Noida land prices may zoom……..

Buying a house or land in Noida, Greater Noida and along the Yamuna Expressway has become costlier. At a board meeting on May 27th, three development authorities for these areas announced a substantial rise in allotment prices across all categories of land.

The revision comes into effect later this week, after the authorities publish a formal notification. The Greater Noida and the Yamuna Expressway authorities have also increased the compensation rate to be offered to farmers for acquisitions, besides providing a host of benefits to them.

In Noida, the allotment rates of group housing, residential and institutional properties have been hiked by 15%, commercial and industrial land rates have gone up by 30% and 11.25%. In Greater Noida, the allotment rate for land across all categories, except industrial, has been uniformly revised by 8.53%. The Yamuna Expressway area has also seen a hike in allotment rates of all categories of land by about 15%. The allotment rate for industrial properties remains the same as last year.

The authorities last hiked the rates between 7.5 and 40% in July 2012. “The increase in prices is a carried out each year. It should have happened in March, but got delayed,” said Rama Raman, chairman & CEO of Noida, Greater Noida and chairman of Yamuna Expressway authorities. “The hike in allotment rates is vital considering the rise in land costs, etc,” he said.

The hike is especially important for the Greater Noida Authority that is reeling under a major cash crunch. “The hike in rates was essential considering our current funds shortage. The more than two year-old land row has imposed an extra burden on the Authority in the form of enhanced compensation and rehabilitation packages for the farmers. Besides, many development projects have remained stalled for months,” Raman said.

The allotment rate rise means that residential properties in Noida have become dearer by at least Rs 8,115 per sqm in A Category sectors such as 14,14A, 15A, 17 and 44 and by Rs 2,950 per sqm in E Category sectors like 102,115 and 158. Group housing flats in Noida have are costlier by almost Rs 11,065 per sqm in A category areas and by Rs 4,180 per sqm in E category zones. In the institutional category for IT/ITES properties, Noida buyers will have to shell out Rs 33,940 per sqm now. For plots in Phase I and III industrial areas of Noida, the allotment rates are Rs 20,990 and Rs 7,740per sqm.

Raman said residential plots in Greater Noida will be dearer by almost Rs 1,592 per sqm while for commercial an extra Rs 3,155 will be charged. “Allotment rates in Yamuna Expressway Industrial Development Authority have also been increased between 14 to 18%,” Raman said. Developers put up a brave face as future booking would cost more. “The hike is steep. This means Noida, Greater Noida and Yamuna e-way will no longer be affordable,” said Getamber Anand, President Elect, National, CREDAI. “With floor-area ratio so expensive, it’ll be difficult to sell property. This will be detrimental to real estate business,” Anand said.

Source 🙂 The Times of India

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E-Stamps to manage property registrations in Gurgaon

To lessen the wait and hardship of the people for registering property, Gurgaon District administration has urged the state government to introduce e-stamping. Delhi already has such system in place.

The deputy commissioner, P C Meena, has written to the government in this regard. He has requested the state government to introduce e-stamping in Gurgaon and also make provision for regular issuance of stamp papers from treasury and bank. He pointed out that with tremendous development in district Gurgaon, the stamp duty collection has also increased.

In 2012-13, Gurgaon collected stamp duty worth over Rs.1,250 crore. Out of this amount, 40 percent was deposited in cash in the bank and rest was deposited either by way of cheques or through RTGS.

“As per the present practice, the person making the payment through cheque gets the stamp papers on third day, that too subject to clearance of cheque and if he makes payment through RTGS (electronic transfer through bank), he is able to get the stamp papers on second day, subject to confirmation of money transfer.

“In case of cash deposits also, the applicant is able to get stamp papers on the second day. So, a person needs two to three days simply to pay the stamp duty to the government and in getting the stamp papers,” the communication pointed out.

Meena also pointed out that people carrying cash for depositing as stamp duty were vulnerable to criminals and many a time, incidents of snatching or misplacing of cash had taken place in the district.

“E-stamping will help in curbing such incidents. Moreover, Income Tax Act puts bar on cash payment of over Rs 50,000,” the communication stated, adding that this will also curb circulation of fake stamp papers.

“Many states have introduced e-stamping system by which the stamp papers can be obtained through internet by paying the stamp duty electronically,” it added.

