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Faridabad-Noida-Ghaziabad Eway driving realty

Faridabad-Noida-Ghaziabad Eway driving realty

Faridabad-Noida-Ghaziabad Expressway or FNG Expressway is making new property destinations in the NCR.  This expressway will pass through Noida, Ghaziabad, Faridabad and Gurugram to boost connectivity between these prominent cities. Thus, the localities along this Eway have emerged as property hotspot.

It is smart move that will offer safe and fast transport

Experts who are tracking this property market believe that the property aspects along the expressway corridors are promising. FNG expressway will offer direct connectivity between Noida and Faridabad. Once this long stretch is operational, people can travel between this stretch within half an hour.

FNG expressway is around 56 kilometer long stretch with 19-km stretch falls in Noida, 8 kilometers in Ghaziabad and the remaining 28 kilometers in Faridabad. Once this entire stretch is operational, it will alter the urban infrastructure of the region. This National Highway Project will not only accelerate the sale of land parcels in these areas, but also bring chance for mid-income class to buy budget houses in NCR. It is expected that this Eway  will be stretched up to Sohna Road Gurgaon that will further boost property market around Sohna Road.

Real estate developers are hoping big property market to emerge

Real estate developers of the NCR are very much optimistic about this locality, even prior to its completion.

According to Harmit Chawla, MD of real estate firm HCorp Realty Pvt. Ltd., “The national highway project is to benefit major chunk of people and will be an alternative route for commuters coming from from Meerut, Ghaziabad, Noida, Greater Noida, Gurugram and Hapur who wish to go to Faridabad and Agra. The expressway will cut travel time from two hours to 40 minutes and smoothen traffic pressure on the areas of NH-24, NH-58 and NH-2 that fall in the Delhi region. At present, people coming from Ghaziabad, Meerut and Hapur take these roads to reach Faridabad and Agra”.

Easy connectivity wins

Presently Ghaziabad, Noida and Greater Noida are accessible to Faridabad through NH-24 and NH-2 and these are much crowded roads of NCR. Experts say that, FNG expressway will ease connectivity to major hosing segments of NCR regions including Ghaziabad, Noida, Greater Noida, Faridabad and Gurugram and will transform the locality which leads high demand for residential property in near future. People can travel easily for work. The expressway will stimulate the growth of these locality through good network connectivity and will emerge as a hot property destinations.

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Golf Course Extn Road : Gurugram’s upcoming residential address

Development of finest civic infrastructure, smooth connectivity good supply of office spaces and slew of new residential projects is drawing end- users and investors. Happykeys examines the locality prospects.

According to Residential Investment Advisory Report 2016 released by real estate consultancy Knight Frank, Golf Course Extension Road is an emerging real estate hub that has the potential to offer the highest price appreciation in the NCR region in next five years.

Golf Course Extension Road is encircled by many well established sectors of Gurugram. Prominent areas such as Phase I, Phase IV and Phase V make this locality popular choice for residential and commercial property.  If you observe the property price trends of this area for last five years, it has risen by 49.23 per cent (Rs 6,500 per sq ft in 2011 to Rs 9,700 per sq ft.in July 2016). This has increased the demand for open plots in the Golf Course Extension Road.

Good connectivity

In terms of connectivity, the Golf Course Extension Road is six-lane that connects to Gurugram via Golf Course Road and Sohna Road. The same road also offers connectivity to the Indira Gandhi International Road. The new railway station is located at a distance of 37 km only. The Rapid Metro Rail Ltd. will be stretched from Sikandarpur to sector 55 and sector 56 along the Golf Course Extension Road. Excellent connectivity and convenience is attracting new home buyers and investors, and this has led to launch of new residential and commercial projects in the area.

High potential for price appreciation

Golf Course Extension Road’s strategic and prominent location makes it a great investment destination for investors.  The price of apartments on Golf Course Extension Road ranges from Rs 6,800 – Rs 9,700 per sq ft. The average price here is Rs 8,200 per sq ft.

Experts say residential projects here is ideal for investment. Apart from offering enormous social infrastructure, the locality has many for end users. The Delhi Metro Rail Corporation is also stretching its yellow line which currently from Jahangir Puri till Huda City Centre and Manesar. The proposed extension will bring this area in direct touch with large part of NCR. The area along the metro corridor is likely to see high-level price appreciation in near future.

