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Low cost flat options sees upswing in Gurgaon

While property prices may be increasing across several parts of Delhi-NCR circuit, the announcement of HUDA’s new affordable housing scheme may help revive Gurgaon’s realty market.

The real estate market in Gurgaon is expected to gain momentum with new initiative of Haryana Urban Development Authority (HUDA).  In a fresh bid to allot low cost flat, HUDA has put on offer for around 1,500 Ashiana Houses in Gurgaon and Rewari.

Around 1,088 flats located in Gurgaon’s Sector 47 and another 408 flats in Rewari’s Sector 18 are up for grab.

About Ashiana Project:

The low-cost housing project had been approved in October 2009 and HUDA had begun the construction work as part of its Ashiana Project, to offer living space with basic amenities to the people belonging to the economically weaker section. HUDA constructed around 9,990 low-cost units in urban areas of the state, including Gurgaon and Faridabad.

Apart from this approved affordable housing project by Haryana government; private building firms have also lined up several housing projects within budget price bracket in Gurgaon. In a recent report by Cushman & Wakefield – some of the new localities of Gurgaon like Sohna have set the record in terms of infrastructure developments and the absorption of residential units. After Gurgaon’s central location, the livability index of some promising areas with respect to residential budget property availability is constantly growing.

According to realty market expert, Gurgaon has now become the epicenter of the affordable housing scheme and major realty players want to convert it into their best opportunity and are putting maximum effort to accelerate sales.

“The demand for affordable housing has increased in Delhi-NCR and this new trend has been well realised by the real estate developers which remained untapped for a long time in the housing segment. With the government’s special effort on affordable housing scheme and exemption in tax benefits, builders who have been concentrating on only high-end luxury projects, have started investing in this segment too”, says Harish Arora of Saksham Services.

According to Dhiraj Jain, director, Mahagun Group, “Housing choices that people make are completely dependent on their economic, social and psychological impulses. While some may choose to spend more on housing because they feel they can afford to, others may not have a choice. This portion of population that migrates to urban areas for jobs is the main driver of affordable housing”.

Alongside the growth of urban population, rising incomes have led to the expansion of the middle class. This has led to a spike in demand for housing that is “affordable” but includes basic amenities, he adds.

Some of the front runner private realty players like Global Signature, Supertech, Raheja, Pyramid Infratech and Pivotal Infrastructures are building low cost homes in the millennium city. Most of the affordable housing options are coming up in the newly developed sectors such as 58 to 115.

Here are some of the top low cost property options in Gurgaon.

Project Name Property Type Size Location
Signature Solera 1 BHK 350 sq. ft. approx. Sector 107, Gurgaon
Supertech Basera 1 & 2 BHK 404-592 sq. ft. Sector 79, 79 B of Gurgaon Manesar Urban Complex
HCBS Sports Ville 1 & 2 BHK 528-841 sq. ft. Sector 2 & 35, Sohna Road, Gurgaon
Raheja Krishna Housing 1 & 2 BHK 414-640 sq. ft. sector 14, Sohna, South of Gurgaon
Raheja Maheshwara 1 & 2 BHK Sector 11 &14, Sohna road, South of Gurgaon
sarjapur-road

Sarjapur Road: The property hotspot in Bengaluru

Sarjapur road – situated along the south-east end of Bengaluru is a fast-developing residential hotspot offering property options ranging from high-end luxury homes to budget apartments.

While east and south of Bengaluru are heading towards property saturation, there is still one locality left with vast potential of realty growth. Sarjapur road – once a farmland is an emerging residential district of Bengaluru with an excellent road connectivity to major IT hub areas like Electronic City, Whitefield, Outer Ring Road, Koramangala and Marathahalli. The realty growth of this locality has been driven by the increase in demand for luxury homes preferred by IT professionals, MNCs executives and NRI investors. Due to this, a slew of new residential projects has been launched in this area.

Factors impacting Sarjapur’s growth:

The strategic location of the area provides seamless connectivity to important IT/ITes locations such as Electronic City and Whitefield. Easy access to Outer Ring Road and Marathahalli plays a major role in the success of Sarjapur. Devanahalli International Airport is easily accessible via Outer Ring Road.

The giant IT firm Infosys has acquired 202 acres of land in Sarjapur with a motto to set up an IT Special Economic Zone (SEZ). The Azim Premji Foundation has announced acquisition of 50 acres of land where world-class university will be established. Moreover, another IT giant Wipro has also acquired land for its Campus in Kodathi, Sarjapur Road, which has an employee strength-15000.

