Noida is Booming Again With Increase in Demand of Realty Market

The real estate market of Noida saw a big uptake since the government minimized the eco-sensitive zone in and around the Okhla bird sanctuary. As per the reports the Residential property in Noida came down by 4.6% since the National Green Tribunal ordered a stop to construction. Since the launch of the project in 2011, the rates of property in Noida appreciated by 60%

The sale of property in Noida fell down drastically in the last two years but the experts believe that the market will recover as soon as the projects are completed. Developers believe that the location will see more residential sales along with the office and retail spaces leasing in the coming months. There is an expectation of residential buyers to pick up demand as the real estate market is opening up again in the area. With reducing interest rates and the focus of the government on the infrastructural developments might bring along food news for the Real Estate Sector in Noida.

The uncertainty on the eco-sensitive zone has made the home buyers wait for possession of their apartments and many possessions on the anvil by the year end. This move will definitely see a rise in the registration of property in Noida which has declined by nearly 30%, year after year.

Many home buyers received a breather when the government approved the reduction of the eco-sensitive area around the Okhla bird sanctuary. There were around 50 residential projects that were impacted by about 50,000 home buyers due to the pending decision of the government.

The environment ministry's bill notification that was issued last year, was cleared by the government, which stated that the eco-sensitive zone would be measured up to 100 meters from the eastern, western and southern borders and up to 1.27 km from the northern borderline of the sanctuary.

The projects were trapped after a tribunal command ordering a stop in the construction in the radius of 10 km from the Okhla bird sanctuary and preventing the authorities from allotting completion certificates within the eco-sensitive zone till the approval from the National Board of Wildlife was found. The tribunal also focused the Centre to define the eco-sensitive zone around the sanctuary after seeing fresh applications from Uttar Pradesh, Haryana and Delhi. After the issue of the notification by the government, the home buyers outside the zonal area will get occupancy certificated for their apartments. There are many renowned developers whose projects were affected by the tribunal orders.

Irrespective of these government orders, Property in Noida is definitely going to get more demands of residential and commercial projects which are said to be affordable and has easy and convenient connectivity to Delhi NCR. Thus, Noida is said to be back with a bang with world class infrastructure to cater to the buyers and investors.

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. 

Why is Noida a Promising Zone for Buying Property?

Noida is said to be the most maintained and developed parts of Delhi NCR which have excellent connectivity to places like Delhi, Greater Noida and Ghaziabad. This amazing city offers great connectivity through road networks which include Yamuna Expressway, DND Flyway and National Highway 24. Addition to this, Noida provides good connectivity through Metro stations which connect to various parts of Delhi and Gurgaon. Thus, it is not surprising that Buying Property in Noida is on a hike by the buyers and every year this number is increasing as investors and home buyers are choosing their adobe in the city. Along with all these facilities, Noida has a major social infrastructure which includes hospitals, schools, offices, hospitals, entertainment zones and shopping areas. The city has a broad range of options, from affordable homes to the luxurious ones; thus, Noida Properties have something for each and every home buyer.

The Realty Market of Noida has become promising because there are many renowned and reputed developers of the national and international fame that are operational in the zone and constructing some magnificent Residential Properties in Noida. Some of these developers that are working in the city include Gaursons, Supertech, Ajnara, JM Housing, Antriksh, MMR Group, Mahagun, Panchsheel and Migsun amongst many others. All these developers have increased the count of the quality realty products and has led to competitive rates of these state of the art products which has ultimately benefiting the investors and home buyers. 

These reputed developers are bringing along some outstanding Properties in Noida offering feature and amenities that fulfills the requirements of the buyers. The Residential Property in Noida offers 2, 3 and 4 BHK apartments which will, of course, give high returns on the investments made by the investors who have invested their money only to earn benefits from the real estate investments.

The 2, 3 and 4 BHK Apartments in Noida are coming with some excellent amenities such as uninterrupted water supply, security services, administrative services, and power backup. Some high standard projects are offering additional premium facilities including gym, swimming pool, jogging tracks, car parking areas, gardens and clubhouse.

Looking at all these developments and fast pace developments in the city, it is no doubt that Investing in property in Noida is a wise decision especially for those who are searching for a promising and suitable location which will be beneficial in the future as well.

Real estate Bill Cleared by Rajya Sabha; Home Buyers Relieved

The most awaited Real Estate bill has been passed by the Rajya Sabha that aims to protect the interest of buyers and bring more transparency to the real estate sector. The bill brings along some drastic changes in the real estate sector especially in the buying and selling of residential and commercial Property in Noida, Delhi and rest of NCR. Major developments are taking place in these cities which makes the attention in these cities the most.