Property experts avers that the growing commercial hub in the vicinity will have cascading impact on residential demand in the area and this would be big boon for developers.

 Residential projects to invest

Golf Course Extension Road houses many residential apartments which are in their different phase of construction. Many renowned real estate developers are constructing projects in this locality. DLF has many ongoing projects in this locality such as Pinnacle, Magnolias, Aralias, the Icon and the Belaire.

 

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HUDA goes digital for building plan approval

A new policy guideline by Haryana government to simplify building approval process and make way for transparency

In a major move towards going digital, Haryana Development Authority (HUDA) has decided to go online to ease the processes of building plan approval. All building plans have to be submitted online now and responsibility will be fixed to concerned architects to make assessments.

The Haryana Development Authority has abolished the existing manual system and put its new hi-tech system online for the entire state. This move is welcomed by entire developer fraternity hopping fast and easy approval and leaving no scope for corruption in the process, as the government is set to upload all such information and documents online to bring transparency in the system.

The state government was trying to put the system online for some time. The roadmap in this regard was prepared in May 2009 itself, and after seven years of hit and trial, the authority has finally managed to develop error-free software, titled ‘online approval of building plan’.

“The new online system is expected to ease the process of building plan approval and make it hassle-free. The digital system of sanctioning buildings and layout permissions will bring transparency in the approval system and even end-users can also trace the approved layout construction of the project. Prior to this, the existing system takes three to four months in approval,” says Ishwar Sharma of Ankur Realtors.

Baban Prasad Singh, who runs a property brokerage service in Gurgaon, says the online plan approval system is in public interest. The process will become simpler and everyone can access the document, approval status and remarks by authorities online.

In the past there have been many complaints of developers deceiving flat purchasers or investors by making fake claims regarding approved carpet and built-up and super built-up areas for under-constriction properties. Hopefully the new system will pile all information at one place that would be transparent and less-time consuming in case buyers want to verify it,” he says.

The notification for implementation of this online system was issued officially on June 15, 2016.

What was the process?

Under the old existing system, building plan approval was manual and time-consuming. The documented plan would pass through several prolonged and unmanageable processes. Normally, the applicant has to wait for much more than the given timeframe of minimum 21 days, causing unnecessary delays, irregularities and giving rise to more corruption in the system.

What is the new process?

According to experts, the new online process is enacted to hasten the old system and ensure homogeneous and uniform scrutiny throughout the state. As per HUDA notification, approval will be given to applicant in just six days under the new system.

Procedure for applying online  

The new online process is simple where the developer or owner initially has to fill the application online along with the drawings of building. These drawings are uploaded in an AutoCad format or in digital form on HUDA’s web portal, using the password and user ID of the architect registered with Huda. If the plan is technically approved by the AutoDCR (Automatic Development Control Rule), a printout of the plan, having signatures of the architect and the plot owner, along with required documents, will be submitted to the junior engineer.

The junior engineer will then submit a ground inspection report in two days, following which, the estate officer will take the final call on whether to approve or reject the plan.

What if plan is rejected?

Do not commit mistakes like uploading unsupported file format or not following the prescribed rules and regulations. Go through the instructions carefully and further proceed for quick approval. In case plan is not approved and sent for rejection, the concerned estate officer will have to give reason for the same. The current status of the online plan submission will be sent to the allotee through SMS, e-mail and post. Applicants can also see its status online using registered ID and password.

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How circle rates impact your property transaction

Gurgaon local authority recently proposed a cut in circle rates. Ghaziabad administration too is considering a cut and has asked for a review. Here is how and why circle rates matter in property deals.

After the announcement by Gurgaon administration to reduce circle rate by 15 per cent, Ghaziabad district authority too is assessing the circle rates in their jurisdiction. A common perception is that such rate cuts will help bring down property rates and encourage more buyers and investors in this real estate market.

Real estate developer’s fraternity has appreciated this step saying that this is much needed considering the stagnation in the market.

 

Ghaziabad had seen circle rate correction by 4 to 5 per cent in last year as compared to the rates in 2014-15. Although this was applicable to residential plots only but it left an impact on whole realty market of Ghaziabad. Since 2013, the property collection rates are revised here every year from August 01.

