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Property in-Noida

Where to get a flat below Rs 50 lakh in Noida

Expected to be completed in 2016-17, these projects are strategically located and many are by Category A developers  .

Looking for an apartment priced below Rs 50 lakh in Noida with good amenities and connectivity, strategic location and even some luxuries thrown in?

According to HappyKeys data, there are no less than 18 projects at various levels of development that offer 2BHKs and even 3BHKs below the Rs 50-lakh price tag. Expected to be completed in 2016-17, these projects are strategically located and often form a part of a bigger project. And many are by Category A developers. Some of the projects within the said budget include Supertech Ramona and Eco Village-4, Gaur City 1st, 4th and 6th Avenues, Sikka Karnam and Karmic Greens and Paramount Emotions.

The 2BHK options

For a budget below Rs 50 lakh, one can get a 2BHK unit of sizes varying from about 950-1,200 square feet in sectors 76-78, 118, 119, 116C, 120 and 143B and 144. Prices vary from about Rs 34 lakh to around Rs 47 lakh. The expected possession is generally within 2016-17.

The 3BHK offerings

There are also several developers who are offering 3BHKs in the less than Rs 50 lakh category as part of their projects.

Developers providing this option include Mahagun Fiddlewood in Noida Extension, Unnati’s Fortune World in addition to Supertech’s Eco Village 2 and 4.

Broadly, the 3BHKs within this budget come with a unit size of around 1,175-1,300 square feet. The price range Rs 42-49 lakh. The expected possession is by 2016-end or 2017.

Amenities
Basic facilities offered in these projects include yoga and meditation centre, intercom facility, maintenance staff, parks and play areas for children, healthcare facilities and landscaped gardens. Lifestyle amenities available in several targeted projects include theme constructions, clubhouses, butterfly parks, and a couple of swimming pools per project.

Getting the most for the price
“When you are on a short budget and are looking to get the maximum out of your investment, it is best to choose an apartment that is part of a luxury project to get access to all the lifestyle amenities,” says PrakashVeer of Maztra Property Advisers. “Alternatively, one can opt for a Category B developer who provides larger built-up area per apartment.”

Experts believe it is a good time to buy a property in Noida. With the upcoming festival season, developers are ready to negotiate on price between 5-10 per cent and offer other freebies such as modular kitchen and wooden flooring.

pre-launch

What to follow while buying pre-launch property

Buyers need to also check out several aspects before putting their hard-earned money in such Residential projects.

Prices of pre-launch apartments  and under-construction stage are no doubt attractive. According to Happy Keys data, average pre-launch prices of flats are 25-30 per cent lower than those nearing completion.

But in this situation, buyers need to also check out several aspects before putting their hard-earned money in such projects.

Cross-checking all clearances

At the top of the list is the necessity to check if the project has got all the required clearances regarding land ownership and construction.

The prices in Noida of pre-launch and under-construction properties is attractive and as the construction reaches completion, rates rise up significantly,” says Rahul Adhirej of Adhirej Consultants, a property advisor and consultancy firm in Greater Noida.

In their enthusiasm at getting an attractive price, buyers tend to miss checking basics such as clear ownership, sale deeds and construction approvals (till which floor). I often go the extra mile and show them the papers and have even recommended them to opt for a lower floor as the one they want has yet to get the approval.

A pre-launch or an under-construction property carries a certain degree of risk. The buyer might face delay in possession if the project is stuck due to certain issues, some of which may be extraneous aspects.

There are other factors too that a prospective buyer should be aware of.

The current tax law

The current tax law states that the benefit of tax deduction on home loans is “not applicable for properties that are under-construction”. The benefits are available only on constructed properties and only if the registration is done.

Title diligence

This is the key as it forms the basis for several legal documents and agreements.

The first step when going in for pre-launch or under-construction property is to ensure clear ownership of the developer/seller sale deed by conducting title diligence,” says Sadhanand Mishra, and advocate and solicitor who specialises in real estate deals.

 

Check out : Checklist For Investing In Pre-launch Property

 

Independent legal assessment

Although a clear set of documents is presented to the buyer at the time of booking, it also makes sense to do an independent assessment using the services of a legal expert specialising in real estate.

