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real-estate-2016

The 2016 Real Estate Market: A Year In Review [Infographic]

As 2016 winds up, it’s time to review the developments that took place through the year.

Undoubtedly, the year 2016 has been remarkable for the Indian real estate. The year will be remembered as the year of implementation of new laws and policy changes. The year also exposed the reality of real estate, where judicial intervention has not only underlined their aberrations, possession delays and defaults but also given a ray of hope to dejected home buyers. Several new laws and decisions announced during 2016, are likely to put great impact on the Indian real estate sector ahead. Happykeys will constantly examine how these policies will affect the property market in the short-term and long-term and what it means for home buyers.

 

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Year 2017 likely to be a trendsetter for real estate

Year 2017 likely to be a trendsetter for real estate

The Indian real estate market may become attractive at the onset of New Year. Happykeys takes a stock of developments and factors that will influence the real estate market this year.

As 2016 winds up, it’s time to review the developments that took place through the year. Undoubtedly, 2016 has been a remarkable year as far as India’s urban infrastructure is concerned. Hence, Indian real estate has many positives to look forward to.

Here is a report on how Indian real estate segment is expected to perform in 2017.

Demand Factors:

According to the Ministry of Statistics and Programme Implementation report the population rise in county is on a steady rise. With this rising population, there will be steep rise in housing demand also. The absorption of high number of housing units, itself depicts the picture of New Year that the occupancy rate is going to be high in 2017.

In a report by real estate consultancy firm JLL, in the last four quarters the property prices in Mumbai and Chennai improved by 3.7 per cent and 1.7 per cent respectively while the DELHI –NCR property market have remained stagnated. Market experts believe that this situation is anticipated to improve in New Year based on record of series of new launches and ease in property buying process due to government new laws and decisions.

Mr-Prashant-Tiwari-Chairman_Prateek-GroupAccording to Prashant Tiwari, Chairman Prateek Group, “The changes in real estate market have already started happening with measures like not increasing base rates, implementation of Real Estate (Regulation & Development) Act, relaxes in FDI norms and exemption of service tax on construction of affordable houses up to 60 square meters. Benami transaction act, infrastructural developments and many other proposals lying in pipeline will eventually take the realty market towards improvements and progressions in coming year. Therefore outlook for the next year 2017 is very much positive. We are optimistic that real estate sector will witness a changed environment with improved customer sentiments and enhanced growth“.

 

Mr.-Deepak-Kapoor-President-CREDAI-Western-U.P

Deepak Kapoor, President, CREDAI Western UP observes that, “There is growing positivity in the real estate sector that can now hope for a new phase of growth. The government has taken various steps to ensure that an atmosphere of growth and development is created for real estate sector. Moreover, the economic status of our country is also improving which will further boost the demand for properties. Considering the developments and changes which are taking place in the realty sector currently, property market is expected to much improve in 2017. “.

 

Mr-Akshay-Taneja-MD-TDI-Infratech-Ltd

According to Akshay Taneja, MD of TDI Infratech Ltd, “2017 will definitely be a good year for real estate sector. Year 2017 will help real estate sector in a big way as many positive changes have already taken place in the current year. These include reduction in interest rates, interest subsidy to home buyers, increased loan portfolios, increased and ease FDI in real estate & construction sector, implementation and introduction of real estate regulatory authority and GST bill etc. “.

 

 

Government Initiatives

A series of new decisions and laws promise to bring good days ahead to the Indian real estate market. The respective state governments has also taken several initiatives to encourage the developments in the real estate segment. Here is the list of some of the major government initiatives that will boost the morale and confidence of home buyers.

  • The Cabinet Committee on Economic Affairs (CCEA) has approved various measures to revive construction sector
  • The central government has brought Real Estate (RERA) act, 2016 on May 1, 2016, which is aimed at making necessary operational rules and protecting the interests of home buyers
  • New exit policy: With the enforcement of new exit policy, builders can complete their ongoing projects nearing completion and give possession of flats on time
  • Model Shop Establishment Act: The rule will give freedom to retail outlets to keep open 24×7. This act will promote investment in commercial sector. Investors can look in the commercial space as in the near future prices may go up
  • REIT rule relaxation for small investors.
greater-noida-stadium

Greater Noida stadium gets ICC accreditation

The new stadium in Greater Noida has received the ICC (International Cricket Council) accreditation, paving the way for international matches- from Tests to T20 to be held there.

The new stadium in Greater Noida has received the ICC (International Cricket Council) accreditation, paving the way for international matches-from Tests to T20 to be held there.

Greater Noida Industrial Development Authority (GNIDA) received official confirmation about the accredidation for Shaheed Vijay Singh Pathik Sports Complex, Deepak Agarwal, CEO, Noida and Greater Noida Authority, said.

Jeff Crowe, a former New Zealand captain and currently an ICC match referee, along with M V Shridhar, general manager for cricket operations for BCCI, and Niranjan Singh Virk, anti-corruption manager, ICC, visited the stadium on December 13. They inspected the ground and were satisfied with the facilities.