Social and Civic Infrastructure

The roads and other civic amenities are parallel to the other developed areas. The campuses of big IT players have been the major game changer in the growing demand of significant office and commercial space development. The area along the stretch of Whitefield- Sarjapur and Marathahalli-Sarjapur are presently buzzing with many real estate activity which leads to hike in property prices.

Shopping malls and recreation

Big Bazar, Total Mall and Spencer are some of the famous shopping complexes which caters the daily needs of the residents. The famous hospitals in the area include Apollo clinic, Columbia Asia and Town hospital. The recreation facility in the locality is cater by Decathlon sports and Zeeshan Ali tennis academy.

Residential market aspect

Sarjapur residential market is mainly dominated by end-users, due to high supply of flats and apartments. The demand for high-end luxury apartments in the locality is driven by the presence of a large number of working professionals in the area which are mainly IT class with decent source of income.

Rebin Thomas, who runs a property brokerage service in Kalyan Nagar, says the demand for residential apartments has significantly increased in Sarjapur. The locality always witness a lot of takers who invest in residential apartments to earn rent on it. The area in around is inhabited by mid-income class who demand for multi storey apartments on rent in the locality.

“There have been a total of 125 completed projects, and in addition to this there are 121 projects which are in the different phase of construction. Some of the recent launched projects include Salarpuria Celesta, Purva Whitehall,” he says.

Price appreciation

The average price of property in Sarjapur is about Rs. 5,516 per sq. ft., while the maximum and minimum prices ranges between Rs. 4,083 – Rs. 6,950 per sq. ft.

elevated-road

Noida: Elevated road’s phase I to open pre-Diwali

The Noida Authority has promised to open the first stretch of the city’s elevated road project before Diwali.

The Noida Authority has promised to open the first stretch of the city’s elevated road project before Diwali. It will be a tough deadline to meet as work on one of the ramps is still on but the Noida Authority officer in charge of the project insisted on Wednesday the stretch between Shopprix Mall and NTPC crossroads will be opened by October 28.

This is only 2.5 km of the total 4.8km stretch that extends all the way to Sector 28. Once opened, the four-lane elevated stretch will provide respite to thousands of commuters who travel to Delhi, Ghaziabad and Greater Noida.

According to S C Mishra, the Noida engineer in charge of the elevated road project, both carriageways of the 2.5km stretch will be completed by this month end. “The overall progress of the project is about 80%. By October 15, the last of the concrete will be laid on the stretch near the Iskcon temple,” Mishra said.

“After that we will allow eight to 10 days for the strength of concrete to be gained,” he explained. “Ramps for entry and exit of vehicles are being put into place near Iskcon. We have already completed the ramp work for the NTPC crossing,” he added. “Once this work is complete, we will be able to throw open the road for traffic. We are aiming for a Diwali deadline.”

The foundation for this project, commissioned in October 2014 and initiated by chief minister Akhilesh Yadav, was laid in April 2015. Once complete, the 16.63-metre-wide (with two 7.5-metre-wide lanes on both sides) elevated road with exit and entry provisions at Nithari, Sector 30, NTPC and Sector 24 will ensure seamless flow of traffic on busy stretches along its route.

About seven points on this stretch will become signal-free. Commuters use the elevated road to reach Ghaziabad via NH-24 and East Delhi.

According to realty market experts, the improved connectivity in Noida have injected new hopes of a brighter future for the real estate investors of the region. Once this elevated road is opened, it would not only enhance the connectivity, but will also give momentum to more economic growth in the region. It is anticipated to put an extensive impact on realty market of NCR region.

Stable floor area ratio to help Noida buyers

Stable floor area ratio to help Noida buyers

In a major move, the Noida Authority has decided not to not increase the FAR for under-construction and forthcoming projects in the city.

Home buyers in Noida have much to cheer about after the local authority announced  new policy that simplifies and removes the hurdle in home buying process.

The Noida Authority has come up with one more landmark decision to protect the interest of home buyers. In a meeting with Confederation of Noida Residents Welfare Associations (CONRWA) members, the Authority has decided not to permit hike in floor area ratio for under-construction projects. This move has been taken after receiving the several complaints by home buyers

“The non-scheduled increase in floor area ratio leads to extra cost burden of not only their purchased house but also it puts impact on stamp duty and registration cost increased. Now homebuyers will not have to pay any such unauthorised and unscheduled charges which were not part of their sale agreement”, says Sunil Pandey of Real Homez.

PK Agrawal, Chief executive officer, Noida Authority has shared the details of meeting held with CONRWA representatives. As per new amendments No-Objection Certificate (NOC) and completion certificates will be issued to any builder until he complete all the work in their ongoing towers/ project and clear their dues.