The Regulation and Development Bill 2015 has the main motive to bring transparency in the sector, protect the home buyers, and bring out the flow of the unaccounted money into the Real Estate Sector. The real estate Bill provides that the seventy percent of the proceeds from the sale will have to be kept at a side by the developers in an escrow account. This amount can only be used for buying the land or the construction of the related project. This provides certainty to the buyers that the money that they are investing in the project will only be utilized for the development of the respective project where they have planned to buy the house.

 This Bill will help to establish a state-level Real Estate regulatory authorities as well as appellate tribunals that would regulate the transactions relating to both the commercial and residential projects and ensure timely completion and handover of the project. It also calls for clearance of the complaints to both regulatory authorities and appellate tribunals within 60 days which itself sets a timeline for the resolution of disputes.

While the Realty Bill is set for the deadline, it also has the provision for imprisonment up to three years for the promoters as well as a year for the Real Estate Agents and the buyers if there is any violation of the orders of the monetary penalties, appellate tribunals or both.

Experts say that the real estate bill is the need of the hour. However, they believe that there is certain lacked clarity on the Bill related to the ongoing under-construction projects. Also, they clarified that there will be no exceptions in the bill, and the rules are equal for all, and there will be no discrimination by religion, caste, gender, region or creed and this will be included in the bill as well.

The real estate bill is a plus point for the Real Estate Industry of India. This will cut down the frauds in the industry and help the buyers to get their homes or properties on time.

Why do Property Buyers in Noida to Pay Hiked Rates of Stamp Duty?

The Property buyers in Noida are all set to pay increased stamp duty. Despite opening of the offices, registry and stamp department has nearly completed 2000 registries. The issuing of around 49 developers’ Projects in Noida have been stopped due to the absence of the eco-sensitive zones of the Okhla Bird Sanctuary.

The centre notified the eco-sensitive zone. Out of the total 49 developers, 26 of the developers having almost 16710 thousand apartments in Noida properties who have occupied the certificate from Noida Authorities. As per the authorities, the decision of increase in stamp duty that was decided by the state government will not be rolled back. The department of stamp and registration is being asked to work all days expect Holi till 31st March. The authorities say that to ease the burden of the home buyers, they have asked the register maximum Properties in Noida that the stamp and registration department can in advance of the government to issue hike in the stamp duty.

Thousands of registries and pending and very soon the stamp duty in the area is going to increase from 5-7 percent. Furthermore, the authorities have mentioned that the department generally develop 125 entries in a day whereas currently the department in registering almost 300 new Noida Properties in a day. The authorities however confessed that the target is pretty big and still there are thousands of registries that are pending for registry.

There are 26 developers with over 16,000 registries for the projects that were hampered due to the Okhla Bird Sanctuary. Apart from these developers, there are numerous other developers along with many individual registries which are also pending for Property in Noida, which crosses a total of 20,000 pending registries. For covering the maximum entries in a day, the authorities have been asked to provide additional infrastructure and manpower. Meeting up these deadlines is the prime motive of the authorities.

The increase in the stamp duty in Noida properties, the buyers are concerned as these will have an effect on their pockets and understanding the concern of the Property Buyers in Noida, the authorities are putting in the best of their efforts to reduce the pressure and burden of the Home Buyers in Noida.

Property Prices Get Costlier in Noida With Increase on Stamp Duty

The Uttar Pradesh cabinet has approved the hiking of the stamp duty on the homes by 2% in all the cities. This will automatically increase the burden of the buyers by 1-2 lakhs whereas the revenue department will be earning an additional of Rs 100 crore from Buyers of Property in Noida. With the Okhla Bird Sanctuary row, the home buyers will fell double whammy about their homes.

The buyers have got angry and accused the nexus between the developers, Noida Authority and district administration for various miseries. The developers believe that this would have an adverse effect on the GB Nagar real estate. Also. The authorities say as soon as the government issues the notifications and order, they will start to charge the new rates of the stamp duty.

The authorities also believe that this will take a month to complete the entire process, and thus they say that the hiked stamp duty is likely to charge from April. However, this will not go down pretty well especially with the buyers of Noida Properties. These buyers are especially those who were forced by the developers to wait out a legal battle to draw an eco-sensitive zone all around the Okhla Bird Sanctuary where they have bought apartments. Apart from these, there were numerous flats those were not delivered due to stay orders by the governments will be delivered now and these will be affected by the hiked stamp duty.

Previous year after the final notice to notify the eco-sensitive zone around the Okhla Bird Sanctuary, the respective department has declared that they will be charging additional stamp duty for the completed apartments that were not delivered due to the legal battle.

