Poor upkeep, crumbling buildings: Only 5 turn up as Greater Noida auctions flats in Omicron society

A recent flat auction by the Greater Noida Authority has highlighted the importance of checking a property's physical condition before making a purchase. Only five people turned up for the auction of 90 flats in Sector Omicron 1-A, despite the availability of housing units at a reserve price of ₹74 lakh each.

The limited response was reportedly linked to concerns over the condition of the decade-old housing project. Issues such as seepage, visible cracks, peeling plaster and chunks of concrete coming off were reported. Incomplete common-area amenities also added to buyers' concerns about the property's overall livability and value.

For homebuyers, the development is a reminder that the quoted price is only one part of a property decision. Buyers should also inspect construction quality, maintenance, occupancy, pending works, ownership documents and the status of common facilities before participating in an auction.

The Greater Noida property market continues to attract homebuyers, but this case shows why property due diligence is particularly important when purchasing older or distressed housing assets.

News Source- Times of India