Since the decision was taken by the Supreme Court on August 28,2022 to demolish Supertechs 32 story twin towers in Noida, there has been a definite change in the cities real estate markets. The implosions were conducted by Edifice Engineering and involved the combination of planning, evacuation, traffic arrangement, and explosives placement to the towers.
Regaining Faith of the Buyers in the Buying System
The ruling of the Supreme Court has come as fortification of hope in the buyers with respect to the real estate idealism:
- Consequences for NOT following Requirements set forth by the Authorities for Developers: This decision enacts a severe liability on developers that choose to disregard the regulations set forth.
- More Openness with RERA:
- The respective authorities oversee the builders concerning the provision of validation maps for the construction in the approved layouts.
- Certified documents of approval and specifics have been made available on the RERA site, further assisting buyers in determining criteria for their purchase decisions.
- Immediate Corrective Measures: Where the fix takes place at a later date when a developer fails to fulfill the requirements.
The New Era in Real Estate Professional Standards
- Prioritisation of Automated Systems from up structures in Project Layouts: New software developed under the UP Apartments Act 2010 has made it possible to automate the endorsement of project layouts without deviating from developed structures in all aspects.
- Higher Chances of Disabilities to Fall into Scams: As the information available increases, so does the availability of scams and the likelihood of an individual falling for false advertisements, decreasing.
Responsibility and openness to scrutiny
In this regard the court’s judgment brings up the following issues:
- Efforts by Residents: Such a change was made possible due to constant sustained lobbying by residents and the RWAs.
- Increase in Builder Vigilance: Builders, in particular, are expected to exercise more diligence and comply with all the rules.
Perception of Noida’s Real Estate Market Post-Twin Towers’ Demolition.
The demolition of the Twin Towers is long overdue in so far the market turns more transparent, more answerable, more friendly toward the buyers. It sets a rule in how various inconsistencies should be corrected and assures better prospects for the real estate market of Noida.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.