You cannot ignore these hidden costs while buying a house

You must have read advertisements in newspapers as well as seen them on the T.V with some interesting and attractive offers that the builders offer. Definitely these are not same to what you pay. In the rarest of the rare case you must have paid the exact cost that you see in the advertisements. These increased costs are nothing but the hidden charges that is included in your actual cost of the Property in Noida, in fact, nationally. These hidden costs includes service tax, registration cost, duty fees, and maintenance cost, parking and brokerage fees. Of course these affect you budget drastically. Thus, here we bring a list of the hidden cost that can be included in your budget.

·        Registration Fees and Stamp Duty

The state government charges the registration fees as well as the stamp duty to the buyers while they are buying a property. The registration charges are levied for transferring the ownership whereas the stamp duty must be paid to get the registration of the name done. However, these charges are different in every state and thus one should increase the cost mention in the advertisements.

·        Maintenance Charges

These are basically the charges for maintaining the surrounding as well as the other amenities like lighting and parks. However, there is no guarantee for the damages that occur in the future. This price definitely varies from one project, builder and society to another.

·        Brokerage

Brokerage cost is not always included in your final cost. It depends from whom you have bought your property from. If it’s a third party that you are buying your home from, then you have to pay these charges as well. However these are only 2-5%. Advisably, buy a home directly from the builder as this would cut-down the brokerage charges.

·        VAT, interiors and parking

VAT charges are something you cannot ignore paying, you have to pay it. Interiors are the most important factors for your homes and you definitely don’t want to mess-up with them. However, you can ignore taking the car parking but you might regret it later, as the place gets occupied you will find an empty space to park your vehicles.

Thus, whether you like it or not, whether you find it to be apt for yourself, you have to pay these hidden charges. So, before investing in property in Noida, Delhi or elsewhere, make sure you add these cost well in advance to save yourself from the sudden surprise of extra charges. 

YEIDA Allottees to Get Lands by June – Buy Property

About 21,000 individual allottees are all set to get the possession of their lands after nearly 7 years which were allotted to them by the Yamuna Expressway Industrial Development Authority.

As per the officials, there was a delay in the possession of lands due to the agitations by the farmers. There are around 77 villages in the region which have been agitating for a hike in the compensation of 64.7% for their lands or areas. The Uttar Pradesh government has directed the Yamuna Expressway Industrial Development Authority to pay the enhanced compensation to the farmers.

Officials reported that they have started the payment of enhanced compensation. And they take it as their priority to hand over the land possession to the allottees. Although, the authorities have already circulated Rs 260 crore to the farmers and have taken the possession of the land in sector 20 of the Yamuna Expressway Industrial Development Authority.They are also planning to take possession of sector -18 within next 30 days which is said to have almost 7,000 allotted lands. The allottees are also asked to cough up extra money for their lands for the authority to pay improved or increased compensation of 64.7% to farmers in the region.

Also, the allottees have been trying really hard to get relief from the extra load. Last year in October, the plot owners got the judicial reprieve from the added burden under the banner of the Yamuna Authority Residential Plot Owner Welfare Association. The association is definitely clear that they want to distribute the compensation to the farmers as well as they are willingly sharing the burden of the farmers.

However, the authorities approached the Allahabad high court seek some relief in the payment plans. The court thus asked YEIDA to sort the issue for which a committee was formed of senior officials who took the final decision on the issue on 22^nd January 2016. Also, as per the sources, the committee would allow the allottees to pay the burden in 8 installments than that of 4. These instalments are said to be interest free and would not have any penalties in case the allottees are not able to pay their dues. Also, the individual allottees are also being asked to give up either Rs 550 or Rs 1,770 per square meter for sharing their burden with Yamuna Expressway Industrial Development Authority.

This is definitely a relieving feeling for the allottees as they would finally get the lands and their long wait will be over. There are around 10,000 allottees who have cleared their first installment which was due on 30^th October, 2015, it is not necessary for them to pay the second installment. However there are around 11,000 allottees who have till now not cleared their 1^st installment. They will now be asked to pay both of the installments together.

Thus, the Property in Noida is coming out to the judicial issues and working back on the schemes that they were made for. It is also adjusting the share of the farmers as they should not be in loss due to these schemes. 

Noida Authority Launched 2000 Apartments on Republic Day - Property in Noida

The Noida Authority has launched affordable residential apartment schemes on January 26 that marked the occasion of Republic Day. These are around 2000 apartments under the Samajwadi Awas Scheme or Yojna.

The Samajwadi Awas Yojna is an aspiring housing scheme of Uttar Pradesh government under which the state aims to build around 3 lakh affordable homes in the range of Rs 10 to 15 lakhs this year for the low income group and economically weaker section segments of the society. This scheme is likely to offer concessions which includes single window clearances and rebate on the stamp duty.