Getting an independent assessment and evaluation of all the documents is something the buyers must get done,” says Mishra. “Also, opting for deferred payment made strategically after set targets are completed is a good option. This ensures lesser investment and tracking of progress of the construction, as per the demand letter of the developer.

Acquiring payment receipts

Payment of booking amount and every following amount paid must be made followed by payment receipts. For example, the developer can collect up to 20-40 per cent of the cost of the apartment at the time of booking depending on the payment option chosen by the buyer. And for this, a receipt needs to be given by the buyer.

Knowledge of Ownership Act

Ownership Flats Acts vary from state to state and prospective buyers must check with their legal expert before buying in Delhi NCR. At an average, a developer can collect up to 20 per cent of the total price without entering into a registered agreement for sale. This means it is only after you cross the said percentage that you can insist on a registered sale agreement.

While entering into the agreement for sale, it is essential to ensure that all approvals, right up to the commencement certificate for the property to be purchased, are in place.

modern-open-living-room

Designing the modern open living space

modern-open-living-room

Great rooms or large living areas can end up feeling cluttered if you put too many small pieces in them. The key is balance, and playing with colour.

Buyers today prefer an open plan of kitchen-dining-living area. This creates bigger space.

Bigger rooms can be wonderful for entertaining guests but the challenge will be to keep it cozy and functional for day-to-day living without making it look too empty or cluttered.

Columnist-interior decorator Vikram Kapoor, director projects at Innovations India has some recommendations:

Great rooms or large living areas can end up feeling cluttered if you put too many small pieces in the room. The other mistake that people make is to under-do too much, making it look too empty. The key is balance, and playing with colour to give the space a character.

Formal-casual mix

In the living-dining segment, have designated areas for activities, like family area, visitor seating, writing table, place for crockery unit or even a small bar. These areas may flow into each other but a broad demarcation helps create a `living’ space. Thus in addition to a lounge sofa-set (of 3+1+2 or 3+1+1), a couple of bean bags will give the place a nice family room-look, especially with a large coffee table on a thick carpet ensuring a cosy atmosphere.

This will also avoid the seating against the wall concept that is commonly followed. A large room with sofa pushed back against one wall and the chairs on the opposite size of the room leaves too much open space in the middle. This kills all conversations as nobody likes to shout.

 

Check out: 5 Home Decor Ideas for an opulent haven

 

Focus areas

Create two focal points on conflicting walls. In case one side leads to a green area outside, leverage that by creating an atmosphere that brings it in. As you have a ready view, hang lighter curtains at that end to enhance the beauty of this area.

The wall directly opposite to this could be the other focal wall. You can wallpaper it with self-designed prints in darker shades (which will give warmth to the area) or simply get a textured paint on the wall in case you prefer simplicity.

Size and scale matters

In a large open area, it is essential to get the size and scale of the furniture right. For instance, furniture that is short will make the ceiling feel too high. This can be offset in two ways:

  1. Consider a taller bookcase, taller backs on chairs and sofas and taller accessories
  2. Create a focus area in the ceiling with a POP corner that is well-designed with appropriate lighting and key accessories at suitable height keeping in mind the furniture size.

As a rule, your key trophy should be in the right corner from where you enter the area. Alternately, the opposite wall (direct vision on entry) could also house the place of pride trophy or knick-knack with focus light.

 

Check out: 5 Summer Decor Tips For Your Home

 

The dining area

In todays’ fast-paced life, we can actually do away with the formal dining table and instead have an L-shaped counter dividing the kitchen-dining area. The counter itself can be developed as a breakfast-counter with high chairs with a crockery unit nearby. This can be fixed above the counter or strategically placed to catch the light from the open space outside to give it a light airy feel.

Lighting

Go for a single large chandelier only if the combined room is considerable large. Alternately, install two medium-sized ones (about 1-2 feet high) across the room with other lighting or a combination of wall units and strategically placed lampshades.

noida-sector128-news

Noida Sector 128: Great location, poised to grow

Almost 80 per cent of properties available here are apartment complexes, several of which are ongoing projects. The area also has a number of high-end villa projects.