What is it?

Floor Area ration (FAR) is the parameter that decides on how much area a builder is allowed to carry out construction on a allotted land. It is the ratio of the building’s total floor area compared with size of the  land upon which construction has to be carried out.

How to calculate it?

It is calculated by using a simple formula: total covered area of all floors (in square footage) divided by the allotted land area. This ratio is useful to local government while calculating the density of a property of area.

Know some more related terms:

Carpet Area

Carpet area is defined as the precise area within the walls of your home. If you had to lay out a wall-to-wall carpet in your entire home, the area covered would be the carpet area.

Built-Up Area

Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home.

Super Built-Up Area

Super built-up area takes into account all the area under the common spaces which is the apartment’s proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.

Generally, carpet area is approximately 70 -80 per cent of the super built-up area. This percentage may vary slightly from project to project. But buyers pay on super built-up area.

noida-sec-74

Noida Sector 78: Brimming with real estate options

Where mission possession becomes priority for builders in NCR, Noida’s sector 78 making news in the realty market as the construction work of near completion projects here is in full swing.

Noida Sector 78 is one of the well-developed neighborhoods in the city. Planned infrastructure is one of the key factors driving the growth of this neighbourhood. Also, it is centrally located and easy to navigate through to key area like Noida, Greater Noida and Delhi. Hence it has become one of the popular property hotspot for property buyers.

Happykeys takes a look at this sector and why it continues to remain popular.

“Though in the terms of property price appreciation, sector 78 has reached its zenith, but it is still a popular destination mainly because it is one of purely residential areas,” says Narendra Diwedi of Ojaswi Associates.

Located amidst IT/ITEs hub

The main driving force behind the rise in demand for residential apartment in this area is its location. Sector 78 is located close to many IT workplaces. The locality is well connected to the several developed areas of Noida where MNCs companies have their offices. The commercial localities in Noida and Greater Noida including special economic zone in sector 78, corporate offices in Noida’s sector 47, 48, 49 and 50 are easily accessible from sector 78 via link road.

Connectivity

Sector 78, Noida offers exceedingly well connectivity which makes a great impact on both commercial as well as residential real estate market. The Yamuna Expressway connects this locality with Noida and Greater Noida, Dadri and is accessible via Link Road while National Capital Delhi can be reached within an hour via DND flyover. Moreover, there is a proposed metro station in sector 78 where construction activity is on full swing. Noida City Center Metro station is located at a distance of 3.5 km.

Investment options

Sector 78, Noida is home to large residential complexes such as Supertech Capetown, Ajnara Heritage, Gardenia Gateway, Aims Max Gardenia Golf City, Max Royal, Skytech Matrott, JM Orchid, Amrapali Silicon City, Princely Estate, Antriksh Golf View II, Express Zenith, Prateek Wisteria and Mahagun Moderne.

Property price trends in Noida Sector 78

Property price range in this locality for 1 BHK starts from Rs 4,630 – 5,524 per sq ft., For a 2 BHK unit the price range starts from Rs 2,533 – 6,522 per sqft and for 3 BHK the price range starts form Rs 4,000 – 7,729 per sqft.

festive-Diwali-offers

Festive offering to boost NCR real estate sales

Festive season is around the corner and developers are gearing up to add more zest to the festive spirit of new home buyers. HappyKeys takes a look at offerings in Delhi-NCR market.

As soon as the festive season starts, the real estate sector gets infused with activity. The period from October to December is always considered good times to start something new or make a purchase.  Delhi-NCR realty market is buzzing with as many activity too. Developers are wooing home buyers with variety of schemes – from no EMI till possession and massive discounts.  This is a good time for developers to boost their sales and sell their unsold inventories. Many developers have come up with subvention plans, attractive schemes and festival discounts on booking or buying property.

According to Deepak Kapoor, President CREDAI Western UP,” Over the years, real estate has become an ideal asset for investors and during festive season real estate gains momentum with improved buyer’s sentiments. Though the buyers were in a wait and watch mode, we have already started witnessing some traction in the market. Noida is a region with blend of end-users and investors. Due to affordable prices, there has been huge demand for properties in this region and we hope the coming festive season would revive this regions market with plethora of options for every type of buyer. Affordable housing is also expected to witness huge demand. The positive sentiments are poised to peak up in coming festive months”.

“Every year during this time, developers come up with new offers and schemes, leaving no stone unturned to lure home buyers and availing maximum benefit from festive season. This time too developers are looking for bumper sales by bringing innovative schemes, discounts and freebies. Home buyers can relish these schemes and take benefit of the concessions for a more economical purchase during the auspicious time”, CREDAI’s Kapoor further adds.

