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It's right time to buy luxury flats in NCR

It’s right time to buy luxury flats in Delhi NCR

If you are thinking of becoming a new home owner, it is good time to take the plunge and put your money in real estate now.

It is a buyers’ market post demonetisation. If you are looking to buy an apartment in the NCR, this could be a great time to realise your dream. According to market experts, luxury and high-end segments of housing clusters will see a major impact in near future. In short term and mid-term, the property prices could rapidly undergo a correction in luxury apartments. Experts also believe that resale market of the luxury homes will provide much wider bandwidth to the home buyers to choose from.

According to real estate consultant JLL, prices of luxury homes are likely to fall by 25 to 30 per cent following the recent demonetisation drive. It is only because transaction in real estate involves lot of cash payments and now cash component would disappear drastically and now payments would be either made through fund transfer or via cheques.

Interest rate structure likely to reduce further: 

The recent ban on high value currency notes is anticipated to have its side effect on the interest rate structure also. According to a report released by real estate experts Colliers International, the property prices could fall further as interest rate could begin to drop in the next 3 to 12 months. Once the interest rate structure is corrected, this would come as a big relief to homebuyers who cannot afford the high EMI on incurred housing loans.

Further, paving the way for transparency and fixing more accountability in real estate transactions many states are likely to implement the buyer friendly provisions of the Real Estate Regulatory Act (RERA). It will raise the hope and anticipated to lift homebuyer’s confidence. This law would also provide them protection from delays in construction and possession, as well as other practices employed by developers.

Terming it as a very good time to invest in the real estate, Harish Arora, MD at real estate advisory firm Saksham Services says, “Housing market is going to experience cooling effect in coming months. These many developments in real estate such as RERA, demonetisation etc. will start taking their shape and new homebuyers can expect property prices to come down. The existing positive scenario in the realty sector provides an opportunity for them to make their move.

Demonetisation will bring more transparency in the system. There will be a pinch in initial period but a long-term impact will cheer up the industry. It expects that the increased liquidity in the banking system, which can be utilised further for lending purposes. This will attract genuine buyers to invest in property”, says Dhiraj Jain, Director Mahagun Group.

However, several events and trends taking shape now indicate that this may be a great time to buy property.

 

real-estate-measures

Top 5 measures that can transform realty segment

There have been many occasions when the new home buyers have complaint about lack of transparency in the real estate sector. Happykeys examines five such laws and measures announced recently that could bring transparency and give more power to property buyers.

Market expert say that the enforcement of new decisions and laws in the real estate are promising and may bring good days in the property market. Several events and trends taking shape now could bring more transparency in the real estate transaction that will help genuine home buyers. Black money would possibly be out from housing segment where many developers and resellers use to park their money. Further, government has announced four measures that can inject new life and confidence in the realty market. These measures are:

Impact of the Real Estate Regulation Act (RERA)

With the enforcement of RERA Act, new home buyers will go for purchasing homes without any apprehension of being cheated. This law brings more credibility to the realty industry. The Act will lead to institutional reforms in land acquisition, approval processes and taxation that are much needed to ensure crystal clear transaction in real estate.

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.

Goods and Services Tax (GST)

The enactment of Goods and Service Tax (GST) will remove multiple tax system, reducing input cost for all realty players.  “The implementation of GST would boost transparency and standardisation in real estate sector. The advantages can be huge, especially to new home buyers. GST will replace multiple taxation system with a single tax bringing down the cost of construction i.e. all the multiple taxes on procurement side would be replaced by GST”, says, Sushant Mutreja, Chairman, Cosmic Group, India.

Demonetisation

The latest central government’s decision to ban currency notes of Rs. 500 and Rs. 1,000 promise the much-needed transparency in the property market.

“This is one of the best decisions taken by the union government which will also go in the favor of real estate market. This action will continue to have a positive impact on the realty market and end users are going to benefit in the long run. The action will boost the sentiments of home buyers”, avers, Vikas Pudir, CMD, SKB Group.

New Exit Policy

Under New Exit policy, the realty developers are allowed to surrender land parcels lying vacant to local development authorities, they will be able to use the refunded money in a more productive manner to complete the sick projects. Even they can utilise the cash on their market planning to sell inventory.

Now with the enforcement of exit policy, builder can complete the project which is nearing completion and can give possession of flats on time.