 

According to Dimple Bhardwaj, spokesperson of Raheja Developers, “this is one of the appreciated course of action by the local body to cut the circle rate which will lead to correction in property prices. It has been noticed that in some areas of NCR circuit, circle rates are higher than the market rates of land. So this has to be justified accordingly also to boost the realty market.”

 

The same sentiment was echoed by property consultants also. “Everyone in the real estate market in Delhi NCR has been expecting some positive steps from the government to boost the market. So, in that regard, this is a positive move. We (real estate consultants) consider it a good step,” says Harish Arora of Saksham Services.

 

“This news is good for real estate investors also. For end users also it’s good news as now they have to pay less stamp duty on the registration of properties. So it’s a win-win situation for both the government (as revenue will increase if the real estate trading increase) and end users/investors who will have to pay less for property registration,” says Arora.

 

The link between circle rates and market rates

The local body authority and state government work together to decide collection rates of property within a particular area. Local body has to prepare recommendation for the same and sends it to state government for approval. Its good time for the government to bridge the gap between property rates and the actual market value at which transaction of property take place. Let us understand in brief how these two distinct charges impact the whole transaction.

 

What is circle rate?

A circle rate is a minimum cost at which property has to be sold or purchased including independent house, commercial or residential apartment, plot etc. The rates for the locality are decided by local state government revenue department or the local development authorities.

 

What is market rate?

 

Market price is value of real estate property for a transaction between seller and buyer – generally the value is decided by the existing market dynamics of demand and supply.

 

How circle rate differ from market rate?

 

Market price is the value at which transaction of property takes place between buyer and seller. The price is driven by market force which depends upon demand and supply.

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Gurgaon circle rate cut to help market: Realtors

Developers say this is the first time such an initiative has been taken by the Gurgaon administration, proposing a 15 per cent cut in circle rates.

The Gurgaon administration has proposed a 15 per cent cut in circle rate of properties. This move is aimed at pushing more home buyers towards investing in the realty market and injecting momentum in an otherwise sluggish realty market. The proposal has been sent further to Haryana government for approval.

Realtors say that this move by the administration will help to restore confidence in the real estate market which is reeling under a prolonged downturn.

Realty developers are saying this is the first time such an initiative has been taken in Gurgaon which will see the circle rate graph going downward. Otherwise, the past record has been that circle rates have only been hiked, never slashed.

According to the Gurgaon administration report, the property circle rate was kept static in the last two financial years 2014-15 and 2015-16 but this approach failed to raise the home buyers’ sentiment.

 

According to Dimple Bhardwaj, spokesperson of Raheja Developers, this is one of the appreciated course of action by the local body to cut the circle rate which will lead to the correction in property prices. It has been noticed that in some areas of Gurgaon, circle rates are higher than the market rates of land. So this has to be justified accordingly also to boost the realty market.

 

Everyone in the real estate market in Gurgaon/NCR has been expecting some positive steps from the government to boost the market. So, in that regard, this is a positive move. It will reduce the circle rates by 15 per cent in Gurgaon and 15-25 per cent in other cities of Haryana. We (real estate consultants) consider it a good step, says Harish Arora of Saksham Services.

 

This news is good for real estate investors also. The hike in circle rates in past years had pushed up the cost of property registration and investors were not showing interest in real estate. But this news may get them back to real estate. For end users also it’s good news as now they have to pay less stamp duty on the registration of properties. So it’s a win-win situation for both the government (as revenue will increase if the real estate trading increase) and end users/investors who will have to pay less for property registration,says Arora.

 

Understanding circle rate and market rate

Circle rate is the minimum price at which the transfer or sale of any kind of a property takes place. These rates are fixed by the state government and are reviewed from time to time according to market statistics. The circle rates may vary within cities in the same state depending upon the property rates of that locality.

 

Impact on real estate transaction

Property circle rate is the base value on which state government collects stamp duty and registration fee on the property being bought or sold. Apart from stamp duty, government collects 1 per cent of total cost of the property as registration fee. So we should be aware of such hidden costs while making real estate transactions.

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Low-Cost Property Options Galore in Gurgaon

Gurgaon offers some of the most promising property options in Delhi-NCR circuit. Have a quick look on the city and pick out areas that offer low budget property options.

Over the last few years, real estate developers in Gurgaon who have been concentrating on luxury projects are changing track to provide more homes in the price range of Rs 20-50 lakh.

