rate has been observed in rates of residential properties across the national capital region (NCR) in the festive season. An average increase of Rs 1,000 to Rs 2,000 per sq ft has been recorded post Covid-19 in the rates of properties in the area.
Though the real estate community rejoices the rise, potential homebuyers are in a fix with exorbitant rates.
“The rates were set to increase post coronavirus and it was estimated that by 2023 the rates will touch new high, however, this kind of rise is unprecedented,” said Sanjay Jha, property expert.
The average rate for new flats in once considered most affordable, Noida Extension, has been hovering around Rs 6,000-7,000 per sq ft. The flats in resale are being sold at Rs 5,000-5,500 per sq ft depending on the location.
In Noida, a one BHK in Sector 75 is close to Rs 50-60 lakhs, two BHK is about Rs 70-80 lakh and three BHK is Rs 1 crore onwards.
“This is a Noida bubble. The apartment dwellers are not getting any facilities for this price. Roads are broken in Gaur City, no connectivity for commuting and poor traffic infrastructure for residents. The government must put a cap on the rising prices of the flats that are unreasonable,” said Abhishek Kumar, president, New Era Flat Owners Welfare Association (Nefowa).