Gurgaon, adjoining national capital New Delhi, has seen tremendous development in the past two decades with scores of MNCs and other top industrial and business establishment setting up their base here. The city and its adjoining areas are also a big hub for software and automobile industry and call centres.

Source: The Times of India

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Employment generation makes a place popular real estate destination…..

Employment generation and the industrial base of an area define its popularity as a real estate destination. This was an interesting observation made at a meet organised by Magicbricks.com on Assessment of Consumer Demand. Kumar Bharat, Director, BCC Infrastructure, observed: “When we launched Bharat City at Baghpat, 700 customers working in small and medium industries in Shamli booked flats in the project.”

“Look at any city, wherever commercial and industrial operations start, the need for housing is automatically generated,” said Deepak Kapoor, Director, Gulshan Homz. Is this the reason why Gurgaon, which attracted global and home-grown MNCs early on, raced ahead in terms of real estate development and values of property compared to Noida?

Here’s a look at three industrial hubs near Delhi which rose from obscurity to becoming prominent real estate destinations:

Bhiwadi: 55km from the Indira Gandhi International Airport, Bhiwadi is the fastest growing industrial town on the outskirts of Delhi. A prime industrial town of the NCR and Rajasthan, Bhiwadi has around 2,500 small, medium and large, industries including MNC industrial units. Bhiwadi is acquiring a name for itself as a real estate destination. Developers who have a presence here include Parsvnath, MVL, Ashiana, Jagriti Infrastructure, Kajaria, M Tech, etc.

Dharuhera: It’s USP – proximity to Delhi-NCR and industries worth Rs 3,000 crore. The area also has a car plant of Honda Siel in Khushkhera, the SEZ of Reliance, the Japanese corridor and a railway corridor coming up. The area already has a cineplex, hospitals, schools, leading banks and shopping malls. Leading developers tapping into Dharuhera’s huge potential are Raheja Developers, Parsvnath, Ansal API, M2K, Tivoli, SNG and BCPLVardhman.

Neemrana: Multiple drivers propel Neemrana’s real estate growth. An investment of around Rs 21.5 billion is expected to flow in with the RIICO and Japan External Trade Organization joining hands for setting up of industrial units by several Japanese companies. These projects are expected to employ nearly 3,000 people. This has been a trigger for developers to build residential projects in the area. Rajasthan government’s Global City is being developed on 40,000 acres in Shahjahanpur-Neemrana-Behror area. This city will have a capacity to house one million people and will also have a cyber city, a medicity, a knowledge city, an entertainment city, an SEZ city, a World Trade City, and a bio-diversity park.

Source: MagicBricks.com

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Proposed widening of NH 24 to boost realty in Noida, Ghaziabad

Does the slow traffic on NH 24 aggravate your already frenzied morning mood? There is a reason for you to cheer now. The widening of the Delhi-UP link road, that is, the stretch from UP gate to Dasna has been approved by the authorities after four years of its conceptualization. Not only will it impact the traffic situation on the road, but it will also prove to be a boon to the real estate market in the surrounding areas such as Noida and Ghaziabad.

As an initial part of the project, the road from Akshardham to the UP Gate has already been widened to eight lanes. However, as one enters Ghaziabad, the road becomes narrow and is visibly insufficient to contain the traffic and sustain speed. The widening of the complete highway will result in a smoother run to Ghaziabad in future. A few under-passes too, are planned along the stretch to maintain the flow of traffic. The highway is majorly used by people travelling to Ghaziabad in areas such as Vaishali, Kaushambhi, Vasundhara, Indirapuram, Crossings Republik and Eletronic City in Noida.

Owing to this, realty markets of both Noida and Ghaziabad are expected to be impacted positively. Sanjay Saxena of Aditya Associates says, “The demand and prices of residential properties are anticipated to double with the widening of the road. The effect will be seen on all the adjoining localities such as Indirapuram, Vaishali, Vijay Nagar and Crossings Republik. Already there are about 25 to 30 new residential projects coming up on the stretch.”

Several township projects by developers such as Ansal API, South Asian Real Estate, Landcraft Builders and Wave Infratech can be found along the highway. Noida’s Electronic City too lies on the same stretch.

