The government has realized that an “easy entry-easy exit” option is now badly needed to revive the current status of the real estate. The three authorities of Noida, Greater Noida and Yamuna Expressway have recently joined their hand which is considered as one of the biggest housing market located in the National Capital Region (NCR).
Due to slow sales “Many real estate developers had been asking to apply such exit policy,”. This exit policy will short out all the problem of delayed completion of housing schemes that has been affecting homebuyers since ages.
And area will soon experience a new exit policy for developers. Under this proposal, builders who are looking to surrender their surplus land would be able to sell these surrendered portions of land at the prevailing market rates to interested developers. However, this poly will surely attract foreign investors into the construction and real estate sector.
As per this new plan, the real estate developers those who have purchased land for a group housing project and not able to execute it for any financial problem, may quit and get their money back, if they want to exit from the project.
Welcoming this move Confederation of Real Estate Developers’ Associations of India (CREDAI) president & Gaursons India MD Mr. Manoj Gaur says, “it’s a great and much-awaited step as far as the cash-strapped sector is concerned. There are a number of such developers who are going through this cash crunch situation and are not able to move forward with edifice on their allocated lands.
According to experts, this new exit policy will change the sentiments of big as well as small developers and broaden their opportunities. Through this policy the realtors with small capital will find a new way to step into a bigger construction market and probably this step will accelerate the supply of affordable homes in the market. However, this shift will provide a relief to lakhs of home owners, who are not able to get possession or register their properties.