Digital medium brings new hope in the realty industry

Experts say that Digital India initiative by the government has helped to bridge the gap between buyers, builders and local development authorities. At the moment Delhi, Mumbai, Bengaluru and the NCR regions such Noida and Gurgaon use online digital space for building plan approval. In Mumbai BMC has brought the entire building proposal system online. The Bruhat Bangalore Mahanagara Palike (BBMP) has also introduced the online building plan approval system. The Haryana Development Authority (HUDA) has decided to go online this year only to ease the process of building plan approval. The Municipal Corporation of Delhi (MCD) has also taken initiative to create online single window system for the building clearance.

The newly constructed underpass at Noida city center (1)

Underpass at Kalindi Kunj gets Allahabad HC approval

The Allahabad high court allowed the Noida Authority to acquire 2,300 square metres of land required to complete a Rs 40-crore underpass near Noida’s sectors 94-95.

The Allahabad high court allowed the Noida Authority to acquire 2,300 square meters of land required to complete a Rs 40-crore underpass near Noida’s sectors 94-95.

The underpass project, mired in delays for more than two years, will make the stretch between Kalindi Kunj in Delhi and NH-24 signal-free. The HC ruling marks the end of the legal stalemate which has meant a daily gridlock for thousands of commuters using the stretch.

Upbeat about the court’s decision, Noida Authority officials told TOI that once all the legalities were out of the way, construction was likely to begin within a month. “The case was being heard continuously for the last three days,” Saumya Srivastava, deputy CEO, Noida Authority.

We are happy that the court has ruled in favour of the project. Once we have possession of the 2,300 square metres of land, we will be able to start construction on the stalled 750-metre-long underpass. It is likely to be completed within a year — by December 2017. It will greatly benefit scores of commuters using the stretch daily,” he said.

We have one other issue to be ironed out with the Delhi irrigation department,” he said. “We need about 1,200 square metres of land, which belongs to the Delhi government. They are demanding Rs 18 crore for that piece of land for a lease period of 33 years. However, we have asked them to review their demand and give us the land at the same rate as they got for building the Akshardham temple,” he said.

Among the “important development projects” announced by UP chief minister Akhilesh Yadav in April 2013, work on the four-phase underpass project is only 36% complete. Currently, the Kalindi Kunj road from the Mahamaya flyover, which is the link between Noida and South Delhi faces a traffic gridlock every day for nearly three hours in the morning and evening. Traffic on this route has grown manifold and the narrow road, which caters to nearly 1.5 lakh vehicles daily is a nightmare for motorists.

Once in place, the underpass will ensure that those commuting from Faridabad to Sarita Vihar via Kalindi Kunj-NH 24 will not have to stop at any traffic signal. It will also benefit the commuters, coming from Delhi towards sectors 125 and 94 in Noida, who currently use the Mahamaya flyover.

Dwarka Expressway

Why Dwarka Expressway is ideal for investment

Dwarka Expressway is new emerging realty hotspot in the neighborhood of NCR that has good supply of residential properties in affordable price range.  Here is more about this fast developing locality.

The realty scenario along the Dwarka Expressway is driven by smooth infrastructure and planned urbanisation. The locality has emerged as a preferred destination for residential and commercial property buyers. The area has successfully attracted investors with its many advantages.

The eight-lane expressway is supposed to bring big relief for daily commuters who travel from Delhi to Gurgaon. Construction of several commercial and residential projects has already started in this region. Many reputed builders such as Raheja, Assotech, Godrej, Eldeco, Tata Value Homes, Vatika Group, DLF, ATS etc. have launched their projects on Expressway and gained great response from the buyers.

Today, sector 106 along the expressway is gaining prominence among the home buyers and investors. Realty experts are optimistic about this locality and say that locality will have a good reputation in the realty segment with ample residential projects being launched here. They also suggest that this is the right time to buy as property prices have stabilised now and may rise exponentially in near future.

Besides better connectivity, well-planned urbanisation, and improved social infrastructure along Dwarka Expressway many real estate developments are on in full swing which makes the locality preferred destination for investors and homebuyers as well. Once the road is ready to commute, it will act as a business channel between Delhi and Gurugram”, says Rajat Baweja of Baweja Properties & Constructions.

The circumference of the area is well-mapped with nearly half a dozen good public schools like Maurya International and Gems International. Hospitals like Medanta, Artemis, Columbia Asia and Umkal are in vicinity, apart from entertainment zones and shopping malls.

Now real estate market in Gurugram is improving, impact of some positive steps taken by Haryana and central government like news of reducing circle rates, increase in FAR (Floor Area Ratio) of residential plots and home loans at decent interest rate are now reflecting in Gurugram real estate market. A good scope is still alive for investors to invest in Gurugram, NPR (Northern Peripheral Road) which is known as Dwarka expressway is one location to invest now a days, as anyone can get a good deal there in around Rs 5,000 per sq ft  which is fairly a good price to invest”, says Harish Arora of  Saksham Services.

