Noida all these days was in the news for property developments and realty boom but gradually the things are turning otherwise. If the revealed source at the www.propertykhazana.com is to be believed then one will come to a conclusion about the present realty scenario in Noida.
Yes, the commercial realty market in Noida and its surrounding areas is witnessing a downfall and adding to this there are many commercial premises left unoccupied. The adjoining Delhi has recorded a high vacancy level of 26 % in the 1st quarter of the current financial year.
Real Estate consultant Jones Lang Salle carried out a survey on the oversupply and unoccupied commercial spaces and claimed at the www.propertykhazana.com that there is approximately 1.2 Million Sq.Ft added to the existing 2.85 Million Sq.Ft in Noida alone.
By this both the building owners and the builders are in dilemma and are not dare enough to take up new ventures. Adding his voice, one of the commercial building owners said that in this situation they are finding hard to lease or rent out the premises and this even has shown a bad impact on the property appreciation. He also said that almost all the buildings are waiting for big companies only rather then the small establishments. Anyways, the rental rate is not that consistent it is ranging from Rs.40-45 per Sq.Ft.
Even Delhi is not an exemption and there is a gradual increase in the vacancy levels in Grade A buildings and if recalled the shortage in property supply and the government failure in identifying the unauthorized properties are the main reasons.
Source: NIMMA BENGALURU
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