Manish Wadhwa of Omega Buildcon & Realtors says, “Along with Indirapuram and Lal Kuan, buyers would also be seen moving towards locations such as Govind Puram, Crossings Republik and Mahagun Puram once the construction on the road is completed. “ Along this stretch properties are available in a wide budget range. “For instance, adds Wadhwa, “while the property values in Indirapuram are higher at around Rs 6,000-7,000 per sq ft, Govind Puram offers lowest prices of around Rs 2,000 per sq ft.”

The stretch has residential, commercial and industrial developments happening at the same time. Thus, the broadening of the road is most probable to have its impact on the realty prices and demand in both Ghaziabad and Noida. Now, it’s worth watching how a broadened road will help in retaining the realty prospects of these areas.

Source:) MagicBricks.com

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Realty regulatory bill to recognize only carpet area,,,,,,,,,

The proposed bill to regulate the real estate sector would make it mandatory for the development authorities to clear the building plan on the basis of carpet area, a top government official said today.

The government will bring the Real Estate (Regulation and Development) Bill in the next session of Parliament.

Addressing an Assocham conference on affordable housing, Ministry for Housing and Urban Poverty Alleviation (HUPA) Secretary Arun Kumar Misra said only the carpet area will be recognised in the regulatory bill.

“The municipalities and the development authorities would have to pass the map on the basis of carpet area and this would be a mandatory requirement as any other criteria apart from that like the super area or the built-up area and others would not be recognised by us,” Misra was quoted as saying in a statement issued by Assocham.

In the national capital region (NCR), developers sell housing units on the basis of super area that includes built- up area plus area occupied by common amenities like lifts, corridors, club house and stairs. Super area is usually around 25 per cent more than built up area.

On the real estate regulatory bill, he said: “It would be difficult to give a time frame as we wanted to bring the real estate bill in Parliament in this session but we will not give up and definitely try to bring it in the next session.”

Last month, the Union Cabinet had deferred the approval of draft bill to set up a regulator for the real estate sector with provisions for jail term for the developer for putting out misleading advertisements about projects.

The proposed regulator also seeks to make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities.

It also has provisions under which all relevant clearances for real estate projects would have to be submitted to the regulator and also displayed on a website before starting the construction.

Misra said the government would release the affordable housing task force report to the state governments in the next 15 days and would ask them to adopt the policy guidelines.

Source: The Economic Times

Work on Noida-Greater Noida metro to begin soon

Noida and Greater Noida authorities are gearing up to start the construction work on the 30km-long elevated Metro line connecting Noida with Greater Noida from the middle of this year after the final approval of the DPR (detailed project report) came in.

Earlier estimated to cost around Rs 5,000 crore, the revised estimate of the cost of extension of the Metro line from City Centre in Sector 32, Noida, to Bodaki in Greater Noida is now Rs 6,000 crore, including land cost.

The extension of the Metro project is to be funded by both the authorities and will be built by the Delhi Metro Rail Corporation (DMRC). The proposed Metro line will have 22 stations, with 15 stations under Noida’s jurisdiction and seven under Greater Noida.

According to the DPR prepared by the DMRC, the construction work will be completed by 2016.The DMRC estimates that nearly 65,000 passengers would be using the Metro every day. The Noida-Greater Noida Metro track is estimated to costs around Rs 125-150 crore per km.

The Metro line will run along Noida-Greater Noida Expressway. The line will extend from City Center in Sector 32 in Noida and terminate at Depot Station (Bodaki).

The proposed stations on the route will come up in Sector 51, Sector 50, Sector 78, Sector 101, Sector 81, Dadri Road, Sector 83, Sector 137, Sector 142, Sector 143, Sector 144, Sector 147, Sector 153, and Sector 149, Noida and Knowledge Park 2, Pari Chowk, Alpha 1, Alpha 2, Knowledge Park 4, and Depot Station Bodaki in Greater Noida.

The authorities have also approved a proposal to extend the City Center Metro line by 6.67km to Sector 62, touching NH-24. In addition, the Noida-Greater authorities have decided to go ahead with civil work on the Metro link between Noida and Greater Noida West (Noida Extension).

The authorities of the twin cities will raise funds for the project through real estate development. For this, the authorities have proposed to increase FAR from existing 2.75 to 3.5 in certain areas. A 1km special corridor along Noida-Greater Noida Expressway is being developed for this purpose. The FAR would be sold in group housing projects dotting the expressway.

