Hike in The Cost of Residential Property in Noida?

A setback for the buyers at Yamuna Bank, Noida and Greater Noida, the Residential Property is all set to cost more and of course, this burden will come on the pockets of the customers. The implementation of increased stamp duty on registration of units from 5 to 7 percent has been approved by the governor recently, and this will be applicable from the beginning from the financial year i.e. April 1st, 2016.

Experts believe that depending on the size of the purchase units; there will be an increased burden of around Rs. 50,000 – Rs. 2, 00,000 completely on the customers who are willingly investing in Residential Property in Noida, Yamuna Expressway and Greater Noida. They believe that these will undoubtedly affect the demand for property that recently started picking up pace.

After the National Green Tribunal (NGT) verdict last year, it bought positivity and begun to bring customers back in these areas. But, after the governor’s decision, the buyers and investors are morose and are protesting with the developers’ fraternity. Even the developers believe that this move of increasing the stamp duty will never satisfy the buyers, and they will be forced to pay extra money to receive the ownership of their units. This move is of course not for the buyers, and all the efforts by the NGT verdict which bought back the buyers to the Properties in Noida and nearby regions will now go in vain. 

It is to be taken into account that almost one lakh units are registered each year from Noida, Greater Noida and Yamuna Bank which brings along heavy amount to the authorities. The buyers have to bear not only the increased stamp duty but also the axe of transfer fees and lease rents as the properties in these areas are held on lease. Along with this, the transfer charges are also high which is added to the lease rent. It comes down to a total of 1-2.5% of the total cost of the unit. It, however, varies with different Properties in Noida, Yamuna Bank and Greater Noida. Adding to this is the hiked property prices which of course has to be paid by the buyer.

Altogether the problems of Buying Property in Noida, and nearby regions is high, and this will affect the demand for Properties in Noida, Yamuna Bank and Greater Noida. It is being expected that this decision of increased stamp duty will reduce the demand for property in the future.

New Mantras of Real Estate for Noida Properties

The city, Noida is well-known for being the hub for numerous IT/ITES offices, educational centers, entertainment zones, industries and renowned hospitals. Due to these developments in the city, it has now extended to its surrounding regions like Noida Extension, Greater Noida and Greater Noida West. This area has got a lot of popularity amongst the realty developers as Noida is said to be one of the favorite real estate destination in the whole of NCR. Property in Noida is witnessing rapid growth in the constructions as compared to the rest of National Capital Region. 

When we talk about Noida properties, they range from residential to commercial and from office and retail spaces to multi-use projects. Numerous reputed developers construct the projects keeping in mind the rules and regulations of international infrastructure developments. The developers also prefer to use RCC framework as well as advanced building materials that would impart earthquake resistant features to the projects.

The developers are making sure that they put in features that are either desired by the buyers or that would attract the customers. One such feature is a green building which helps the developer to provide rich green spaces for the needs of the buyers in various segments including retail spaces, housing, business centers, office spaces and entertainment areas. These residential and Commercial Properties in Noida features landscaped greens with unique amenities for the people of all age groups.

Some builders are working effectively and efficiently on constructing the value for money real estate properties that are affordable for the buyers as well. Many renowned and reputed developers are developing properties in Noida and nearby regions offering affordability along with premium lifestyle. These includes Supertech, Ajnara, Gaursons, Nimbus Group, Antriksh Group, MMR Group and JM Housing among many other developers.

 Currently, there has been seen a lot of change in the economic setup of Noida and Greater Noida. Numerous investors have trusted the Properties in Noida as the location is a promising location to invest in. Many people say that the Property in Noida is majorly for the affluent buyers or people which experts believe is not true as many affordable projects are seen in the real estate scene of Noida. This includes both residential as well as a commercial project in Noida. The future is bound to see more constructions in segments like office spaces, retail spaces, commercial and IT centers and multi-use developments. The increase in the demand for affordable homes lead the homebuyers to this region of the National Capital Region offering pocket-friendly rates for premium lifestyles.