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Guide to buying plot in Greater Noida

When making this investment, there are some basic steps to be followed which include survey of the local area and legal checks

Though owning a plot is everybody’s dream Property  in Delhi NCR, many hesitate to do so fearing the prices. But not all plots are unaffordable.

According to HappyKeys data, many established players such as Supertech, Bluezone Developers, Paramount and Ajnara are developing plotted communities.

Most of these are gated communities or villa projects, thoughtfully planned and offering opulent lifestyle, are located among the best residential options in Greater Noida and along the Yamuna Expressway.

At an average, they come at a basic sale price of around Rs 3,500-4,000 per square feet with prices starting from Rs 33 lakh and going up to Rs 1.25 crore for sizes such as 900, 1,350, 1,800 and 2,400 square feet.

When making this investment, there are some basic steps to be followed which include survey of the local area and legal checks.

“When buying a plot, people need to understand that they have a right to ask to see the originals of the government approvals that the developer has,” says Ruchi Gupta, a senior advocate and founder of Ruchi Gupta & Associates. “All registered builders and developers have these documents.

Some of these include:

Title deed: This needs to be checked for evidence of right to ownership. The thing to be checked here is if the deed title is in the name of the person who is selling and whether he has the rights to sell it. All the owners and co-owners should have signed agreeing to the sale of the said property.

“In case the current owner has inherited the property, then the plot gets classified as ancestral. In this case, it is essential to ensure there is no minor who has right to this property,” says Gupta.

Encumbrance certificate: This relates to dues such as taxes that need to be paid for the land. “Builders procure encumbrance certificate to show their buyers that the land does not have any legal hassle and unpaid dues. This certificate is issued by the sub registrar where the deed is also registered,” says Gupta.

Non-agri and protected area

Certain lands are classified as secluded or protected for many reasons. These include those close to sensitive installations, defence establishments or come under the penumbra of the environment protection act.

“It is essential that the buyer ensures these clearance certificates are got and the location of the plot is not close to any such areas,” says Gupta. “In case the property was classified as agricultural land, a conversion certificate is provided in case it has been re-allotted for residential development. This too needs to be checked.”

Debt-free asset

Documents showing the property is a debt-free asset also need to be checked. This document states that the property is free from all debts from the seller-end and he/she has paid all taxes on time.

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Noida Sector 93: A good place to settle down

Some of the leading developers with projects here include Omaxe Grand Woods, Parsvnath Prestige, ATS Village and Purvanchal Silver City

Sector 93 is one of the areas along the Noida Expressway that developed very early and is classified into two parts — A and B. Happy Keys takes a look at this sector and why it continues to remain popular.

“Though in terms of appreciation, Sector 93 has almost reached its peak, it is still popular mainly because it is one of the purely residential areas that is upmarket and quiet,” says Nishant Dubey of 24/7 Investment Solutions.

“Even when the sector was developing a little over a decade back, the projects that came up here were high-end society complexes by large established players. This followed by the fact that social infrastructure developed much further away has ensured the location has remained primarily residential. And this has resulted in attracting a lot of upper middle class and NRI and IT crowd who work in the MNC offices nearby.”

And it is factors like these that are attractive to the high-end buyer, who wants a good lifestyle.

The social infrastructure from Sector 93 is a good 8-10 km away while MNC offices are barely 1-2 km away. Thus while on the one hand daily commute of work is short, the locality does not face the weekend menace of parking like areas close to shopping centres,” says Narendra Dwivedi of Ojaswi Associates.

“This is a place that is popular with the crowd that wants to live in the area. Investment-wise, prices have almost hit a plateau,” he adds.

Despite this upmarket area perception, HappyKeys data shows that there are several offerings in the market here at moderate prices. Thus, property rates in the micro-market range between Rs 5,800 and Rs 10,000 per square feet depending on the exact location.

At an average, a 3 BHK in a high-end project with a super built up area of 2,200 square feet is priced at around Rs 2.5 crore. At the same time, you can also get a 2 BHK Flats for around Rs 55 lakh.

Some of the leading developers with projects here include Omaxe Grand Woods, Parsvnath Prestige, ATS Village and Purvanchal Silver City.

What makes Sector 150 an investment Hotspot

noida-150This sector located along the Noida Expressway Property has all the basic civic amenities and has seen several project launches in the past one year

Buying property is all about location. And Sector 150, located along on the Greater Noida Expressway, is a great option.

“Sector 150 is one of the upcoming areas in Noida because all the basic civic amenities are present and the area has seen several new launches Projects , Lotus Greens Tulip Sports City  in the past one year,” says Syed Shakeel Hussain, a senior official at AMR infrastructure.

Green cover
“Noida Sector 150 is developed over 600 acres of land and is expected to be one of the greenest sector of NCR with 80 per cent green cover with 42 acres of parkland demarcated,” says Ravindra Gupta of Sumangalam PropMart, a Real estate broker in Noida. “This also includes a planned golf course and sport facilities funded by the UP government.”

