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new-exit-policy

Exit Policy to be Discuss by UP Government

The UP government is likely to discuss an exit policy proposed by the Noida, Greater Noida and Yamuna Expressway authorities for allottees defaulting on their payment towards property.

The state government is likely to hold a meeting in Lucknow to discuss an ‘exit policy‘ proposed by the Noida, Greater Noida and Yamuna expressway authorities for allottees defaulting on their payment towards property owned by them. According to officials, the proposal was forwarded to the government after a joint board meeting of the three authorities cleared it in June this year.

Once approved by the government, allottees will be able to surrender their land back to the authorities in lieu of clearing outstanding dues owed to the development authorities.

An initial proposal, forwarded to the government in March this year, was returned with several queries. “The government had asked for certain clarifications in the proposed exit policy, which will be discussed in the meeting.

As per the proposed policy, allottees will have to forfeit 15% of the amount deposited with the Authority. For the balance 85% amount, the applicant will be allotted proportionate land out of the originally allotted plot. Thus, the revised land area so allotted would be at the rate at which the original land was allotted, explained officials.

The move will provide relief to thousands of homeowners who are unable to get possession or register their properties. According to officials, the proposal, termed as ‘relief package,’ by Noida’s financial advisors Ernst & Young, will also provide an exit way for allottees who have for some reason or the other not been able to take up construction on the land.

If the applicant is also interested in extra land, besides the revised area, land would be allotted at the current reserve/allotment rate. Any stamp duty, lease rent, processing fee, penal interest, transfer charges, re-instatement charges or any other statutory charges or penalty which may have been imposed on the applicant and which has not been paid by him till the date of the application, will not be deducted out of the 85% balance amount to be refunded.

The exit policy was formulated back in 2009 following the economic slowdown. But the government order issued at the time expired in March 2011. It’s only now that a fresh policy is being drawn up.

Currently, Noida Authority has to recover an outstanding amount of nearly Rs 15,000 crore from over 500 defaulters including group housing, residential, institutional, industrial and commercial categories of land use. Greater Noida Authority, on the other hand, has to recover Rs 7,000 crore. YEIDA has an outstanding amount of nearly Rs 2,400 crore.

GDA to work on 3 development plans for city

Top 5 investment options for NRIs in Gurgaon

Gurgaon- also called the Millennium City – remains a popular choice for NRIs buying property for investment in India, says developers and market experts.  

Gurgaon has been the first choice for many Non-Residents Indians (NRIs) who wish to invest in the NCR regions. The availability of good projects is one of the keys reasons for investors to consider this property market.  The enhanced civic infrastructure and excellent connectivity to Delhi through public transport such as DTC buses and Metro rail network often catches their eye.

Above all, the property prices here likely to increase further when proposed and upcoming metro stations will be operational in some more parts of the city. Rental value will also appreciate in near future. Hence, the Gurgaon real estate market is getting mature and promises several property options in form of residential apartments, plots, villas and luxury projects.

If you are a NRI and looking to invest in Gurgaon realty and confused about where to invest,  which developers to consider, Happykeys lists top 5 popular projects that are worth investing. These projects has been shortlisted on the basis of prominence and future prospects of the property in next 3-5 years.

TATA HOUSING La VIDA  

This is brand new residential project by TATA situated in sector 113 Gurgaon, just 0.5 km from Delhi. The project is expected to be delivered by April 2020. Sprawl over an area of 12 acres, the architecture of the project is inspired by forest living. The campus will have more than 1000 tree plantation within its 9 acres of property. There are 688 units of apartments available for sale through Happykeys.com or it can be directly purchased from the developer. The flats are available in 2 and 3 BHK apartments between the size range from 1,276 – 1,579 sq ft.  The apartment units are priced between Rs 1.08 crore – 1.34 crore. The new venture offers some of the best amenities which include water plaza, reflective pool and lily pools, art installation plaza, tower lobbies with art displays, party lawn etc.

M3M WOODSHIRE

M3M Woodshire was launched in December 2012. The construction work is on full swing and apartments units will be ready for possession by November, 2016. The project has acquired 18 acres of land of which 80% area is dedicated to open greenery. The campus has 984 total launched apartments units size range from 1,534 – 2,672 sq. ft. These apartments units are available for sale through Happykeys.com or can be directly purchased from builder. The project offer amenities such as swimming pool, gymnasium, jogging track, round the clock security etc. The price of the flats range from Rs 95 lakh – 1.7 crore. The venture is located in quite popular location of Sector 107, Gurgaon which has witnessed launch of several residential and commercial project.

DLF SELECT HOMES

Situated in Sector 90, Gurgaon, DLF Select Homes offers 4 BHK ready-to-move-in apartments. The complex constitutes of 348 units, which measures 3380 sq ft. of super built up areas. The units are available at price range of Rs 1.5 2.2 cr. The amenities offered include swimming pool, kids park and play area, SPA, theater, 24×7 power back up, jogging track etc.

