Noida Authorities may seek for Rs.900 crores from the buyers

Noida Authorities may seek for Rs.900 crores from the buyers

Residential Property in Noida

After about 5 years after the land acquisition agitation broke out in Noida Extension, now Greater Noida West, the Noida Authority is again on the brink of gathering Rs 900 crore from its allottees, while the reaming Rs 920 crore disbursed to farmers as more advantageous repayment might be gathered through other approach.

As per the officials, the Authority has dispensed a complete of Rs 1,820 crore to farmers 64.7% more land compensation following an Allahabad High Court order in October 2011. Land proprietors ought to proportion this burden, officials stated. Notices for collecting the amount from allottees of different classes of land use have started being issued, Noida Authority officials said on 22nd May.

As stated by the officials, the respective departments of land had been instructed to draw up a list of Noida’s land allottees that might be stressed with the extra amount. The extra burden may be distributed to all allottees together with property owners of residential, commercial, institutional and industrial land in Noida. The move would help the Residential property in Noida .

Out of the Rs 1,800 crore, while Rs 891 crore might be amassed from allottees, Rs 198 crore could be recovered after launching land schemes and Rs 722 crore will be managed thru the sale of land in Noida.

Officials confirmed that the load would fall on property proprietors whose land has been received between 2002 and 2014 across 24 villages. At the same time as the Authority has drawn up a listing of 113 institutional allottees and 88 organization Housing allottees who’ve to pay the increased repayment, its miles yet to finalize the precise quantity of allottees it has to accumulate the extra amount from in residential, commercial and business regions.

In February 2014, the Authority had for the primary time determined to get better Rs 1,800 crore from its allottees after the high court order. In December 2015 and once more in March 2016, the procedure had once again started for the recuperation, however, to this point, the problem had been pending.

But, officials failed to expose the amount each allottee ought to shell out in view of the additional burden. Officials stated they will probably release recovery notices to allottees subsequent week while the quantity sought per person being figured out. Officers stated character plot owners, developers, institutes, commercial landowners, and so forth, who’ve been allotted land in Noida, ought to pay this greater quantity.

GNIDA and YEIDA have additionally transferred the more burdens owing to the increased reimbursement of 64.7% to their respective allottees. While greater Noida has to acquire Rs 4,500 crore from 24,000 allottees, YEIDA has to collect Rs 6,500 crore from 21,000 allottees. This will give a major boost to the property in Noida.

Residents in Luxury and Affordable Homes in Hyderabad Facing Acute Water Problems

Residents in Luxury and Affordable Homes in Hyderabad Facing Acute Water Problems

Many in Hyderabad, regardless of whether they live in affordable homes in Hyderabad or in more luxurious houses are feeling the impact of a shortage of water. The gated communities along Hyderabad’s IT corridor that house many well-paid Indian engineers are facing a shortage of water, as are households in Hyderabad’s old city. A common complaint among residents is that they have to either make do with a smaller daily supply of water or pay thousands of rupees and collect water from privately owned water tankers.residential apartments in Hyderabad

According to Those Most Affected

Residents in Hyderabad have stated that they often have to pay in an extra sum of three thousand rupees over and above their regular maintenance fee to receive a supply of water. Such residents complain that they have arrived at this juncture because the bore well that used to supply water to all residents has dried up. Those who have been the most impacted have requested the authorities to find a solution to their pressing problem because residents are allocating precious financial resources towards procuring something as essential as a steady supply of water.

Problems Greater than Shortage of Water

Some Real estate projects in Hyderabad that are near the Chandanagar Lake have graver problems. This is because the water that is drilled using a bore well has large traces of pollutants because of the proximity of this region to the highly polluted Chandanagar Lake. Hence kitchens in many developments near the lake are supplied with highly polluted water that is unsafe to drink.

The reason why the Chandanagar Lake is polluted is another grave problem. Because sewage flows regularly into the lake from surrounding regions, the quality of the water in the lake is deteriorating with each passing day. Hence in addition to finding a solution to a water supply that is laced with pollutants, residents living in regions in the proximity of the lake have to face the challenge of finding an environmentally friendly way of discarding the effluents they produce. Residents of these localities today have little choice but to buy water at a high cost from private suppliers.

Who’s to Blame?

Many residents who have been the most affected have reached the conclusion that real estate developers in Hyderabad are to blame for the current water crisis residents are facing. According to such residents, by digging deep bore wells, at times up to a depth of five hundred feet, builders have depleted the water table in many regions of Hyderabad.

Officials, however, have stated that there is a shortage of water because households are using more water in the summer than they did in months prior.

GNIDA Working Hard to Ensure Speedy Handover of Property in Noida

GNIDA Working Hard to Ensure Speedy Handover of Property in Noida

Over the next six months, eight thousand new units of propertyin Noida are likely to be registered with the Greater Noida Authorities. The Greater Noida Authority has stated that it is in the process of speedily completing the handover of residential units to their respective buyers.