Takes a case of real estate developer Prateek Group. The venture has announced bouquet of offers to the home buyers.  The offers are valid for its different residential projects such as Prateek Edifice, Grand City, Stylome etc.

Speaking on festive season purchase and discounts, Prashant Tiwari, Chairman, Prateek Group, said, “We are hopeful of a major turnaround during this festive season. Good infrastructure, end-user market, road and metro connectivity to all the adjoining areas are the reasons that this region is expected to witness good number of sales not only during festive season but in future as well. Festive season will help developers to button up good number of new customers as perspective home buyers look to take full benefit of the schemes being offered during this time.”

In our township project, Prateek Grand City which is located in Siddharth Vihar, next to Indirapuram NH-24, we will be giving Hyundai Grand i10 Car, Scooty and Refrigerators through lucky draw. The customers will also be getting a Gift/Gold Voucher with every booking. Moreover, there are attractive all inclusive price and payment plans for the properties in Prateek Grand City. For our other two projects Prateek Edifice and Prateek Stylome we are offering I-phone7 with every booking and attractive all inclusive price and payment plans as well, he adds further.

Eros Group, another leading player in the region has announced festive discount of up to Rs. 1 lac in one of their residential project located in Greater Noida. Describing about the offer, Avneesh Sood, Director, EROS Group said, “As festive season is approaching, we are expecting that buyers will tap this market in good numbers as already this market is appealing with all the amenities/infrastructure and then festive offers will add more charm to the property deals”.

“We are gearing up to add more zest to the festivity spirit of our home buyers. Ahead of the festive season we have already applied for completion certificate to GNIDA for our project Eros Sampoornam in Greater Noida West which we are expecting to get in hand very soon. We are also offering Navratra discount of one lac on 3BHK apartment besides normal discounts. Home buyers can also take a visit to the actual apartment before buying it. This is to make the buying experience of our customers awesome and there is no question of being misled or get disappointed about the requirements and quality of the house as well”, he says further while speaking in detail about the festive offers.

Rera-bill

Realty bill soon to be reality

Paving the way for transparency and fixing more accountability in real estate transactions, the centre has finalised rules for real estate act The much awaited Bill for real estate, that the parliament passed in March 2016 to bring transparency in the real estate transactions, is now finalised with the new rules and regulations. Briefing on Bill progress, Union Urban Development Minister M Venkaiah Naidu announced that central government has drafted the final rule book for the real estate (Regulation and Development) Act. Now, the same will be sent to individual state government for implementation.

According to market experts, the Bill has raised hopes and expected to lift home buyers confidence which will help in reviving the sector that is currently facing with existing stock of unsold homes, low demand, delayed delivery and high prices.

When the final act come into force, the real estate developers will have to communicate every small detail of their projects to buyers which will create clearer picture in their minds. Moreover, the success rate of the builder will depend on the number of units sold in their projects not on the number of new projects they launched in a year. This is going to change now. The new parameter will turn into major reform to regulate the real estate which was largely unregulated.

Builders will have to update quarterly the list of project launched, types of apartments or plots booked, the status of ongoing projects and approvals etc. to the local development authority. Registration (Section 20) – The Act chiefly entails that developers will have to register themselves with RERA and projects details like proposed area, number of towers and date of completion are made public.

The entire process will set transparency in the real estate market and hopefully restore the trust of the buyers.

How RERA is going to benefit real estate buyers?

  • Buyers can easily address their grievances and complaints to the local body. The local authority cannot hide the issue as it centralised at the national level
  • Post RERA implementation, if a builder launches any project with a land parcel size of 500 sq. mt. or 8 apartments will have to register with the RERA before launching. Now buyers can invest in pre-launch projects with no hesitation
  • Current mismatch between supply and demand will get addressed. RERA will cut new launches till available inventories with the builder is not sold
  • A developer’s liability to repair structural defects has been increased to 5 years from the earlier 2 years
  • Regulatory authority will dispose the complaints in 60 days while no such timeline was indicated earlier

“The Act will make realty sector more institutionalised and benefit organised players. The shorter timelines for a given project will ensure speedy and more stringent completion. Government authorities should also be made accountable for time-bound approvals,” says Dr Anil Jindal, chairman, SRS Group.

As updated previously on happykeys that the much awaited Real Estate (Regulation & Development) Act 2016 (RERA) has finally been implemented. The Bill was first proposed eight years ago. Since then it was stuck in the parliamentary proceedings.