 

LOTUS GREENS WOODVIEW RESIDENCES

The construction work of Lotus Greens Woodview Residences will be completed in December, 2017. Sprawl over 100 acres of land, this project offers 2, 3 and 4 BHK apartments with unit size between 1,090 – 2,435 sq. ft. Located in Sector 89, Gurgaon is one of the popular localities of Gurgaon. The price of the apartment units range from Rs 8.90 lakh to Rs 2.4 cr.

SHOBHA INTERNATIONAL CITY – ROW HOUSES

This is an under-construction project, it will be ready for possession by March 2018. Spread across 150 acres of prime land, International City offers several luxurious amenities such as club house, children’s play area, terrace gymnasium etc. There are 492 villas units in the project. The project is located in Sector 109, Gurgaon. The size of the villas units ranges from 3,153 – 7,330 sq ft. The price of these units range from Rs 2.5 – 4.6 cr.

resale-flats

Checklist for Investing In Resale Property

Buying a house at the ready-to-move –in stage seems enticing as it takes away the risk involved in investing in projects at the pre-launch or under-construction stage. But buyers need to check several aspects before parking money in such residential ventures also.

Purchasing resale flats could be advantageous for the new home buyer who wish to move immediately into his flat. Investing in such property options has always been a profitable from choosing a perfect location or looking for finer properties at better prices. The price appreciation of such houses are greater, if the owner chooses to redevelop the property. However, the property value appreciation depends upon several key factors such as city, locality, future prospects, civic infrastructure, connectivity and many others.

And second benefit of investing in such property options are – in most of the cases buyers plan to have such property by making full down payment from his savings rather getting into the hassle of availing a home loans.

Instead of waiting for a long time for the for the property prices to fall, a money conscious person go with the option that offers better solution. On the contrary, this proposition may sound but there are pitfalls too. Here are a few pointers that one should keep in mind when investing in resale property:

 

What are the documents you need to check before buying?

Sale Deed: Sale deed is the proof of sale and transfer of property ownership between buyer and seller. It is one of core legal documents that should be registered before the deal is closed. This document is also a proof of ‘sale agreement’ that ensures all the conditions between buyers and sellers has been met. Buyers should make it clear that whether seller has cleared pending bills such as electricity bill, property tax, maintenance charges etc.

Encumbrance Certificate: It is mandatory document used in property transactions as an evidence of free title/ownership. When buying resale flat it is important to verify that property does not have any monetary or legal issues.

Mother Deed: Mother deed helps in verifying the original ownership of the flat, in case the property has been sold to more than one time to different hands. It helps in knowing the ownership hierarchy and establishing the current ownership.

Occupancy Certificate: This certificate is given to builder after completion of project. This document is the evidence that project constructed by the builder has met all safety norms. Resale property buyers should ask seller to produce this document.

Possession Certificate: This is one of the important certificate issued by developer to the very first owner of the flat. However, this document is not generated again at the time resale, it is passed on to the successive owner.

Benefits of Buying Resale Flats:

The immediate passion, no waiting time

Document verification is easy as the property has already taken shape

Home Loan interest is low as compared to project at the early stage or under-construction

Clarity on final amount has to be paid to the seller

Tax benefits under 80 C

 

Some Pitfalls:

Good resale flat deals are not easily available. It you have to be very much vigilant to grab the opportunity.

Since, such property options are difficult to find; you cannot negotiate much while closing the deal

Buyers need to bear some extra expenses like transfer fees, registration fees, utility transfer fees and brokerage fees etc.

Buyers need to check whether previous owner has cleared all the legal dues or not

 

property-in-noida

Noida offers multiple choices to property buyers

Noida and its adjacent localities offers a fair mix of property options from high-rise residential apartment to villas and penthouses. Here is a peek into this market.

Noida has become a preferred realty destination in the NCR circuit due to good civic infrastructure, advent of metro and smooth connectivity, water and electricity supply and above all establishment of good educational institutions. The availability of word class specifications and amenities in the city makes it the first choice for home buyers or investors to buy property here.

Young working professionals who have a high income disposal prefer to live in Noida and wish to buy own house instead of living in rented home. It is due to only high price appreciation of the property.

Here is a quick overview of the property options available in this region:

Apartments:

These are by far the most popular property type and in a society they tend to be self-contained as well. Noida and Greater Noida localities have ample of residential apartment options in its established and upcoming sectors. These apartments are built in blocks in the form of 1, 2, 3, 4 and 5 BHK depending upon the layout and space available for the particular project. The flats on offer are from early stage, undergoing construction, ready to move or even remodelled.

While some regions of Noida- Greater Noida are fully established in respect of civic infrastructure and smooth connectivity. Noida offers residential apartment in the price range of Rs 2,500 – 7,200 per  sq ft, with the well-developed sectors having higher property prices of this range. While Greater Noida flats range between Rs 2,800 – 4,200/ per sq ft.

Despite the high cost on ready-to-move-in apartments in Noida and Greater Noida, buyers and investors are often preferring to buy it, instead of investing in under-construction projects, says Narendra Diwedi of Ojaswi Associates”.

Villas:

Such concepts are built upon ample space. Villas are typically preferred by high income segment. It is also popular among high income professionals and corporate houses.,

The price of villas in Noida and adjoining areas can range between Rs  4,000 – 11,000 per sq ft for  an area of 2,000 – 3500 sq ft, further sdepending upon the locality and specifications.