We are happy to have been granted the accreditation and approval for holding international tournaments,” said Agarwal. “ICC inspection and certification is crucial for a stadium to be qualified for international cricket matches. With ICC certification, we will be able to hold ODIs and T20s besides more international league cricket matches,” he said. “All matches except with India can be held at the stadium,” he said.

The newly built stadium had officially become the home ground for Afghanistan cricketers in December 2015 after they shifted their home ground from Sharjah. Several cricketers have been practising at the stadium since its opening. The ground has hosted both national and international cricket tournaments for some time now.

The ICC had organised an intercontinental cup series from April 10 to 13 this year. Teams from Afghanistan, Namibia and Nepal had participated in the tournament. In December 2015, it hosted a Ranji Trophy match between UP and Vadodara, and the Afghanistan-Zimbabwe Under-19 cricket series.

Greater Noida industrial Development Authority (GNIDA) officials said that in March 2017, they have scheduled matches between Afghanistan and Ireland. “We have lined up eight matches in March 2017. The two countries will play three T20 matches and five ODIs at the stadium starting from March 8 through 24,” said Rajiv Tyagi, general manager (projects), GNIDA.

The stadium currently has a seating capacity for 8,000 people. It has been constructed by GNIDA as per ICC specifications. Spread over 39 acres, it is also equipped with a bowling alley, a tennis complex, indoor stadium with a seating capacity of 6,500, and an athletic pavilion.

Source : TOI

Golf Course Extn Road

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.

 

bridges between Noida and Faridabad

Two proposed bridges between Noida and Faridabad to take off by mid-2017

Works on a proposed 600-metre bridge, which will boost connectivity between Noida and Faridabad, are likely to begin by mid-2017.

A 600 meter proposed bridge, which will boost connectivity between mega townships of Noida and Faridabad, is likely to take off on the ground by mid-2017. The proposed project has been stuck between the two governments of Uttar Pradesh and Haryana for more than a year. Speaking to TOI, P.K. Agarwal, Chief Executive Officer (CEO) Noida Authority said that they have met Secretary, Ministry of Urban Development (MoUD), Government of India on Monday in an attempt to remove the road block.

According to Noida Authority officials, another bridge, proposed to connect Faridabad-Noida-Ghaziabad (FNG) expressway from Noida’s Sector 168 with Khedi village in Haryana, is also stuck in red tape. “On Monday, after talking to officials of the Haryana government and the MoUD, it has been decided that the 600-metre bridge, which is proposed to link Noida’s Sector 150 with Faridabad’s Tilori village, will be completely funded by the Noida Authority,” Agarwal said.

Check Out :  What makes Noida Sector 150 an investment Hotspot

The second proposed bridge between the FNG expressway from Noida’s Sector 168 with Faridabad in Haryana will be constructed by the NHAI as it has taken over the FNG project,” he said.

Officials said that earlier the Haryana government had agreed to share 50% of the cost of the bridge between Noida’s Sector 150 and Tilori village. “However, they have now declined to share the cost, on the pretext that the bridge is not needed as Haryana is already buildng another bridge along the same alignment downstream,R.S Raghav, Noida’s project engineer, said.

Haryana has now agreed to construct two approach roads measuring about 5-6km for the bridge on their side,” Raghav added.

Having removed the roadblock, Noida Authority officials are optimistic about starting the ground work on the project in mid-2017. “We have already done the homework on the project including soil testing, hydraulic model study and preparing the detailed project report,” Raghav said.

Currently, we have estimated the cost of the bridge at Rs 263 crore, but now we have to prepare a detailed estimate of the project according to the new plan. This will take us about 4-5 months, after which we will initiate the tenders for the project,” he said. “Once construction starts, the bridge is likely to be ready within two years,” he said.

Check Out :   Noida-Gr Noida Expressway: The new residential locality

The two bridges have already received a nod from NCR Planning Board. The locations of these two projects are proposed on the 75-meter wide FNG road passing between sectors 168 and 187A, while the second bridge will be located on a 75-meter wide road passing between sectors 149A and 150. Since construction of the FNG e-way has been taken over by the NHAI, one bridge will be constructed by the NHAI, while the other by Noida. “Secretary MoUD has also asked the NHAI to expedite the bridge along the FNG e-way,” Agarwal said.

Once in place, the bridges will provide a major relief to thousands of commuters who will be able to reach Haryana from Noida, Greater Noida and Ghaziabad without crossing Delhi and without getting stuck in gridlocks along the two routes. Currently, commuters coming from Ghaziabad, Hapur, Noida and Greater Noida have to cross Delhi to reach Faridabad. The two bridges would benefit about two lakh commuters in the time to come, which would not only save precious time but also fuel costs would be cut down, officials said.