The existing Sector 32-based Noida City Centre Metro line will be extended up to Noida Extension via Sector 72. The 7km-long stretch will cost around Rs 1,400 crore of which Rs 1,100 crore would be shared by the Noida and Greater Noida authorities, depending on the territory falling under their jurisdiction.

At least two stations are proposed to be built on this line. The City Centre Metro station, which is proposed to link Sector 62, would branch out at Sector 71 to take the line till Noida Extension (Greater Noida West).

A 4km line between Kalindi Kunj and Botanical Garden in Noida will be constructed at a cost of Rs 845 crore. The Noida authority will pay Rs 492 crore for this. Another extension, nearly 6.7km long, will be made on the line from Sector 32 to Sector 62, at a cost of Rs 1,816 crore. The Noida authority has agreed to pay Rs 1,923 crore for this project.

Tarun Shienh, the CMD of Premia Projects Ltd, says, “The Noida-Greater Noida Metro project will be a boon for the twin cities and resolve the connectivity and traffic issues faced by residents of these cities.”

Rakesh Yadav, the MD of Antriksh Group, says: “The work on extension of the Metro line will bring a lot of cheer among buyers. A lot of uncertainty was looming over this region, but now, the confidence of investors and end users in this area is back and it will lift the prospects of real estate sector here.”

Ashwani Prakash, the executive director of Paramount Group, says: “The extension of the Metro line to Greater Noida will certainly improve connectivity and reduce the travel time to Delhi, which in turn will helps boost the realty market of the regions like Noida Expressway. In addition, it will also help in clearing any uncertainty or doubts in the minds of numerous property buyers and investors who were counting upon this decision – this project has brought a lot of security into the investment made here.”

Anil Sharma, the CMD of Amrapali Group, says: “The importance of any residential area around Delhi depends on its connectivity to Delhi and the travel time taken to a particular location in the capital city. The extension of the Metro network will improve connectivity and reduce the travel time to Delhi, which will boost the market prospect of this region.”

R K Arora, the CMD of Supertech Limited, says: “The recent positive developments on the new alignment of the Metro network will encourage the entire real estate industry to continue with the good work in the region and collectively build dream homes for thousands of aspiring home buyers.”

Source : ) The Times of India

Rising aspiration, values drive property market

 

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Globalization, a growing economy and awareness has encouraged even the modest of families to aspire to own a home, and once invested probably look for a second one or upgrade to a superior abode. Another reason for the rise in demand for housing is the falling average age of home buyers — from 43 years in 1999 it dropped to 33 in 2010. This changing demographic profile is also transforming housing consumption patterns.

An interesting pattern in the aspiration levels of the consumer was observed at the Real Estate Dialogue (RED) on Assessment of Consumer Demand held by Magicbricks.com. As the spending power of the consumer grows, his aspiration increases. “The urge to buy and upgrade to a better lifestyle is upfront. With an increase in purchasing power, the consumer looks for a better environment; he upgrades from a colony to an apartment and then to a plotted development,” said Kumar Bharat, Director, BCC Infrastructure, at the meet.

“We saw about 700 customers from Shamli, who wanted to upgrade to better facilities in Baghpat. We priced 3BHK units at Rs 45 lakh,” pointed out Bharat, who sold 1,400 units in the Bharat City project a few days from launch in Baghpat, about 18 km from the Delhi border.

Better education, healthcare and housing – all reflect a migration to a better lifestyle and quality of life. “The world is evolving, so is consumer demand. A well-informed consumer today looks for value for money in his investments, and real estate forms a huge part of that investment,” said Neeraj Bansal of KPMG.

“Employment generation and the industrial base of an area define its popularity as a real estate destination. The educated, service class opts for multi-storey apartments in gated communities for social growth,” said Deepak Kapoor, Director, Gulshan Homz.

Till recently, a family’s status symbol was measured by the size of the house. But high income levels and aspirations are redefining the very concept of housing where the conventional per-square-foot rate doesn’t apply. Instead developers have to ensure the entire package, from the housing unit, amenities, significance of the neighbourhood, location and the social standing that comes with it.

Indrani Rajkhowa Banerjee, MagicBricks.com Bureau

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Pink City is residential colony coming up on Noida expressway in Sector 166. These residential plots are ready for immediate possession and registry/mutation.