 

Electric cabling
Sector 150 is also being developed as the first NCR sector without any overhead wiring. Noida Authority has allocated funds for underwire cabling thorough RCC ducts for power, internet and telephone lines.

 

Investment options


According to HappyKeys data, the sector has the presence of several leading developers such as Mahagun, Lotus Group, ATS and Ajnara.

The micro-market has a diverse range of offerings catering to a wide-segment of budgets.

“Besides 2 BHK, Sector 150 also offers one of the largest number of 3 BHK options,” says Gupta.

Prices, according to HappyKeys, vary between Rs 80-1.2 crore for a 3 BHK for a unit size of 1,500-1,800 square feet. A 2 BHK can be bought at an average price of Rs 40-60 lakh for a unit size of 1,050-1,260 square feet.

“One thing buyers need to keep in mind when investing here is that the area will be ready for living only after 2-3 years. Though price appreciation is guaranteed, it is also speculative, and will depend upon factors such as completion of the project and planned infrastructure on time,” says Hussain.

Legal sanctions to check before buying

Legal sanctions to check before buyingThese documents include building plan, layout approval, nod for basic facilities and no objection certificates, says Shyam Sundran, a legal expert
A builder needs to get certain legal sanctions before the commencement of any construction activity. If you are planning on investing in property, it is worth the time and effort to check if the builder has already got it.

Any building constructed without sanctions or deviated-from more than 5 per cent from the approved plan draws a penalty and authorities have the right to demolish the building without any prior notice.

Shyam Sundran, a legal expert and advocate, explains the sanction documents prospective buyers must check before putting in their hard-earned money.
List of sanctions required for construction activity include:

  • Building plan: This needs to be submitted before the commencement of construction. Hence the date registered in the document is important. This is important also because once the building plan is approved, the builder should commence construction within two years or there is a penalty for this as well and the approval can be cancelled as well.
  • Layout approval: This too needs to be got before commencement of. In case the commencement date and the stage of construction do not match, it means the approval was given later. In this case, the layout can be treated as unlawful and exemplary penalties will be levied as per municipal laws. Also, land which is sub-divided into plots for towers without permission from competent authority can also be considered unapproved layout. This means no facilities such as roads, drainage or street lights will be extended to such areas.
  • Basic amenities: The builder needs approval from concerned authorities for electricity, water for potable and non-potable use, and lately recycling plant plans as well. The building needs to comply with all such building laws for sanction or approval of basic amenities.
  • No Objection Certificate (NOC): The NOC from pollution board on the project is a must today. Several states are also introducing the NOC concept from surrounding properties as well in order to prevent encroachment disputes later. An NOC is also required for digging a borewell and even when it comes to the height of the wind-energy technology installed on roof tops of several buildings today.
  • Approval for conversion of land: Builders often buy agricultural land and convert it for residential use. In such a case, buyers need to ensure two things (1) the property is non-agricultural land now and (2) Approval for conversion from relevant authorities are obtained before commencement of any construction.

Sector 100 offers great investment returns

Sec 100 offers great investment returns The sector has witnessed a steady rise in property value since 2011 and today, the property rates stand at Rs 5,200-Rs 6,800 per square feet
Sector 100 is located just off the Noida-Greater Noida Expressway and is one of the fastest-developing localities. In the last 5-6 years, the area has witnessed significant price escalation — a unique feat since the realty markets across Delhi-NCR were running dull during the period.

According to HappyKeys research, the sector has witnessed a steady rise in property value since 2011. Today, the property rates in this micro-market stand at around Rs 5,200-Rs 6,800 per square feet.

Samart Kukreje recently bought a 2BHK in this sector at a price of about Rs 65 lakh from an original buyer who had bought the apartment for Rs 45 lakh in December 2012.

“The advantage this sector has is that there are no villages nearby. Hence immediately you know that the land is free from all disputes,” says Kukreje. “This area is known for Noida Authority MIG Apartments and is located in close proximity to the Noida SEZ and well-established Sectors such as 62 and 55 works in its favour.”
Location-wise, Sector 100 enjoys direct accessibility from the Noida Expressway and is situated close to Sectors 46 and 47. The sector also enjoys excellent connectivity with Sectors 18 and 50.

Why investment

“The area is still best for investment. And after 3-4 years, the sector will be fully developed with schools, hospitals and other social amenities,” says Parmeet Duggal, a property consultant. “Although schools like Pathway World School and some playschools have come up and plots have been allotted for school buildings, these are still under-construction. And the social lifestyle is not totally developed here.”

“After Noida Expressway, early investors found Sector 100 to be a lucrative for investment. As developers and projects started coming in, property prices took a long leap. In October 2012, the price was Rs 5,400 per square feet for high-end offerings. Today, the price for a similar project is Rs 6,500 per square feet. So the change is quick,” says Duggal.