Sector 128, located along the Noida Expressway, is one of the fastest developing micro-markets in the Delhi NCR region. It is one of the strategically-located sectors with good connectivity and well-developed social infrastructure.

In price trends, in the last two quarters, prices in Sector 128 has been mostly steady with little variation in the per square feet value.

Broadly, the rates in the area are in the range of Rs 5,000- Rs 6,700 per square feet for a property in the mid-segment while the average rental varies from as low Rs 15,000 to as high as Rs 25,000 per month for a 2 BHK depending on the amenities and location.

Almost 80 per cent of properties available here are apartment complexes, several of which are ongoing projects. The area also has a considerable number of high-end villa projects in the price range of around Rs 8,900 to Rs 16,000 per square feet.

Apartment scenario

Property in Noida Sector 128 offers a plethora of apartment options catering to a large economic segment of buyers. Some of the developers who have several ongoing projects here include Jaypee, Mahagun, Elixir and Parx in addition to several mid-segment builders. Others with projects in the offing include Supertech, 3C Company, Prateek Group, Lotus Greens and Wave Infratech.

A 2 BHK in the micro-market comes with a built-up area of around 1,200-1,400 square feet and is priced around Rs 66-72 lakh. A 3BHK with a built-up area of 1,400-1,700 square feet is available in the range of Rs 75-88 lakh.

Premium category

In the premium range of offerings, Sector 128 has again a wide variety to pick from with rates between Rs 5 crore and Rs 8 crore. The built up area in this segment is around 4,000-6,500 square feet, with several projects nearing completion and expected possession by the end of 2015 or first half of 2016.

Several townships and gated communities are also proving to be excellent options here with Jaypee Group leading the pack. Offerings include Jaypee Greens, Kosmos and Wish Town.

Infrastructure

The locality has good transportation facilities coupled with good schools and hospitals. The sector is also close to Delhi.

Schools located near Sector 128 include the likes of Lotus Valley, Gyanshree and Mayor School. Higher education institutions close by include Amity University. The biggest hospital nearby is Jaypee Hospital.
Infrastructure provisions such as power and water supply are generally taken care of by Noida Power Company Limited and the Uttar Pradesh Water Supply Board respectively.

Upcoming major projects such as Export Promotion Zones and Taj Economic Zone along the Yamuna Expressway are likely to push the economic development of this region, consequently giving a further boost to real estate development here. So if you are planning to buy in Noida, Sector 128 could prove to be a good option to consider.

delhi NCR

Looking beyond the Grade A Developer

Targeting smaller builders may give you more value for money than bigger real estate names. It is easier to dispose properties in the mid-segment due to lower ticket sizes.

With expansion in the mid-income population, there has been a rise in demand for midrange housing options across Delhi-NCR. This has led to a marked increase in the number of developers jumping into the fray with new launches, making the market competitive.

“Mid-segment housing is an excellent choice for investment for several reasons. Firstly, though it may seem that the new launches in this segment are fairly high, there is still a big demand-supply mismatch in the category. The size of the middle-income population is increasing at a faster pace across the country, and the city attracts a sizeable portion of middle-income earning segment keen on investing,” says Naveen Nandwani, executive director, Cushman and Wakefield.

“Secondly, the current capital values are attractively priced and there is an upside potential. Thirdly, in comparison to the high-end segment, it is easier to dispose properties in the mid-segment due to higher demand and lower ticket sizes.”

Dominated by several mid-segment builders and developers, the pricing is also competitive.

“Not all home buyers plan to use a swimming pool or a club house regularly. Also, there a large segment of smaller developers who offer greater value in terms of larger interiors, strategic location and even features such as more greenery and use of alternate energy such as solar power,” says Nitesh Himani of Himani Properties in Noida. “Similarly, investment in water purification for surrounding green area and individual water meters so that you pay for only what you use and not a share of the total water consumption tend to add value.”

Affordable luxury

There are several builders, though not classified as grade A, who have forayed into the luxury segment. In fact, several lesser-known developers in Gurgaon have made this significant jump in offerings.

