Buyers in Noida prefer properties within Rs 20-40L

Five years ago, the realty market of Noida looked very different than what it looks now. Over these five years, the real estate sector has witnessed a surge in property supply. However, does this mean that the market gives what the consumer demands? Let’s find out.

Housing Sentiment Index (HSI), Apr-Jun 2015, a joint initiative by IIM-B and Magicbricks, states that Rs 20-40 lakh category is the most preferred price range. About 31.5 per cent respondents are looking to buy property within this range followed by 19 per cent for the Rs 40- 60 lakh category.

Does property supply match buyers’ demand? Not really! According to Magicbricks' data, maximum properties available (44%) in Noida are priced at Rs 50 lakh and above.

The major reason behind buyer preference towards lower budget category is because of low income. As per the report, about 53 per cent respondents earn less than Rs 10 lakh per annum, while another 26 per cent earn between Rs 21-30 lakh yearly.

Let’s understand this from an example.

If a buyer has an annual income of Rs 10 lakh it means he earns close to Rs 80,000 monthly after necessary deductions. Experts advise that 30 per cent of the take-home salary should be invested in a home. Even if the buyer stretches his budget and is ready to spend 50 per cent of his/her monthly salary on loan, it is not enough.

Firstly, he will not be eligible for the full loan amount. In case he is eligible, then there are other expenses such as stamp duty and registration costs which add to the value of the property. Therefore, the Rs 20-40 lakh category is highly preferred compared to the other ranges.

Source: Magicbricks

Push for Gurgaon in final smart city list

The Haryana government is likely to recommend the inclusion of Gurgaon in the Modi government's flagship project to develop 100 smart cities at a meeting this week after being roundly criticized for shortlisting Faridabad and Karnal. The state's mandarins will hold a meeting on the selections with officials of the Union urban development ministry after chief minister Manohar Lal Khattar returns from the US, according to sources. A high-level meeting is also scheduled for August 26 in Chandigarh under the chairmanship of Khattar and Rao Narbir Singh, the state PWD minister and MLA from Badshapur.

But a decision will have to be taken quickly as the Centre intends to announce the final list of 100 cities by September 1. TOI had reported on July 30 that the Haryana government had written to the urban development ministry, requesting it to include Gurgaon in the final list of smart cities, without financial assistance, if needed. Officials don't see funds being a hurdle if the city makes the final cut. Director of urban local bodies (ULB) Pankaj Agarwal told TOI on Sunday, "A final call on proposing Gurgaon's name for the smart city project will be taken only after the chief minister is back from his foreign tour. If not in the first phase, we will try to push for Gurgaon's inclusion in the second phase of the project."

Based on the points system laid down by the Centre for the smart city challenge, Faridabad and Karnal - which happens to be the CM's constituency - made the cut from a longlist of 10. Gurgaon lost out despite being the largest contributor to the state's finances because, among other factors, it drew a blank in the JNNURM schemes segment. Critics found that unfair since Gurgaon does not have any JNNURM scheme and is fully self-sufficient on funds.

Gurgaon MP Rao Inderjit Singh had also expressed displeasure over the selection and said he had expected the state government to be fair. "I think it is too early to say that Gurgaon is being neglected by the Haryana government as was being done during the Congress rule. I am expecting the state government to adopt fair play while selecting the cities," Singh had said in Gurgaon earlier this month.

Source: Magicbricks

POSSESSION MONSOON FAST APPROACHING IN THE NCR REALTY SECTOR

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.

Government approval to develop 50 solar cities

The ministry of new and renewable energy has approved a proposed master plan to develop 50 solar cities, including three in the national capital region.

Out of the proposed 60 solar cities, sanctions have been issued for 50 cities that include New Delhi, Agra, Chandigarh, Gurgaon, Faridabad, Amritsar, New Town ( Kolkata), Howrah, Madhyamgram, Kochi and Bhopal, according to the information available on the ministry's website. 

Of these 50 cities, master plans have been prepared for 46 cities, including Agra, Gandhinagar, Rajkot, Surat, Thane, Shirdi, Nagpur, Chandigarh, Gurgaon, Faridabad, Bilaspur, Raipur, Agartala, Guwahati, Mysore, Shimla, Hamirpur, Jodhpur, Vijayawada, Ludhiana, Amritsar, Dehradun, Panaji and New Delhi (NDMC area), it added. Further, in-principle approvals have been given to five cities namely Thiruvananthapuram, Jaipur, Indore, Leh and Mahbubnagar, it said. 

"Master plan of Indore has been prepared and the other corporations/state nodal agencies are in the process of engaging consultants for preparation of master plans," the ministry said. The ministry had empanelled 26 consultants in June 2009 to prepare master plan for the development of solar cities.

Source: The Economic Times

Noida realty projects going for possession soon

Noida: With the recent NGT announcements the developers in the affected areas in Noida are equally happy. Infact experts believe that with this Noida very soon will witness hordes of possession which will improve the market sentiments drastically. Noida has always been the real estate destination for home buyers as one can buy a quality house at much affordable rates. Since last 2 years NGT orders had created havoc for over 50,000 buyers and for approximately 50 real estate projects. Many of these projects have been constructed and are at last stage of possession but the developer was forced not to give possession due to the NGT constraints. So with the recent resolution it has brought cheers to maximum faces. 

RG Group, a renowned realty developer who has delivered numerous projects in Delhi, was affected when NGT stopped possession of its project in sector-120. Mr. Aman Gupta, Director, RG Group is quite cheerful these days, he says,"the recent NGT notice clearing our project is a big breather for me and my buyers. We have been unnecessarily dragged into so many customer grievances as our project's phase 1 is near to completion and we could have given possession long time back but due to NGT we were really hanging with no clarity. Today with NGT's notice in place we are now back with full force and are planning to give the possession within 1-2 months as we are just left with final touch ups with phase 1 towers completely ready. We really hope to see smiles back on our customer's faces."

Realty experts believe that once the trend of giving possession starts then Noida will be unstoppable. The property prices will increase and so will the appreciation for previous buyers. 

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Chromohomes Bureau.

Noida promises completion papers in a week

A day after the Centre notified the eco-sensitive zone around the Okhla Bird Sanctuary, the Noida Authority promised to hand over the completion certificates to developers and builders within a week.

Rama Raman, CEO of the three development authorities in Gautam Budh Nagar, directed Noida's planning department to work on the weekend to process the 40 applications it has received so far. The

promise, however, comes with a rider — Raman has asked all allottees of group housing and

commercial projects to clear dues first. Without a 'no dues certificate', completion certificates will not be given. "This has already been conveyed to builders and developers," Raman said. "We will also make sure norms laid down for completion certificates are complied with. Inspections will be carried out," he added, stressing the Authority too was very keen on making the homes available to their owners.

Raman also said Noida was equipped to accommodate the additional population that is expected to move into the city with 35,000 flats set to be delivered. "All our infrastructure and amenities are in place," Raman said. "At the time of allotment, whether for group housing or commercial, we make sure basic amenities of power, water, sewage, road networks, police stations, fire stations and parking are in place. Also, when we sanction layout plans, we ensure infrastructure in the area supports the expected population density," he explained. He said several infrastructure projects, including elevated roads, underpasses, bridges, multi-level parking facilities and additional power stations, were in various stages of development.

"We expect the entire region to look up economically. The mood in the real estate sector should certainly lift with this notification," Raman said, adding, "With strengthened credibility, we also expect more investments in the region."

Source: magicbricks