Property in Noida to Become More Expensive

Prospective house owners who have been fighting battles to get possession of their properties from the builders will now have to pay more for registering their property due to the recent proposal by the UP Registration Department. In a move to equate the registration rates in NOIDA with those as per the rest of the state, the Uttar Pradesh Stamp and Registration Department has increased the registration rates from current 5% to 7%. This has brought double trouble for the homebuyers as majority of the residential projects in Noida are being delivered late owing to delayed construction.

This all began in 2013 when a petition was filed by an environmentalist, in the National Green Tribunal (NGT) to stop the construction around the Okhla Bird Sanctuary. As per the orders, builders halted the construction work and as a result of which the possession was delayed by 2 years. In August 2015, the Center notified the Eco Sensitive Zone of the Okhla Bird Sanctuary and hence the construction of the properties resumed work. By Feb 2016 most of the developers did not have the completion certificates (OC). Only 16,710 flats of 26 developers received OC out of which only 810 have been registered.

Last year also the department had similar plans to hike the registry rate but many campaigns by various organizations did not allow them to do because even they were aware of the fact that if this law was passed it will have negative effects on the buyers as well as the sellers. This 2% rise could upset all the registrations and the department has decided to charge older registry rates for those residential projects in Noida that could not be completed due to the legal battle.

A number of flats that couldn't reach completion stages due to the stay during the legal battle that took more than two years to resolve are being delivered now. Till date only 20% of residential projects in Noida have received OC and are open for registry option whereas it will hit the remaining 80% in a bad manner. Due to the way warding and unreliable constructions by the builders, most of the expressway projects launched in Noida in 2009 are available now at the prices of 2010, the projects with a delivery timeline of 3 years have still not been delivered in 7 years. Even the ready for possession properties are also available at the prices of 2013 due to oversupply of inventory. The expert analysts predict that this is the right time to invest in property because after the absorption of these unsold flats, the prices are expected to rise.

The proposal would be total injustice for those who have bought property in Noida as they have already borne the brunt of paying EMI’s, rent for so many years and have not even got the custody of the accommodations and all this due to the delay of the developers. This step would be very unfair for the homebuyers who were forced to wait due to the ongoing legal battle regarding the demarcation of the OBS, and they actually bought the flats, started even paying for them but just could not get them registered.

As per the Additional District Magistrate, a rebate has been given on this stamp duty with an aim to promote industrialization. While in other UP districts the stamp duty will be 7%, it will stand the same for Noida also, once the proposal is approved at the government level. Also a rebate of 10,000 has been given if the property is in the name of a woman owner.

Overall this move may have a negative impact on the property in Noida as it raises the cost for buyers at a time when the real estate market is already stressed.

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Rapid Real Estate Development Boost Micro Residential Market in Noida

Noida has been witnessing massive infrastructural developments and construction which are expected to increase opportunities for real estate investors. Vigorous economic reforms and rapid infra growth in the area persuades developers to continue launching affordable and well planned housing for citizens in Delhi NCR.

Due to availability of affordable residential property in Noida has become a major realty destination for mid segment. 2015 recorded significant real estate activity in terms new launches as well as absorption of living spaces in Greater Noida and Yamuna Expressway. These projects in great locations are attracting buyers and investors for good return on investment. Some of the newly launched residential projects here are as follows:

Lotus Greens Sector 150:

This ultra modern residential project in Sector 150, Noida spreads over whooping 300 acres and offers wonderfully designed and spacious 2 / 3 BHK luxury apartments spanning 1100 sq. ft to 1575 sq. ft. The cutting edge amenities and the latest leisure amenities of the project make it a superior housing project in the national capital region.

Lotus Greens Sector 150 location is 20 minutes far from DND flyover and 25 minutes away from Sector 18 which is the commercial real estate hub of NCR.

Mahagun Meadows:

It is another huge residential project in Sector 150. Spread on sprawling 7 acres right off Noida-Greater Noida Expressway, this project is well connected to different parts of the city and the Indian capital city Delhi. Renowned Jaypee Public School, Gyanshree School, Amity University, Gautam Buddha University, Jaypee Hospital, Great Adventure Mall and many top IT & ITES companies are easily accessible from the project location.

This Mahagun Meadows lavish property in Noida offers 2, 3 & 4 BHK residences and Meadows Villas with huge plethora of amenities for urbane living experience.

Gaur city 14th Avenue:

It is a premium residential project by luxury real estate developer Gaursons India. The project seamlessly connects via adjoining roads and highways which offer flawless transportation across the city. Gaur 14th Avenue is 15 minutes from Noida Botanical Garden and 20 minutes away from the DND Flyover. 

This residential project is getting huge appreciation from the buyers for its luxurious yet affordable residences and good connectivity. The well planned and modern residential apartments in the project are available at a very nominal price that range between Rs. 12.95 Lacs – 43.87 Lacs. 

Real estate giants like Supertech, Ajnara, Exotica, Sunworld Group, Sethi, Amrapali are offering huge housing complex in posh locations of Noida. All the well planned and well connected residential developments offer great living options in prospering national capital territory of Delhi.

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Best Things About Buying A Residential Property In Noida

The strategic location of Noida makes it a best choice for buying a best residential property in Noida. It is connected to the NCR via road and Metro. The city Noida is highly planned and offers a comfortable travelling in and around with its deep roads and a good traffic management. And the DND Flyway can make a person reach South Delhi within a few minutes. When travelling on Metro routes, one can keep to each and every part of Delhi and even enter Gurgaon and Faridabad. Though the distance of Greater Noida is quite long but it takes very less time to go to Greater Noida through smooth Yamuna Expressway. And Ghaziabad is adjoining to Noida so there was never a problem in reaching out there.

Residential projects in Noida, in the form of residential plots, group housing units and apartments has seen a persistent growth and progress in the last few years. Many well known and reputed builders, namely, Jaypee, Amrapali, Assotech, Ajnara, Mahagun, Logix, Stellar, Supertech and many more builders have already launched their top projects in Noida, Noida and Noida Extension and on Yamuna Expressway. The residential and housing projects in Noida are being developed with proper planning, taking care of environment and greenery at the maximum. Latest earthquake contrary techniques are being used in the residential apartments towards an effective disaster management.

The property in Noida is being built with lots of common amenities like 24 hours power back-up, Landscape Garden, covered parking, swimming pools, gymnasiums, yoga and meditation centre, and clubs and community halls. It's not all; there exist lot of amenities even outside the residential premises like reputed fitness clubs, golf club, Noida stadium, high standard schools and colleges, multi-specialty hospitals, large shopping malls and multi-screen cinema halls, international food courts and other famous eating joints, shopping hubs like that of Sector18 market area with a variety of international clothing and jewelry brands.

It is estimated that within 2-4 years, most of the on-going residential projects in noida would reach to their completion and would be ready to move for the buyers for the possession. But by that time, the rates of the residential property in Noida would be at the highest. Therefore, it is advisable that interested citizens or NRIs should immediately take a decision to buy a residential property noida. With the help of a reputed real estate firm, one can easily avail all the information regarding the rates and the infrastructural facilities associated with residential schemes. And start with the booking procedures and apply for loans as well, if required.

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