Economic slow down, higher rates of interest of banks, jobs insecurities, fear of uncertainty has put a break in the demand of commercial, residential properties in Delhi-NCR.

The demand has come down in the range of 30-40% for commercial and around 25% for residential properties. The builders who had already taken up land allotment from the authorities are on back track due to gloomy scenario further. The builders are becoming defaulter due to non availbility of funds. Governments authorities are also on the mode to facilitate builders with the ease in paymnets and other ways.The New Okhla Industrial Development Authority (NOIDA) has approved the request of BPTP (Business Parks and Town Planners) to surrender the land taken in auction in sector94 in Noida. The exit of the BPTP was under the exit policy of the state government.

The authority will deduct the panality in the tune of 130cr. in liue of the surrender and further float the tenders with the no mood of delaying the development of sector94. BPTP was alloted land of 95 acre in the sector94 for rupees 5006cr in march2008 through auction process. BPTP had also deposited 1300cr against the same. BPTP would be alloted anly 21acre of the land in the same sector and rest will be taken back and will be alloted to some one else.

As per rules defaulters had two options one rescheduling their payments or surrender the plot and seek benefit of moratorium or forfeit 10% of the amout already paid and get the land elsewhere for the balance amount.

Even the schemes floated by the Greater noida Industrial Authority for hotels, institutions etc. has received lukewarm response due to hit of slow down. Lets hope that may be next year it would improve.