Top Real Projects to Invest

  1. Tata La Vida
  2. CHD 106 Golf Avenue
  3. Godrej Oasis

Dwarka Expressway fast facts:

  • Dwarka Expressway also called as Northern Peripheral Road is high-speed link road
  • It is 150 m wide and 18 km long stretch that will connect Gurugram and Dwarka in Delhi
  • It is third direct connection between Delhi and Gurugram after NH8 and Mehrauli-Gurugram Road
  • Gurgaon Sectors from 81 to 115 have been developed alongside, with particular commercial and residential projects
  • There are more than 100 residential projects under construction in this locality
  • It is expected that area will be inhabited by over 42,000 residents.
  • The adjacent area along the Dwarka Expressway is being developed according to Gurugram -Manesar Master Plan The highway has a greater national significance as it is an integral part of the Mumbai Delhi Industrial Link Corridor
Bengaluru Metro Phase II

Bengaluru Metro Phase II to boost realty

While transportation and connectivity within the city is set to become easier with second phase of Namma metro link, the impact on realty market is expected to be even more pronounced.

Taking another step towards hassle free connectivity within Bengaluru city, Bangalore Metro Rail Corporation (BMRC) is working on expanding the proposed Namma metro (literally “Our Metro”) network through phase II. The new phase of metro is likely to be completed by December 2020 as per timeline set by BMRCL. Ahead of this, the real estate fraternity looking forward and say investment in property along the route will pay rich dividends. The demand for both residential and commercial property in the region is likely to increase.

This new route will have 72 km of long stretch and which is going to add 61 more stations to the Namma metro network. There will be 12 underground stations in the network which will expand up to 13 km of distance and rest 57 km will be elevated.

“The proposal to expand the metro route in phase 2 would be blessing for the commuters as well as Bengaluru realty market. In the localities falls within the reach of metro the most visible effect is demand for residential and commercial properties. Constant rise in value is seen in properties lying close to metro corridors. Population density also increases in all the areas falling within the metro routes. Areas nearby metro corridors enjoy an edge over other areas both in terms of better demand for travelling time and cost advantages. Metro route extension to Mysore Road-Kengeri and Byappanahalli-Whitefield has made these real estate market more attractive for home buyers and investors”, says R. Rohit of R R Real Estates.

Importance to Bengaluru

Once the second phase of proposed metro is completed, the locality along the corridors is expected to see great impact on real estate sector in the city. According to Rebin Thomas, who runs a property brokerage service in Kalyan Nagar, “Major IT hubs of the city like Whitefield and Electronic City will get more benefit of this project. Property prices in the locality would see significant increase in the near future. Currently the residential property in the Whitefield area are available between the price range of Rs. 3,700 to 6,200 while Electronic City being bit affordable than Whitefield. Property prices here is between Rs. 2,800 to 5,000. These areas could see value appreciation with expectation of improved connectivity”.

Namma Metro is India’s second largest metro system in terms of both length and number of stations, after the Delhi Metro. The new corridor after extension will add the following route to the existing metro network.

Line Terminals Length New Stations Expected work completion date
Purple line Mysore Road – Kengeri 6.465 km 5 December 2020
Purple line Baiyyappanahalli – Whitefield 15.50 km 13 December 2020
Green Line Puttenahalli – Anjanapura 6.29 km 5 December 2020
Green Line Hesaraghatta Cross – BIEC 3.77 km 3 December 2020
Line 3 R V Road – Bommasandra 18.80 km 16 December 2020
Line 4 Gottigere – Nagawara 21.25 km 18 December 2020
ORR Metro Silk Board – K.R. Puram 17 km 13 ———————-
patanjali-s-mega-food-park

YEIDA gives nod to Patanjali’s mega Food Park in Greater Noida

Yamuna Expressway Industrial Development Authority issued a reservation letter to yoga guru Baba Ramdev for setting up a manufacturing unit — Patanjali Ayurved—in its area.

Yamuna Expressway Industrial Development Authority (YEIDA) on Thursday issued a reservation letter to yoga guru Baba Ramdev for setting up a manufacturing unit — Patanjali Ayurved—in its area. YEIDA has also received nearly Rs 30 crore from the yoga guru towards the allotment. Uttar Pradesh Chief Minister Akhilesh Yadav is likely to lay the foundation stone for the facility on Nov 30.

