The dreams and aspirations of home buyers to reside in Noida have sprout out off its stagnant stage with the ministry of environment and forests’ (MoEF) revived draft notification on Eco-Sensitive Zone (ESZ) around the Okhla Bird Sanctuary.
According to the new draft notification, the eco sensitive zone around the Okhla bird sanctuary will be 100 metres to 1 km which will be a major relief for as many as 55,000 home buyers in the National Capital Region. Home buyers can now get their occupancy certificates for flats which were in a crippled stage for the last two years. Housing projects of many pioneer developers which were stuck for the past two years will now rejuvenate on the backdrop of the new proposal. The proposal will be finalized by next week.
With the much awaited declaration buy the Union ministry, the home buyers will have a new window of opportunity to indulge in new real estate ventures. The real estate transactions can be made easily from now on by getting the occupancy certificates and will certainly pave for high economic turn over in Noida. The notification is certainly a win to the buyers and builders. The realty stocks have also shown immediate hike following the reduction of ESZ.
The Okhla boundary extension of 10 km was mainly affecting Noida sectors like 74, 75, 76, 122 and 137 that cover over 20 real estate projects by leading developers in the NCR. These projects will come up strongly to deliver homes for the thousands in Noida.
As the uncertainty over the investments is cleared, demand over properties in Noida will rise in the next two- three quarters. The demand for Noida is always in cards as it satisfies ideal educational, employment, entertainment and medical needs. With NGT’s new draft notification, more housing complexes can be availed by buyers in Noida. The order will certainly boost the confidence of buyers in indulging in more real estate activities in the National Capital Region thereby uplifting the economy.
Recently, Noida has topped the Residential Preference Survey 2015 conducted by the real estate giant Colliers International. In the survey, people have chosen Noida as the best to reside on in the NCR. On the backdrop of this, the new notification of eco sensitive zone will be a new chapter in the real estate arena of Noida.
So get ready for the new phase of Noida.