The monsoon season across the country might be
nearing its end for this year but another much relief providing monsoon is fast
approaching the NCR’s real estate sector which might even set a new direction
for the pockets of this sector in the upcoming few years. In the forthcoming
6-9 months from now, it will be raining home keys for the buyers who had been
long waiting for their dream homes. A few keys decisions by the government in
the recent past for the NCR market had bought about a new hope for this sector
where not only will the buyers get possession of their units but will bring
along a fresh wave of demand which will revive this sector. The verdict of
Greater Noida West, NGT issue of Noida, widening of NH 24 and finally the soon
upcoming final festive season in the country will bring about the monsoon of
possession across the NCR market along with a new season of demand.
End of a drought:
Since 2010, the real estate market of Greater Noida
West was under immense pressure which shifted its burden greatly on the real
estate sector. The demand over the years saw a dip in the region due to the
construction process being halted on several occasions along with frequent
public unrests. With this decision coming few months back, there is clarity now
which will help the buyers and builders immensely. Over 1.5 lakh buyers were
affected for several years due to this issue being stretched that resulted in
delay in construction which gave way to possession delays. On the other hand,
the developers will now have to stick to their timelines as clear directions
are being laid. The step taken by the apex Court is pro-public and development
centric which will allow a better growth in the region. This decision will not
only affect the present customer base but future demand for the rapid emerging
destination like Greater Noida West. “Since this decision first came out, we
had compiled a database on the basis of inputs provided by all the builders in
the area while some have started offering possession of apartments; and we
expect that by end of this year, close to 50,000 flats will be handed over to
the rightful owners. Thus, a wave of growth around this region will now become
increasingly noticeable as even infrastructure is also being worked upon
immensely and we are estimating about 1 lakh people will move into this region
by next year”, claims Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director,
Gulshan Homz. Various developers in the region will be gearing up for
possession of their ready or near-ready projects for handover in the upcoming
few months. For instance, RG Group will be offering possession of phase 1 of
its residential project ‘RG Luxury Homes’, located in the region by the end of
next financial year. Phase 1 of the project will offer possession of two towers
(A&B) consisting of 200 units in each.
A new era in Noida:
Noida just got a new life few days back when the
Environment Ministry approved the draft notification that allows construction
outside 100 meters on the eastern, western and southern sides of the Okhla Bird
Sanctuary and 1.27 Kms on its northern side. This decision means that nearly 50
projects and almost 60,000 apartment buyers will be finally served justice.
Thus, speaking off possession in the region of Noida; a heavy storm is
approaching once the authority provides the completion certificates to the
previously affected projects. Several builders in the region such as Jaypee
Group, Amrapali, Supertech, DLF, Ajnara India Ltd., Gulshan Homz, JM Housing,
RG Group and others were adversely affected due to the NGT issue. RG Group’s
residential project, ‘RG Residency’ located at sector 120, Noida suffered when
NGT did not permit completion certificate to the project due to which its
buyers got affected. Mr. Aman Gupta, Executive Director,
RG Group avers “The recent NGT notice has cleared our project which is a big
breather for us and our buyers. Due to this issue persisting over the years, we
were unnecessarily dragged into numerous controversies and customer grievances
as even our project’s phase 1 is near completion and we could have given
possession long time back but could not due to NGT, we were really hanging with
no clarity. Now with NGT’s notice in place, we have come back with full force
and are planning to offer possession of phase 1 within 1-2 months as we are
giving it final touch ups with our towers completely ready. We really hope to
see smiles back on our customer’s faces”. Adding to the view, Mr. Ashok Gupta,
CMD, Ajnara India Ltd. says “The road to recovery of Noida as a region looks
clear now. For long this region was witnessing negative sentiments, prices
becoming stagnant and demand getting decreased. In the upcoming months, there
will be series of possession offers across Noida and other NCR regions which
will bring back positive sentiments in the market thereby assisting in creating
a pool of future demand for property. In fact, even we are also in line to
offer possession of our 3 Noida projects in the upcoming few months. Ajnara
Daffodil, Grand Ajnara Heritage and Homes 121 will witness several families
moving in till the end of this year”. It is to be noted that Ajnara Daffodil
will offer possession of 880 units, Grand Ajnara Heritage and Homes 121 over
1000 units in each project. Various other projects to offer possession over the
course of next few months in the region include Phase 1 of Gulshan Ikebana
located at Sector 143, Noida Expressway and JM Aroma at Sector 75 Noida.