Some of the new localities have set the record in terms of developments and the absorption of residential units. The local development authorities are boosting its basic infrastructure roads, water and electric supply.

The city provides excellent connectivity with Delhi Metro as well as the Rapid Mono Rail which makes commuting easy for the residents of both the city.

Presently, the city has a good supply of ready-to-move in properties offered by renowned realty players of the region.

“Sohna is a prime residential destination for end-users and is currently witnessing healthy demand. It offers a good example of mixed-use development — a recipe for further growth and planned urbanization. On either side of this road, presence of schools, IT parks, malls, residential apartments, villas and the new up-coming residential projects make it a sought after location amongst first time home buyers looking for a home of their own,” says a Raheja Developers spokesperson.

Approved affordable housing projects: A total of 46 affordable projects have been approved by the Haryana government. As per the officials, around 20, 0000 houses would be built under affordable housing projects in Gurgaon city. 2BHK flats in Sector 69 would cost between Rs 18 lakh to Rs 20 lakh, and one bedroom would cost Rs 15 lakh.

Apart from this, many private realty players like Supertech, HCBS, Pyramid Infratech and Pivotal Infrastructures are building affordable homes in the millennium city. Here are some of the top low-cost property options in Gurgaon.

Project Name: Supertech Basera

Apartments: 1 & 2 BHK apartments

Size: 404 sq. ft. – 592 sq. ft.

Location: Sector 79, 79 B of Gurgaon Manesar Urban Complex

This mega residential project is spread over 12 acres and has been brought to cater the housing needs of middle class buyers. This project has been now approved under of the government’s ‘Housing for all by 2022’ initiative. The venture will have 1,976 flats to be sold through lucky draw.

Project Name: HCBS Sports Ville

Apartments: 1 & 2 BHK apartments

Size: 528 sq. ft. – 841 sq. ft.

Location: Sector 2 & 35, Sohna Road, Gurgaon

This project has been licensed by Haryana government under the “Affordable Housing Scheme” of the state. The tentative basic cost of these homes will be around Rs 12 lakh-20 lakh, whereas in the same vicinity the prices of 2 BHK unit falls in the range of Rs 35-40 lakh.

Project Name: 63 Gold Drive

Apartments: 1 & 2 BHK apartments

Size: 350 sq. ft. – 595 sq. ft.

Location: Sector 63A, Gurgaon

This low-cost residential venture is strategically located at GolfCourse Extension Road and offers 1 & 2 BHK flats in the price range of Rs 14 lakh-25 lakh. The project is also approved by Haryana government under the “Affordable Housing Scheme.”

Project Name: Pyramid Urban Homes

Apartments: 1 & 2 BHK apartments

Size: 417 sq. ft. – 625 sq. ft.

Location: Sector 70A, Gurgaon

This low budget project is being catered by Pyramid Infratech under Haryana Affordable Policy 2013.

Project Name: Raheja Krishna Housing

Apartments: 1 & 2 BHK apartments

Size: 414 sq. ft. – 640 sq. ft.

Location: sector – 14, Sohna, South of Gurgaon

This project gives the benefit of Aravalli foothills which makes its residents enjoy the living of high rise in the affordable segment. A 1BHK apartment here costs Rs 12.80 lakh — all inclusive.

Project Name: Raheja Maheshwara 

Apartments: 1 & 2 BHK apartments

Location: Sector 11 &14, Sohna road, South of Gurgaon

The project is approximately 15 minutes’ drive from Golf Course Extension Road area in Gurgaon. A 2BHK apartment (1,099 sq. ft.) starts at an all-inclusive price of Rs 35.19 lakh.

Project Name: Pivotal Riddhi Siddhi

Apartments: 1 & 2 BHK apartments

Size: 359 sq. ft. – 490 sq. ft.

Location: Sector-99, Dwarka-Expressway Gurgaon

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‘Water Metro’ to ply on Hindon to cut travel time to Delhi

This is yet another measure to smoothen the travel management and make commuting easier. Thousands of new dwellers will start living in Greater Noida West when possession for their flats is handed over by end of this year   

The Noida Authority plans to run a ‘water metro’ service on the Hindon river to make the travel between Noida Extension (Greater Noida West) to Delhi via Mayur Vihar easy and quick. This proposed plan will cut on travel time and also take traffic load off the roads.
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