Homeowners in Noida Cash in on Hike in House Prices

July 7, 2007	(1 votes, average: 5 out of 5)  Loading ...
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Home rentals in Noida are rising as residential plots in the city gets expensive by 76% in all sectors. The move by the state government has created the same situation what it has been in Delhi in the eighties.

Now, home owners in Noida are left with two options, either to increase rentals or sell off houses in upscale sectors. Both the options are indicative of high moolah for owners.

Taking a walk back in time, DELHI residents when in a similar situation, sold off their premium houses and invested in Noida residential property. Following in footsteps, homeowners in Noida plan to sell off their houses in a bid to earn handsome money and relocate to remote sectors.

However, the decision has crippled already suffering tenants who want landlords to review their decisions.

“My landlord has been increasing the rentals for the past three months and now he wants to increase it more in wake of hiked land rate,” says Pushpanjali Kapoor, a tenant in sector 26, Noida.

Contrary to this, landlords have their own reasons to justify the hike in rentals. They make themselves clear in view of rising cost of houses. Now, desiring a proportionate rise in returns on their investments cannot be considered wrong on their part.

If we get less return than what is earned from bank, then it is better to sell off the property and earn bank interest, says Subhroto Banerjee, a landlord.

News Published Under:   Noida |