With the Supreme Court clearing the ongoing construction work at the Commonwealth Games Village, real estate experts feel the observation will give the much-needed boost to the sale of the super deluxe flats.

The developer of the Games Village, Emaar-MGF, has been struggling to find buyers for the project for the past one year as the sales have been low due to the economic downturn and the legal controversies that the project has been mired in.

Real estate brokers, however, feel that the apex court’s observations will soon lead to a “demand spurt”.

“The Supreme Court’s observations certainly mean that sales will pick up. Although, the economic recession was the main reason behind Emaar-MGF not finding buyers, the legal issue surrounding the village also played a significant role in discouraging investors,” said Kaushal Bhansali, an agent handling the sale of the Games Village flats.

“Though many investors approached us since Emaar opened bookings (for the flats), but they had apprehensions as the matter was sub-judice. A frequently asked question was whether Emaar would refund the money if the court ruled that construction would have to be stopped,” he added.

According to Sanjay Chandra, another real estate agent, Emaar-MGF will now have to come up with innovative marketing mechanisms to woo the buyers back. “The promoters have to recover their cost through the sale of these flats. We should not forget, however, that the market is still reluctant to invest in luxurious properties,” Chandra said.

The Delhi Development Authority (DDA), meanwhile, has welcomed the apex court observation. “We are happy that the SC accepted all our contentions. We had all the requisite clearances and now the court has accepted it,” said Neemo Dhar, Director PR, DDA.

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