Noida realty bets big on booming infrastructure

Noida realty bets big on booming infrastructure

The advent of new metro routes and good civic infrastructure has made Noida a favorable property destination for new home buyers. Real estate development is happening at fast pace in National Capital Region (NCR)’s most popular town, Noida. With excellent roads and highways, quality infrastructure, glitzy recreational options and smooth connectivity via new metro routes, Noida proves to be an ideal realty destination.

Happykeys explains, how Noida became one of the most prominent cities in India after forty years of its inception. In these years Noida’s real estate segment saw an unprecedented growth and had extended up to Greater Noida West and Yamuna Expressway regions. And now the city infrastructure development is rampant, bringing more developers, projects and home seekers.

Here is list of recent developments taking shape in the city that will further give boost to Noida property market and make it most happening real estate destination in NCR region.

Multiple sports Infrastructure in offering 

Presently, Noida has cricket stadium in Sector 21A also called as the Noida stadium with a seating capacity of 30,000 people. The stadium is capable of hosting international cricket matches. Madan Lal, former Indian cricketer and coach says “Noida has the best schools, best colleges, best hospitals and one of the best cricket stadiums. The sports infrastructure is great here, which matters to a sportsman like me”.

Shooting range to be ready by June 2017

Another gift that Noida residents would be getting by next year is Shooting Range facility. Once this state-of-the-art range is completed shooters will not have to travel to Delhi and Haryana to practice shooting. The double-storey shooting range is being constructed in the city’s stadium in Sector 21A. It will be equipped with practice range for 10mm pistols. More than forty shooters will be able to practice at a time at the range measuring about 4800 square meters.

Kalindi-Kunj underpass

In a recent verdict by Allahabad High Court, Noida Development Authority has been directed to acquire 2,300 square metres of land required to complete a Rs 40-crore underpass near Noida’s sectors 94-95. This underpass project will make the stretch between Kalindi Kunj in Delhi and NH-24 signal-free and it will ensure one stop travel those commuting from Faridabad to Sarita Vihar via Kalindi Kunj-NH 24. It will also benefit the commuters, coming from Delhi towards sectors 125 and 94 in Noida, who currently use the Mahamaya flyover.

Faridabad-Noida-Ghaziabad (FNG) expressway to be developed as National Highway

The National highway Authority of India (NHAI) has been asked to develop the road as a national highway, connecting Ghaziabad, Faridabad with Noida and Greater Noida, so that it can help decongest existing road networks.

New Metro route between Kalindi Kunj in Delhi to the Botanic Garden in Noida (Aqua line)

The under-construction 3.9-km link between Kalindi Kunj in Delhi and Botanic Garden Metro station in Noida is likely to be to be operational in December. The track is likely to be ready for commissioning by January 2017. This new track will connect to DMRC’s magenta line. Now, commuters will no longer have to go to Rajiv Chowk Metro station to take the yellow line (Huda City Centre to Samaypur Badli) as the corridor will form a ringed route and connect Botanic Garden station with Hauz Khas station via Amity University, Kalindi Kunj and Kalkaji temple station.

gnida-infra

GNIDA getting ready for UP CM to launch five infra projects

There is good news for citizens of Greater Noida. The Uttar Pradesh Chief Minister Akhilesh Yadav is likely to launch at least five infrastructure projects of the city on December 11.

There is good news for citizens of Greater Noida. The Uttar Pradesh Chief Minister Akhilesh Yadav is likely to launch at least five infrastructure projects of the city on December 11 during his proposed visit to Noida. Greater Noida Industrial Development Authority (GNIDA) is leaving no stone unturned in putting the finishing touches to the multi-crore projects, which if the CM comes to Noida will be given the virtual nod from Noida Stadium.

According to GNIDA officials, the infrastructure projects, which have come at a cost of Rs 595 crores include 1950 affordable housing units, a bridge across Hindon, a 30-km cycle track, GNIDA office building and extension of the Vijay Singh Pathik sports complex.  “We have started the work of putting the finishing touches to the project and are getting ready for the CM’s visit,” said Rajeev Tyagi, General Manager (Projects), GNIDA. “If the CM comes to Noida, these projects will be inaugurated from Noida Stadium otherwise they will get his nod from Lucknow,” Tyagi told TOI.

Tyagi further explained that while the sports complex has come at cost of Rs 117.60 crore, GNIDA office building of has cost the Authority Rs 325 crore. The 1950 affordable housing units located in sector 10 of the city has cost Rs 113.41 crore, while the bridge across Hindon is Rs 27 core and cycle track project has cost Rs 12.50 crore. “The stadium and cycle track have already been completed but have yet to be inaugurated formally,” he said. “The other two projects including the office building and housing units have been recently completed and are yet to be occupied. These will be opened to the public, once the CM inaugurates them formally,” he added.

According to real estate expert, the rapid development in civic infrastructure will boost city’s facilities and will give invitation to ample of potential buyers and investors. It will also attract reputed builders and developers of the country to launch new commercial as well as residential projects in the locality. Experts also believe that, now the locality real estate market will be driven by excellent connectivity to major cities and smooth infrastructure.