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NOIDA: Water requirement might increase property rates

In light of the restriction of ground water supply in Noida and Greater Noida, increase in the time of construction or an increased property prices is anticipated in the near future.

 

This is because builders will be required to obtain a No Objection Certificate (NOC) from the Central Groundwater Board to get their project layout sanctioned. This might take some time.

 

One relief is that developers do not plan to halt construction of the projects in these areas. According to Geetamber Anand, Vice President, Confederation of Real Estate Developers’ Associations of India (CREDAI), the other alternative is that developers will buy water from other agencies. In this case, the property prices are bound to increase.

 

Queries will be put to rest as the authorities of Noida and Greater Noida plan to discuss the issue with real estate developers in a meeting soon.

 

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