The affordable housing will be provided in 3 sectors of Property in Noida including sectors 122, 118 and 117. While there are 1280 number of apartments in 71 meter sizes apartments and 32 meter size with a total 720.  However, the flats under this scheme will be allotted on the basis of the lottery.

The construction of these Property in Noida are already complete by the authorities and the money invested in the construction of these projects are almost Rs 160 crore. There are segmentation on the prices of the residential flats as the 71 meter flat are Rs 30 lakh and 32 meter flat for Rs 14.07 lakhs. The multi-storied buildings are located in a four-storied building. Under the scheme, although, the lower income group will have kitchen, 2 rooms, bathroom, balcony and toilet whereas economically weaker section apartments will have one room, toilet, bathroom, balcony and a kitchen.

Definitely this scheme is of benefit for the lower income group as well as the economically weaker sections. They will be able to have their own home at affordable rates as this would decrease their pressure of paying for homes with high rates. Thus, this is a good scheme by the government and the sections that are covered under this should utilize this scheme and secure their future as well.

Noida Authority’s Projects Gaining Momentum

The authorities believe, Noida needs some major traffic solution since the city catches continuous traffic jams due to the ever-increasing vehicles and population in the city. These three projects will bring a lot of relief to the travelers.

Once the construction of these projects starts, it will approximately take around 3 years for the projects to complete. The elevated road will come on the DSC Road from sector 41 to 49 which will cross the crossroads of sectors 82 and sector 110. This will start near Aghapur village and travelers will be able to travel easily towards Barola, Bhangel and Salarpur up to SEZ near 82 sector T-point.

The flyover will also have a path for entrance and exits and is estimated to cost around Rs 600 crore. The DSC Road is one of the busiest belt in Noida and traffic jams, mainly during the peak hours, are a consistent occurrence on it. The condition is made worse by the fact that the belt between Barola village close to Sectors 49 and 82 is very thin and heavily intruded upon. Once these projects are completed the road is expected to provide relief to commuters which are using the stretch very frequently or daily.

These will provide a signal-free connectivity to the commuters between Noida, Ghaziabad and Delhi and this is expected to complete in one and a half years. One underpass will be nearby the crossing of sector 47, 49, 104 and 107 whereas another underpass will be located nearby sectors 60, 62, 66 and 64 on the DSC road.The work of these underpass in expected to start in around 2 months and the tender of the first underpass is predicted to float by nest month. This particular project will cost around Rs 80 crore. However, the estimate for second underpass is Rs 60crore which is expected to start its construction likely by this April.

These developments in the infrastructure is definitely going to have a positive impact on the property in Noida and soon there will be more infrastructural developments that will be seen in the city. The projects will make it convenient for the travelers and commuters to travel in these areas in Noida and there will be no traffic jams that will be seen in these areas.Thus, this is making property in Noida an even more appropriate option for the buyers of residential and commercial properties with expectation of good returns in the future.

Noida Extension Over Other Places, Why?

Over the past few years, people are investing more in NCR, especially the buyers from other cities. People are finding NCR to be urbanized and modern for them as well as their families. 

NCR provides infrastructure as well as transport to people, becoming one of the major reasons why people are moving from their cities to National Capital Region. Also, NCR is providing with well-situated schools, established markets and good gated locality is attracting people more. One of the major reasons why people are moving from different parts of Delhi to rising urban areas such as Noida Extension is the wish of urban living with available recreational, luxurious and retail amenities.

The residential apartments in areas like Noida Extension are affordable, and many of these are semi-furnished and ready-to-move-in homes. Big lavish 2BHK is easily available at Rs 50 lacks which has big balconies and other facilities apart from good location. Along with this, many societies are equipped with a club house, jogging tracks, tennis courts and many more.

Noida extension offers a lot of residential housing options, allowing easy and smooth connectivity with NH-24, Greater Noida and Central Noida. It has a good future in quality housing options, Noida Extension is certainlya good investment destination for property.

The area influences buyers through branded housing options and some amazing amenities which sometimes are unmatched when compared to other areas. The housing options at Noida Extension offers residential units for middle class and luxurious apartments.

Noida Extension is definitely the area people have their eyes on. In the coming time, buyers will head more towards this area as there will be smooth and prompt connectivity to other areas. Choosing Noida Extension as the next choice of abode is obviously the right step towards investment.

Property in Noida has shown an extreme change in recent years and it is one of the leading cities in the path of development. There are many renowned developers that are investing in the city, thus, one can easily trust and invest without any worries for their dream homes. 

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