Recently Completed Flatsreal estate property in noida

During past six months, nearly six thousand registrations have been completed in Greater Noida all of which have been constructed by a single builder. However the Greater Noida Industrial Development Authority (GNIDA), not one to rest on past accomplishments, is hopeful that an additional eight thousand homes will be registered in Greater Noida over the six months that lie ahead.

Four developers with five thousand five hundred units have been issued completion certificates by the GNIDA in the past two months. The developments built by these four developers fall in the category of group housing projects. Starting from this week and onwards, four more developers will be provided with timelines with details of when their projects would receive completion certificates.

Greater Noida Authorities Speak

The Additional CEO of the GNIDA has stated publically that those buyers who were yet to receive possession of their houses were being harassed due to the issue of completion certificates. Due to the non-issue of completion certificates, buyers would run from pillar to post simply to procure possession of their own Residential property in Noida.

Speaking to the news media, the Additional CEO of the GNIDA stated that his organisation has provided completion certificates to four projects during the past two months. According to the Additional CEO, these completion certificates were provided to the four projects after the GNIDA had fulfilled all compliance issues that fell under its purview.

It was stated by the Additional CEO of the GNIDA that soon registrations for these newly completed projects would begin following which buyers would be granted procession of these flats.

Unit-Vise Completion

The process of issuing completion certificates for 634 units by one builder in one project would begin from today. A further 1,500 units in the same project by the same builder would also be granted completion certificates at a later date. Furthermore on the completion certificate anvil are 300 units in a project by different builder than the ones mentioned above. It has also been revealed that in the process of begin awarded completion certificates are units in a project by a third builder.

According to the ACEO, many builders have already deposited their outstanding dues to the GNIDA. The ACEO has revealed that from the 1st of November last year, his authority has collected 607 crore rupees from builders.

Conclusion

According to the ACEO of GNIDA, eleven more Real estate developers in Noida are in the process of adhering to a rescheduled payment plan. The goal of making deadlines closer to the current date is so as to be able to hand over flats to buyers at the earliest.

It time to buy property in Gurgaon which is affordable

It time to buy property in Gurgaon which is affordable

The Government of Haryana could take into account waiving stamp duty for developers for cheap Residential projects in Gurgaon, stated the finance minister Capt Abhimanyu Singh.

Further, the state finance minister said that they are constantly in discussion with industry people to understand their needs. This idea came out in one of those meetings and the government will examine its feasibility to see how it is able to be worked out in the State Assembly.

Stamp duty is under State Government’s jurisdiction and it is fixed by the state government which varies between 4% and 12%. The cheap housing, which has acquired infrastructure fame in the budget, already enjoys tax exempt from service tax that is round 5.35% of the selling price of the property.

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The Finance Minister’s statement came in the event when developers were elevating the problems at the platform of make investments Haryana.

The builders stated higher stamp duty has turned into an unsustainable element for them and requested the minister to waive off the stamp duty for the affordable housing, which would be highly beneficial for this sector.

Pradeep Agarwal, CMD of Signature global stated that at 5-6% of the cost, stamp obligation is a huge amount for us, in particular in case of cheap housing initiatives and if the stamp duty authorities can waive that off, it would be a massive comfort for developers as well as for people who are considering buying property in Gurgaon.

As per Ashwinder Singh, the CEO (residential segment) of JLL India, who acted as the moderator in the dialogues said that there may be a demand of 1.1 million housing units in low-priced housing phase. If Government can achieve these numbers then this could be considered as a major boost to this housing segment.

The builders additionally sought an explanation from the authorities on whether cheap housing became to be taken into consideration through size, rate or price. The panel consisted of P Raghavendra Rao, additional chief secretary (finance and planning), Basant Bansal, chairman of the M3M institution, and Niranjan Hiranandani, co-founder and MD, Hiranandani group.

Affordable property in Gurgaon, has always been a topic of discussion and Government has time again taken steps in order to make this more real. The recent development of waving off of the stamp duty will surely give a huge boost to this sector.

affordable PROJECTS IN GURGAON

 

Land With Huge Potential for Properties in Pune in PMRDA’s Hands

Some big ticket best property in Pune may emerge from the future actions of the Pune Metropolitan Region Development Authority. The state government has plans to transfer 7,800 hectares of land to the PMRDA with the goal of making the land financially sustainable under the aegis of the PMRDA. In common parlance this means the PMRDA will explore ways to earn revenue from the land.

Foreign Suitors

There are investment proposals from big name suitors who wish to invest in this region of Pune. Companies from countries such as Korea, Japan, and China have strongly expressed an interest in establishing offices or factories within the 7,800 hectares of land that the PMRDA is now responsible for and is creating a development plan for. With large foreign companies ready with investment proposals for this land, there has emerged a special drive to fence the land and keep it free from encroachments.

Emulating Other Development Authorities

The Mumbai Metropolitan Region Development Authority (MMRDA) already has a financial model which includes planning and executing similar development projects, the PMRDA will emulate this pre existing model as it pertains to the 7,800 hectares of land that is now under its care.