How Noida Metro will impact realty market

delhi-metro-route-noidaThe metro is likely to be completed by June 2017 and experts say investment in property along the route will pay rich dividends with improved connectivity between Noida and Greater Noida thanks to the upcoming metro line, the township’s realty scene, long marred by its distance from Delhi, is expected to change forever.

The Noida Metro is expected to have 21 stations along the 29 km Noida-Greater Noida route. With work already underway, the scheduled time of completion of the project is June 2017.

All civil works for the Noida-Greater Noida track are also planned to be completed by this period. The Metro line will extend from Wave City Centre Metro Station and connect Sector 32 to Sector 62 and touch NH-24. The route will have six elevated stations in Sectors 34, 52, 59, 61, 62 and Electronic City (NH-24, Ghaziabad border). Of these, 15 will be on-road stations while six will be off-road. Off-road stations will be located on one side of the road and will require foot over-bridges for commuters to access them.

  • All the stations will be multi-modal and traffic-integrated.
  • Knowledge Park-II Metro station in Greater Noida will act as an interchange point towards Jewar.
  • Given these plans, properties along all the sectors on the metro route are expected to gain value.

“Though the excavations and re-routing are currently causing issues, the consumer knows this is temporary and investment in property now will give rich dividends later,” says Dhaniram Khanna of DK Khanna and Son, a real estate agent and property dealer in Noida.
Starting from Noida City Centre in Sector 32, the metro corridor will towards Greater Noida via Sectors 50, 51, 61, 62, 78, 101, 81 and on Dadri Road via 81, 83, 85, 137, 142, 143, 151 and Sector 149.

“The advantages these sectors have are dual: better connectivity and better lifestyle amenities with several upcoming malls,” says Rakesh Diwan of Diwan & Son Real Estate Advisors, a property consultancy firm in Noida.

“There are several malls under-construction in Sector 18 like the DLF Mall of India, Logix City Center with PVR Cinemas and the first IMAX in north India and the arrival of supermarket brand HyperCity.”

“There are several upcoming primary, senior and higher secondary schools in and around these localities. Looking at the kind of infrastructure these sectors offer, it is a complete package for an end-user,” says Rakesh Mahajan, a city-based realtor.

According to HappyKeys data, some of the leading developers with projects at various stages of development include Jaypee Group, Lotus Group, Supertech, Wegmans Trustone and Apex Group.

Property between Rs 60-80 lakh continues to be the largest in supply.

“With a more conducive realty market, we expect property values to rise in Noida. A large number of high-quality commercial, residential and retail projects are still being developed in and around these sectors in addition to the Noida Expressway,” says Diwan.
The average price of a 3BHK varies from Rs 60 lakh-Rs 1.4 crore for a 1,000-1,400 square feet property. For a 2BHK flat, the average values range between Rs 35-80 lakh for about 950-1,100 square feet of space. Though a number of projects are relatively new (below five years), 70 per cent of the property in Sector 62, 52, 78, 81 and 34 are old constructions.

Home insurance

home insuranceWhat to watch out for:  

Before zooming in on any, one needs to be aware of what a home insurance ideally covers.

When it comes to home insurance, the knowledge of the average Indian home buyer is still low. To help our readers identify the best option for them to protect what is probably one of the most expensive investments, HappyKeys talked to Mallika Kumar, an insurance agent who specialises in getting her clients the best for their homes.

–  There are several kinds of home insurance policies available while providing home loans. Before zooming in on any, one needs to be aware what it covers. Ideally it should include fire and natural calamities, especially if you are living in Delhi-NCR.

 

Check Out: 5 Key Things to Remember When Buying Property

 

–    Theft and burglary, fixed glass damage, third party damage, and appliance damage are generally not part of this general coverage unless specified.

–    Though sum-assured is calculated on the built-up area of the apartment and the construction rate per square feet, this amount can vary. This is because the construction cost depends upon the type of materials used and the quality of the construction.

–    There is a concept cost premium cost when it comes to insuring your home. This includes aspects like structure and contents of the house,

–    The premium cost depends upon a wide range of factors. If the cover is opted for structure and the contents of the house against fire and allied perils such as natural disasters, then the premium may not be very high.

Watch out for these while buying insurance:

–    An insurance against fire invariably also includes factors like malicious damage cover, damages due to impact by rail/road vehicle or animal, bursting and/or overflowing of water tank

–    A home insurance cover includes coverage of expenses on rent incurred by you in case of loss or damage to the premises caused by an insured peril rendering the premises unfit for occupation and forcing you to shift to an alternative accommodation for a maximum period of 30 days (fine print reading required though).

–    There is a specific home insurance against burglary and theft. It generally provides cover to the home’s contents against burglary and theft. Unless specified otherwise, this is subject to certain restrictions and could be subject to a maximum payment of 10 per cent of the benefit sum insured or Rs 5,000, whichever is less.