“No builder in Gurgaon today wants to be termed as low-budget or mid-segment developer,” says Sanjay Sharma, director of real estate brokerage firm Qubrex. “Buyers are being offered innovative design themes, international architecture and world-class facilities at prices lower than ultra-luxury projects. This has accelerated the demand for such projects to a great extent as the buyer can experience luxury which fits into his or her pocket.”

before Investing in a Property

7 Documents to check before Investing in a Property

Before zooming in on your dream home in the Delhi-NCR region, there are many documents you need to check to ensure the security of your investment.

As a prospective buyer, it is essential you develop a checklist and check out the validity of the property with regards to approvals and sanctions.

HappyKeys provides a basic list of documents and essential steps investors need to take to ensure they put their money in the right property with clear validity and ownerships.

At the top of the list is the need for buyers to hire the services of a lawyer/advocate who specialises in Real estate (especially residential sectors). These are professionals who will be able to identify any loopholes in the documents that may prove to be a risky investment at a later stage.

 

Check out: Checklist For Choosing A Builder In Delhi-NCR

 

The list of documents one needs to check before buying property are:

  1. Local state/district approval plans along with the Intimation of Approval/Disapproval (known as an IOD)
  2. Title Certificate indicating the history of ownership of the property. There is often a trail of ownerships, as the property may have previously been a farmland/gram panchayat land that was passed down through generations (and even sold changing ownership from one family to another). It is essential to ensure that all names mentioned in the records have clear ownership rights to ensure the sale is legal.
  3. Prior to buying the property, a draft of the Allotment Letter of a particular premises and its draft Agreement of Sale should also be legally inspected by your lawyer/advocate. It is their job to ensure that the terms and conditions mentioned therein are legal, logical and targeted date of delivery reasonable within limits.
  4. As the Commencement Certificate (CC) is issued in parts, the buyer must take a note of the progress of the project. In the initial phase, the builder gets a CC only till the plinth level. Later, the next levels of approvals follow as the project progresses. This approval varies from state to state depending on the land bought (farm land converted or land earmarked for development). Checking the CC regularly is in fact the right of the buyer and builders rarely object to it.
  5. License of Land/Property helps you check for any discrepancies in the land deed.
  6. In the builder/buyer agreement, the terms and conditions must be stated clearly in the document. In fact, it is a proper legal document with all legal formalities.
  7. One should collect the No Objection Certificate (NOC) from the builder stating that full and final payment has been made for the property purchased. 

     

Check out: Checklist For Investing In Pre-launch Property

How to refurbish your flat

How to refurbish your flat without spending a much

Are you thinking of revamping your space but your pocket isn’t allowing much. Here are some hacks and décor ideas that will transform your home and give it a new look and vibe! These small and inexpensive adjustments can improve the look and feel of your home without breaking the budget.
First of all, look at space. If you live in a fast metro where you are pressed for space, go for white and pastel shades on the walls which will give a sense of openness to the room. If the space is big, you can use dark tones in addition to white and pastels.

 

Check out: 5 Home Decor Ideas for an opulent haven

 

Use wallpapers to save the cost of expensive paints. You can also use trendy decals or wall stickers to give a designer edge to the room. These days the cherry blossom decals are in vogue and are selling like hot cakes in the décor market. It gives a positive vibe to the space and a Zen-like feeling.

Once you are done with the walls, you can use a wide variety of indoor plants to give freshness and verdant touch to the room. You can paint old buckets, glass or broken teacups and teapots and use them as flowers pots. These plants in unique pots can definitely add a new dimension to space.

For curtains, you can go with floral prints for plain walls and one block colour for textured walls. One can experiment with a variety of fabrics and purchase them from the wholesale market to save money.

Old trunks can be painted and used for storage and sitting as well. One can add quirky touch to it by using colorful cushions.
No matter where you, you carry the sweet memories of your family and friends with you. Hence it’s important to immortalize these precious moments and make photo story on the wall or create handmade photo frames.

These days there are a wide variety on fairy lights available in the market that can be used on the windows or can be kept in wine bottles for creation of mood lighting. They are not expensive, yet they make for a soothing and cozy ambiance.

Home is where the heart is. A good décor at home will reflect in who you are and how you think. With these cost effective hacks your home will surely be a beautiful place to live in.

Kunal Sharma is the founder, mentor and chief strategist of Gloob Décor.