As per YEIDA officials, Patanjali group has to deposit another Rs 86 crore in the next 60 days. The factory—which will cater to the growing demand for its FMCG products in the northern market—will come up alongside a proposed Ayurveda University or health center across 455 acres of land.

While 430 acres of land will be used for industrial purposes, a 100% manufacturing unit, 25 acres will be used for institutional purposes. Land has been earmarked in sectors 22E and 24A in the YEIDA area for the project.

The Haridwar-based FMCG company promoted by the yoga guru plans to invest more than Rs 1600 crore in the facility. While direct employment will be generated for at least 10,000, indirect employment will be for about 75,000 people.

Update as on November 16:

Akhilesh to lay foundation stone for Ramdev’s Patanjali Ayurved

Uttar Pradesh CM Akhilesh Yadav is likely to lay the foundation stone for yoga guru Ramdev’s Patanjali Ayurved, a manufacturing facility in the Yamuna Expressway Industrial Development Authority (YEIDA) area, on November 30. The ceremony will however take place virtually from Lucknow, sources inform. The factory—which will cater to the growing demand for its FMCG products in the northern market—will come up alongside a proposed Ayurveda University, or health center, across 455 acres of land.

According to YEIDA officials, while 430 acres will be used for industrial purposes and a manufacturing unit, 25 acres will be separated for institutional use. “Land has been earmarked in sectors 22E and 24A of the YEIDA area,” Amarnath Upadhayay, Additional CEO, YEIDA, told TOI. “The ‘Super Mega Project’ is the result of the incessant efforts of the chairperson and CEO of YEIDA as well as the state government to provide a much-needed economic boost to the YEIDA area,” he said.

The company plans to invest more than Rs 1,600 crores in the facility,” he added, saying that the state government has also offered the guru a 25% rebate in land rates besides a host of other concessions. “Ramdev has prepared a comprehensive plan for the development of health, education, agriculture and industry sectors. We expect employment generation for several thousand people, apart from the investment.

Vaishnavi North24, Hebbal, Bengaluru

Upcoming Project: Vaishnavi North24, Hebbal, Bengaluru

Buying a new property may be a troublesome task for new homebuyers. Numerous factors are to be probed in to for opting out what is called a – perfect home. This involves right location with smooth connectivity and civic infrastructure. Vaishnavi Group has launched such an array of residential apartments located in strategic and prominent location along the Hub of IT/ITES. The group has launched its new project Vaishnavi North24 in Hebbal region of Bengaluru. The project is extended over 2.72 acres of land.

Vaishnavi North24 presents premium residential project equipped with all kinds of modern amenities and facilities. The Vaishnavi Group have unraveled these housing units assuring all the facility to the residents with all-time back-up for water and electricity. The new residential venture renders 2 and 3 BHK flats available in different configurations, ranging from 1,190 sq. ft. to 1,939 sq. ft. of each type. One can procure the property as per the requirements. Expansive parking space for all vehicles and needful visitor parking lot has been chalked in the plan.

The new residential projects is a major attraction for the new home settlers in Bengaluru as the projects hosts the assortments of facilities being coupled with the exquisite apartment’s designs. Not only this, it also includes theme based garden and the recreational hub which inculcates jaw dropping features. It has community clubs with party halls and gymnasium facilities, sports facilities are basketball courts and badminton courts, schools which can be the biggest relief for all parents.

Being placed in the vicinity of central Bengaluru and Kirloskar business park Hebbal North24 is the major pull for the working professionals as they can efficiently tap their workplace from the residential apartments. The living area is well settled with all kinds of facilities available within a reach like health center, banking, ATM, petrol pump, bus stop, school, restaurant, and railway station school for higher secondary education, park, metro station etc.

Vaishnavi North24 – Location Advantage:

  • Hebbal is situated 10 kilometres from central Begaluru
  • It is only 29.2 kilometres from International Airport.
  • Kirloskar Business Park – 800 mts
  • Manyata Tech Park – 4 Kms
  • Malls- Esteem Mall – 800 Mts,Infinity Mall – 3 Kms
  • Outer Ring Road is just 1.9 Kms
  • Mekhri Circle is just 6.8 kms
  • Less than 1 km from the Hebbal Flyover

The apartments in Vaishnavi North24 are available for booking directly through builder or happykeys at an attractive price points.  There are almost 190 hosing inventory is available for sale. The entire project is all set for moving purpose. The project is under-construction and its possession is likely to complete by December 2019.