Skip to main content
Rera notification

Home buyers’ sentiments upbeat as RERA gets notified

Home buying sentiments in Noida is on an upswing. A combination of pre-Diwali sales coupled with responses on the implementation of the Real Estate Regulatory Act show people in the city are ready to buy.

Home buying sentiments in Noida is on an upswing. A combination of pre-Diwali sales coupled with responses on the implementation of the Real Estate Regulatory Act (Rera) show people in the city are ready to buy and those who want to own a house are going to increasingly choose Noida over other parts of NCR.

With the Rera notified by the Union government and now being implemented at state level, the buyer’s sentiment in NCR seems to be on a recovery. It has been notified by all Union territories, and is set to be adapted by state government over next few months. The act will come into force all over the country from May 1, 2017. All constructions which have not yet procured completion certificates will now fall under Rera.

The builder community and real estate experts indicate the implementation of Rera will impact buyers in Noida and Greater Noida more than anywhere else in NCR as it hosts maximum end users. The key point of the Rera which makes all builders to keep 70% of the funds in an escrow account to ensure completion is the highlight of the Act, which ensures builders will have to complete the project for which they are securing funds from the buyers.

“Over last one month, builders in Noida have experienced a sales hike of over 15% as compared to pre-festival sales of 2015. This has taken place as many builders have secured completions from Noida Authority. Now buyers are interested in ready to move in apartments and Noida has a lot to offer in that segment. With Rera all set to be notified, we expect the buyer’s regaining faith in the industry further. Over the next couple of months, we expect more sales to pick up in Noida region, specifically,” Manoj Gaur, president, Confederation of Real Estate Developers authority of India (Credai), said.

According to experts, the sales would now largely increase in the affordable segment. “It is over all good news for Noida real estate. National level players, like Godrej and TATA, have launched their projects here. The pre-Diwali sales saw an upswing. The implementation of Rera will now instill more faith in the industry. Most apartments in Noida are in the affordable range, which is below Rs 4000 per square feet, so we predict sales to pick up in Noida market further. There are also new launches lined up along the Expressway,” Surabhi Arora, senior associate director, research, Colliers International, India, told TOI.

Meanwhile, home buyers of Noida welcomed the implementation of Rera. “It is a big relief for buyers. Now that the Central government has implemented it, the UP government should set up the regulatory as soon as possible. The entire industry is set to gain from it and it will help attract more buyers as well,” Abhishek Kumar, president, Noida Extension Flat Owners Welfare Association (Nefowa), said. Nefowa has been one of the core teams that had organized the ‘fight for Rera’ campaign by home buyers all over the country.

“The builders’ community welcome Rera, but we are yet to understand the finer points of the act like how the escrow account will be implemented for projects that are almost complete. We hope to get more clarity on the same in the days to come,” Gaur further added.

Source: TOI

Noida Sector 137

Why Noida sector 137 is safe real estate bet

Noida sector 137 is one of the fastest growing real estate locations in the NCR circuit and has emerged as realty hotspot for all income groups. Take a look at what the locality has to offer.

With slew of new infrastructure, smooth connectivity and huge available inventory make Noida an ideal place for new home settlers and investors. The real estate market of Noida is dotted with some of quality commercial and residential projects launched by major realty builders. Sector 137 is one such locality in Noida which has created buzz in the real estate sector as the construction of new launched flats are in full swing here. The fast developing locality has been the favourite destination of IT companies and BPOs. In addition to this, the area offers exotic living options for home buyers through multiple housing options.

Here’s a snapshot of locality profile which describes how the demand for residential flats in sector 137 Noida has increased:

Proximity to Delhi

Location is the first decision making factor for new home buyer. Sector 137 is easily approachable from key major localities of central Delhi. The area like New Ashok Nagar, Mayur Vihar, Laxmi Nagar and Connaught place are easily accessible via metro route. These localities are accessible via road within a drive of 20-25 minutes. The Indira Gandhi International Airport is located 35 kilometer away.

Commercial hub in the vicinity

In addition to the availability of huge land parcel for residential purpose, the locality has the presence of giant commercial ventures. Major software companies such as Wipro, Accenture, HCL and other commercial ventures like Metlife, KPMG and Sterai have set up their corporate office in the sector.

Proposed metro connectivity

According to proposed metro line by the Noida Metro Rail Corporation (NMRC) – 29 –Kilometre Noida-Greater Noida metro line which will have 22 metro stations. The new line will start from sector 71 hub station and will pass through sectors 50, 51, 78, 101, 81, 83, 85, 137, 142, 143, 144, 147, 149 and 153; after this it will enter Greater Noida and will go through Knowledge Park-II, Pari Chowk, Alpha-1 and Alpha-2 before terminating in Knowledge Park-IV.