Penthouses:

A penthouse in general refers to top floor of an apartment building. Such housing concept is built on top-most floor so that buyers can get more space (visually and otherwise) than normal apartments in the same building.

Plots:

Even though residential apartments are first choice of home buyers, plots still remain a popular choice due to high appreciation. Plots of all sizes are available in Noida, Grater Noida and along the stretch of Yamuna Expressway. Plots investments are good when you have planned to build a home on it after few years. Buying process is simple and transparent as compared to residential apartments.

Gaur Yamuna City Plots along the stretch of Yamuna Expressway offers plots with an area of 120 – 222 sq yard and price can range between Rs 23,000 – 25,000 per sq yard.

 

Vadodara

Watch out for vadodara real estate

Vadodara is one of the most popular cities of Gujarat which has emerged as top investment destination from real estate perspective.  Due to its higher potential growth, enhanced civic infrastructure and bright future prospects the realty market is becoming more pronounced in the city.

This historic city of Gujarat is best known for its diverse culture. The gradually developing modern city is well-mapped with great educational center which attracts big pool of young talent from all over country. Major corporate sectors of India like Reliance, Alembic Pharmaceuticals, GACL and IPCL have already marked their presence in late sixties itself. Hence the property market in Vadodara is getting mature day by day and providing great options for investors and home buyers. Here’s few factors that attracts buyers to invest in:

High supply of residential projects

Vadodara witnessed highest number of residential projects launched in a year. The city saw almost 200 project launches i.e. reported highest average in the year 2104-15. Majority of the projects were under affordable housing scheme which gives opportunity to mid-segment buyers. If we talk segment wise- the launch of Residential projects again it has the greatest yearly average with 12,000 units of supply in the same year.

Highest number of residential absorption

The future aspects of any realty market can be gauged with one simple parameter that is the number of launches the area is witnessing and the number of housing units observed. In this regards also city leads other major cities of the country. It has an average absorption of 12,500 units which is at least four times greater than what is delivered in Dehradoon, Gandhi Nagar and Thiruvanatpuram .

Smooth connectivity

The real market of any locality is driven by its easy accessibility to other parts of the state and country. Vadodara is well connected with major cities like Mumbai and Ahmadabad. The Vadodara- Ahmadabad Expressway is one of the fine road network in the country. Another Delhi-Mumbai industrial corridor goes through Vadodara, which makes it property hotspot for the potential investors who wish to park their money in real estate. The domestic airports in the city provides air connectivity with major cities like Mumbai, Delhi, Bangalore and Hyderabad. Broad Gauge railway line also connects to important locations – Mumbai & Delhi.

Industrial hub

The industrial and commercial affluence of the city has helped in obtaining the special status in state. The setting up of industrial czars like Indian Oil Corporation and Gujarat refinery has given momentum to real estate market and more investors are being attracted towards the new emerging destinations of city. Over the past couple of years the place has also marked the presence of international brands like Panasonic, Phillips, General Motors, Sun Pharmaceuticals and many more to list. This move has been welcomed by whole developer fraternity giving strong reason to invest and reap out good returns in coming future.

news

Builders should adopt green building norms

In a bid to uphold the model building bye-laws of 2016, Credai NCR has started encouraging builders to include the best practices while designing their projects; especially the ones related to the provisions for creating a barrier-free environment for the differently-abled and the elderly.

We encourage all builders to adapt the green building norms; especially the ones pertaining to the inclusion of the differently-abled. The green certification needs a set of conditions to be met. Adapting structures to suit the needs of the differently-abled is one such norm,” Manoj Gaur, president of Credai NCR.

The need for inclusion of features like ramps and Braille in modern apartments is increasingly felt by citizens. Home buyers also express a need for making the high-rises age sustainable.

Real estate expert Jones Lang Lasalle (JLL) on Monday shared a set of practices to influence builders across the country to include the model building bye-laws of 2016.

Few of the points highlighted by JLL includes the provision of parking on the ground floor, motorised wheelchairs for ease with ramps, hand rails, easy signage for the visually impaired, elevators with hand rails, easily accessible switches, special toilets, faster lift door opening time, adequate sitting area for the elderly, evacuation route and refuge provisions.

Building bye-laws are legal tools used to regulate architectural design and construction factors of buildings to achieve orderly development. They are essentially mandatory, and are meant to protect buildings against earthquakes, fire, noise, structural failures and other hazards.

Piyush Gandhi, National Director, Project & Development Services, JLL India, illustrates, “Do the current construction norms require real estate developers to make specific provisions for the differently-abled, disabled and senior citizens? They do — but in many areas of the Indian real estate industry, sufficient implementation lags behind the on-paper regulations.

The Model Building Bye-Laws 2016 (Chapter 8), IS Code 4963, CPWD guidelines give a detailed design and plan to provide a barrier-free environment for the differently-abled and elderly. In fact, they have a dedicated chapter on design provisions to be incorporated in any building which modern builders can use while designing their projects.