Ghaziabad going to be good:
The golden goose of NCR real estate sector,
Ghaziabad finally got the news they were waiting for the last 6 long years. The
widening of NH 24 was in news for quite some time but never made it out in the
public. Now since National Highways Authority Of India (NHAI) has rolled out
the tenders for widening of the stretch, the market will soon witness greater
footfall from the customers. “The congestion on the Nizamuddin-Dasna stretch had
caused a massive havoc in the region causing the demand to reduce and
construction processes to delay thereby causing decrease in customer
sentiments. Micro pockets such as Indirapuram, Crossings Republik, Siddharth
Vihar and others were worst hit. Even the customers of the regions were having
second thoughts to invest in a different place that became a major reason of
worry amongst the builder lobby. Due to this reason, there is now a different
air across Ghaziabad which will also open the gates for future prospects in the
region”, explains Mr. Rupesh Gupta, Director, JM Housing. Many projects in
Ghaziabad are in the advanced stage of completion which will see possession
happening in the upcoming few months. For example, Ajnara India Ltd. will soon
be offering possession of several hundred units at Grand Ajnara Heritage
located at Raj Nagar Extension. Ajnara Gen-X located at Crossings Republik will
soon be fully delivered as only a handful of families are left to take
possession of their units. VVIP Group will be offering possession of its maiden
project VVIP Addresses located at Raj Nagar Extension which has over 2,000
units in its inventory. “It is always a different and much wonderful feeling
when delivering your very first project. VVIP Addresses will soon be known as a
landmark in the region considering the size and offerings in the project. The
NCR market has become quite favourable over the last few months post several
decisions made by the government. The real estate market across Ghaziabad and
even NCR will be full of possession news in the upcoming months which will help
in pushing the future demand and development forward”, expresses Mr. Praveen
Tyagi, CMD, VVIP.
Other NCR regions not far behind:
With the inclusion of Jind, Karnal and Muzaffarnagar
in NCR, the total list now stands at 23. Barring the above mentioned regions,
it is estimated that almost 6,500 projects including residential, commercial
and mixed land use are either complete or in their advanced stage of completion
which will be ready to offer possession in the next 6-9 months. Thus, the
monsoon season of possession in the real estate sector is sure to come. “Every
customer who puts in their hard earned money by investing in real estate hopes
to get the keys as soon as possible. Various barriers were visible in the
development of NCR property market that have been now removed which will allow
the developers to construct hassle-free and deliver projects tension-free. The
customers will have an even better time as their long wait will yield them the
much awaited results”, states Mr. Kushagr Ansal, Director, Ansal Housing. Ansal
Housing has a national presence with over three decades of experience in the
sector. The company will also be offering possession of its several projects.
Ansal Town in Meerut, Ansals Palm Court in Jhansi, Ansal Town in Yamunanagar
and Ansal Town in Karnal are amongst the few which the company will be offering
to its customers.
Silver-lining becoming visible:
NCR real estate market has somewhere got back into
business riding high on the verdicts of Greater Noida West, Noida and NH 24.
This will now allow this year to finish on a great note as we are still left
with the final festive season of the year commencing from Navratris in October.
Not only will possession of property take place, but potential customers will
increase the footfall in the regions due to improving sentiments. During the
festive season, even the developers sit ready to offer best deals to the
customers as property purchase is most witnessed during this time around being the
most auspicious phase according to Hindu mythology. “This festive season which
begins with Navratris and ends post Diwali is regarded as the best month in the
entire calendar for the real estate sector. Most footfalls are observed during
this month and are converted as well. This year we have even bigger reasons to
celebrate as the drought of Greater Noida West and Noida has finally ended
which will further fuel the demand for this sector. The much awaited and spoken
about revival in the real estate sector is finally looking visible that will
take its full form by next year positively”, concludes Mr. Vikas Bhasin, MD,
Saya Homes.
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