Finest civic infrastructure

Sector 137 is located along the red light free Noida-Greater Noida Expressway which leaves a vast scope for the realty growth of this locality. Due to boost in local infrastructure development and improvement in transport connectivity, the property prospects of Sector 137 have improved considerably and demand for housing apartment is constantly rising.

  • Top hospitals: Felix HealthCare, ESIC Dispensary, CGHS Wellness Center (Sector 82, Noida), Raj Poly clinic nagli Wazidpur (sec 135), J.S. Memorial Hospital and Life Care Hospital.
  • Schools: Shiv Nadar School Noida, Indraprastha Global School Noida, Shanti International School, Amity school, The Shriram Millennium School and educational institutions like Indian Institute of Finance.
  • Banks situated in the vicinity: Shivalik Mercantile Co-Operative Bank Limited, HDFC Bank, Commercial Co-operative Bank Limited(Sikandarpur village, Noida) and State Bank of India
  • Shopping malls: The mall of India – DLF and the Great India Place mall is located at just 15 km away from sector 137.

Top 4 popular projects that are worth investing in sector 137 –

Paramount Floraville: This brand new residential projects is sprawl over an area of 14 acres. These are 1530 units of apartments in 2 and 3 BHK between the size range from 1,045 – 1,685 sq. ft.

Logix Blossom County: This project is developed by one of the reputed builder of Delhi-NCR. Spread over 25 acres of land, the venture offers 2-4 BHK flats between the size range  from 9,00 -2,375 sq ft.

Gulshan Vivante: This residential venture is sprawl over 40 acres of land and offer 2, 3 and 4 BHK flats with size ranging from 1,080 sq ft. 2,645 sq ft.

Exotica Fresco: This township project is sprawl over 7 acres of residential complex which offers 800 units of 2, 3 and 4 BHK homes.

New Exit Policy to help realtors, buyers

Update: New exit policy to help realtors, buyers

The new Exit Policy, when implemented, will provide relief to thousands of homeowners who are unable to get possession or register their properties.

Update as on October 22:

Taking serious note on the growing problem of NCR buyers, the three development authorities of Gautam Budh Nagar shared a common agenda on timely delivery of projects to help buyers. This good news came when three board together agreed upon the new rule and cleared the long-awaited Exit Policy for realtors those who are struggling to complete under-construction projects in Noida Greater Noida.

The authorities (Noida, Greater Noida and Yamuna Expressway) have approved a series of measures under this new policy in an attempt to protect the interest of homebuyers and bring new hope in the real estate sector.

The implementation of Escrow Account is primary among all rules that will be monitored by the Noida and Greater Noida Authorities. The account will will be used to finish housing projects running behind schedule. The project settlement policy is remaining, has been sent to state government for approval and will come into force once it gets the green signal.

Update as on September 12:

Exit Policy to be Discuss by UP Government

The New Exit Policy rules were on September 12 put up for discussions and he 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.

Update as on June 06:

New exit policy to help realtors, buyers

The three development authorities of NCR may soon bring new exit policy for realtors. As per new policy, builders those who have acquired land for a group housing project and not able to execute it for any such financial reason, may quit and get their deposit back, if they want to move out from the project.

Builders can surrender surplus land that is unused to the authority. This has been decided jointly in a board meetings and proposal on this is being prepared and will sent to Uttar Pradesh government for further approval.

Prashant Tiwari, Chairman, Prateek Group says, “At present, real estate is recovering from the slowdown phase and there are various factors due to which developers are unable to deliver their projects. Most adverse amongst them is slump in realty sales which is cutting down the developers funds. Due to such circumstances, developers have not been able to launch the new phases of their projects too. In many cases they have defaulted land payments to authorities also. The developers are happy with this exit policy as this will help them clear their financial liabilities and allow them to complete their existing projects.”

This new move has been welcomed by developers and home buyers. Exit Policy will put positive shadow in real estate market, say realtors.

The new exit policy chiefly entails that:

  • Suppose realtors bought hundred acres of land to construct a group housing project and they may have completed one or two phase of their approved projects, but current market situation is not favouring and they may not willing to take risk to launch another phase. The policy allows him to surrender the rest of the parcel of land to the authority and get back deposits.
  • For instance, realtors owe dues of Rs 3,000 crore. If the new policy is implemented, developers can get rid of unused land can use the refunded capital in completion of their existing projects.
  • Money will be refunded to the developers at land allotment rates only.
  • The authority will refund 70 per cent of the deposit.

How will this move benefit builders and home buyers?

Big relief for realtors: After the sluggish real estate market in the national capital region what comes as consolation for realtors, if they are allowed to surrender these land parcels, 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.

Home buyers benefit: In the past, there have been several cases when the buyers who have invested in housing project in NCR and possession dates have been delayed by the developer. In some cases, the builder fails to deliver the project in specified timeline due to financial stress. This has nearly affected lakhs of home buyers who booked flat in Noida. Now with the enforcement of exit policy, builder can complete the project which is nearing completion and can give possession of flats on time.