The housing market is experiencing a lull as potential homebuyers wait for the upcoming presidential election to make a move. Despite lower mortgage rates, pending home sales have declined, suggesting buyers are hesitant due to political uncertainty and concerns about future housing policies. While some wait for rates to fall further, others hope for clarity on housing policies. However, underlying demand remains strong, indicated by rising homebuyer activity and mortgage applications.
The Enforcement Directorate (ED) has attached fresh assets worth approximately ₹59 crore belonging to real estate company IREO and associates as part of an ongoing money laundering investigation. The agency alleges that the company and its promoters defrauded homebuyers by promising to deliver flats, plots, and commercial spaces but failed to fulfill these commitments or refund the buyers’ money.
The Greater Noida Industrial Development Authority (GNIDA) has directed real estate developers to prioritize flat registrations and settle outstanding dues in scores of projects within the area. This move aims to address the issue of pending registries and delayed possession of flats that have plagued the region for some time. The Confederation of Real Estate Developers’ Associations of India (CREDAI) has been actively involved in the discussions, with representatives present at the meeting.
Over 1,450 families residing in Gardenia Glory Society in Noida Sector 46 have been facing difficulties in registering their flats due to the builder’s failure to execute sub-lease deeds. The builder also owes approximately Rs 650 crore to the Noida Authority, which has prevented the execution of registries despite the project receiving occupancy certificates in 2019. The homebuyers, who have fully paid for their flats, are feeling cheated and concerned about their investments. Many of them are senior citizens who fear that their dream of owning a home may never be fulfilled.
Rising home costs and other financial challenges are making it difficult for young people to purchase homes. A recent report from Redfin reveals that Gen Zers and Millennials are increasingly relying on financial assistance from family members to cover down payments. Nearly half of those surveyed who are unlikely to buy a home soon cite affordability as the main barrier, with high mortgage rates and student loan payments also being major concerns.