The financial model that has been mastered by the (MMRDA) is heavily driven by the land bank because the Authority uses the land to raise funds and to implement various projects. In following the example of the revenue model that has been mastered by the MMRDA, the Pune Metropolitan Region Development Authority shall also raise funds by using the land bank to raise funds. If the land bank is utilized with care, many of the top builder in Pune will have the chance to construct elegant structures for foreign and domestic companies.top builders in pune

In the Words of the PMRDA Chief

The chief of the PMRDA stated that he has a plan to seal off the land for a period of one year even if it means that the PMRDA will incur an expenditure of up to five crores to do so. He also revealed that he has plans to make the plots on the land commercially viable for such projects as a ring road and a metro rail.

Monetizing the Land

PMRDA’s goal, after basic civic amenities such as sewage, electricity, water, and roads are developed on the land, is to sell the land because after the completion of the basic civic amenities, land prices are bound to rise. The income that is generated by the sale of plots on the 7,800 hectares of land will be used for further development. Numerous Real estate project in Pune will be built on this land which had been slotted to serve as a land bank since the formation of the PMRDA in 2015.

5 things to check when buying an affordable home in Noida

Affordable housing is a buzzword in Indian real estate industry nowadays. After the government has given affordable homes infrastructure status and shared the goal of ‘Housing for All by 2022” number of projects launched in this category has increased tremendously. Every second builder is launching residential complexes calling them affordable projects.

Some cities like Noida have seen more increase in number of projects launched in this category. Though Luxury project in Noida are also in demand, still demand for affordable homes is higher. The city has high migrated population living here for job and look for low priced homes which they can buy from their small income.Luxury apartments in noida

However, buying a low priced also has its own risks. Being a buyer of an affordable home, you should pay attention to these factors.

Titles and bank loan: How will you feel if you get to know that the home in which you are living has been made on an illegal land? None of us would want to get this shock in life. To avoid any such situation in life, ensure titles and property papers in advance.

Reputation of the builder: Builders in Noida are infamous for cheating homebuyers and delaying projects for years. There are many fake builders who promote a project, collect money from interested buyers and then get vanished in thin air. So make sure you book an apartment only with a reputed builder.

Location: Most of the affordable projects are launched in far flung areas in city’s outskirts. The reason behind this is availability of land at cheap prices. Though there is no harm in living in apartments developed in city’s outskirts, but there is always a risk of neighborhood in these areas. So make sure you verify about it in advance.

Connectivity: Be these are the roads leading to the project or availability of public transport, you should check everything. If the area doesn’t have own bus stop, confirm about the distance of other bus stop from your residential complex.

Amenities and maintenance cost: Although you cannot compare amenities of Affordable project in Noida with mainstream projects, you can expect some basic facilities like security, parking, power supply and water supply. Further, you should also ask about maintenance cost in advance as sometimes builders keep booking amount low to lure buyers and then extort a lot of money at the name of maintenance charges.

While purchasing a home, you shouldn’t just look at the price; rather, you should pay attention to the factors that affect quality of your life. Even if you are investing in a reasonably priced home, you have complete right to get comfortable life.

How to invest in property in Noida with little money?

Real estate in India has always been one of the most lucrative investment
ventures. But the problem is requirement of high capital to buy a property for investment. Further, if you are looking for a property in metro cities or in fast developing areas like Mumbai, Bangalore, Pune and Noida, the dream of owning a home remains a dream only.

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There are many people who want to invest in property to earn high revenue, but hold back their decision due to availability of limited funds. Good news for these investors is that they can still invest in real estate with little money. If you also want to Buy Property in Noida for investment but have limited budget, here are a few tips to find right project.

Borrowing money: If you have little money and you still want to invest in real estate market, the easiest option is to borrow some money from your friend or relatives. If you invest in a profitable venture, you can earn high revenue and can repay the money quickly.

Search a financer: If you don’t want to invest in New Projects in Noida by borrowing money, you can also look for a financer. It can be a bank or any other financial institution offering help to the small investors. To them, you need to make monthly payment like EMI paid for the loan.

Invest with a partner: If you have some friend who is also looking for an affordable property for investment but has limited budget, you can look for an option in partnership. You can either find a partner for equal investment or can look for someone who likes your ideas and gets ready to finance the investment.

How to invest in real estate in Noida?

There are numerous projects available in the market for end-users as well as investors. You can explore real estate websites or can arrange meetings with the builders and agents to collect details about different projects. If you find a good partner with strong financial position, you can also invest in luxury Apartments in Noida. It will help you earn high rental yields.

luxury flats in noida

To ensure that you find the best property, keep a close eye on the real estate trends in Noida. It will help you grab the deal at the best time. Property prices in the city keep changing over time. As it is a hot destination, prices usually go up here. So whenever you find an option in your budget, just go and book the flat.