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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.

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.

flats-possession

Possession drive by builders to accelerate Delhi-NCR realty market

The real estate developers in Noida and Greater Noida are set to deliver around 45,000 housing units by the end of March 2017, bringing sigh of relief to many home buyers.

The real estate market of Noida and Greater Noida is riding of new wave of realty growth where developers are putting their maximum efforts to deliver residential units by the end of this financial year to the customers. This drive has been welcomed by real estate fraternity. According to market experts, this move will help in reviving current market sentiment.

According to Deepak Kapoor, President CREDAI Western UP a close to 45,000 flats will be delivered in Noida and Greater Noida by March 2017. He said, “We have compiled database on the basis of inputs from the developers operating in Noida and Greater Noida. While many of them are giving possessions, the remaining will hand over the units by March 2017.  Already 25,070 units have been delivered by now and approximately 45,000 more will be ready for handover by the end of this financial year to meet buyer’s demands. ”

Most market experts believe that this drive is influenced by a series of government decisions and laws passed in last few months. The RERA Act 2016, has increased the interest of genuine buyers which ensures strict obligations on quality, material and coupled with timely delivery of the units. Ministry of Housing and Urban Poverty Alleviation has imposed 11 per cent interest as penalty that developers have to pay for delay in possession of housing projects. However, this rule is only applicable to all Union Territories that do not have their own legislative bodies. The new resolution in Real Estate Investment Trust (REIT) rule gives freedom to investors to invest more in under-construction projects.

The new exit policy which has been sent to UP government to take a final call by Noida and Greater Noida Authority will boost builders to complete their ongoing project nearing completion and give possession on time. Experts say these rules will benefit developers in broader way in coming future, as the fear of penalty will push them to complete the project within time. Shyam Singh, executive at Antriksh India, which has many ongoing residential projects across Delhi-NCR regions says, “Antriksh Group has delivered over 3,900 housing units in Antriksh Golf View 1, Golf view 2  in past one year and plans to deliver over 4,000 units in next one year. Projects that are 60-70% complete, speed up the construction to meet the possession promise on time”.

Avneesh Sood, Director, EROS Group says, “Our project Eros Sampoornam is in Greater Noida West. The project will be delivered in 4 phases. We will be delivering around 1768 apartments this year itself as committed to our customers.”

Ashudeep Batra, ED- Exotica Housing says, “In first phase of Dreamville, we will be offering possession of 744 apartments till December 2016. Launched in 2010, our plan is to offer possession to families from this festival season till year end. Our T4, T5, T6, T7, T8, T9 and T10 are ready and soon we will obtain completion certificate as it has been applied long back. “.

Suresh Garg, CMD- Nirala World says, “Nirala World will be offering possession of 1948 apartments in Nirala Estate project at Gr Noida West till 2016 end. We are ready to offer possession in all 18 towers along with club house, pool, park, parking, open gym etc. Soon we will receive completion certificate from authority and assure our buyers to get finest quality, products, equipment and finishing in the region. “.

According to Alok Srivastava, assistant general manager at Gaursons “Gaur has given possession of around 6,000 flats in Gaur City, in the last six months and another 4,000 unit is ready to be handover to the customers in next couple of months in same project”.

Apart from these major realty players of Delhi NCR regions such as Supertech, Amrapali, Arihant, JP Group, Gulshan Homz, Ajnara India etc. have lined up their projects and speed up their work to deliver around 45,000 apartment by the end of this financial year.

Jayanagar: A Promising Real Estate Market in Bengaluru

Jayanagar: A Promising Real Estate Market in Bengaluru

Jayanagar – a prime residential area located in south of Bengaluru – has a high supply of residential and commercial properties. Here’s sneak peek into this realty cluster.

Jayanagar is an established residential and commercial hub in Bengaluru city. The layout consist of ten blocks in which third and fourth blocks are only commercial hubs, while other blocks are mostly residential. The development and growth of this locality is driven by establishment of IT/ITEs firm in its vicinity.

Jayanagar has remained a well-planned residential block coupled with good civic infrastructure right from the beginning of its inception. Apart from the good infrastructure and excellent connectivity, it is located amidst BTM layout, JP Nagar, Banashakari and Basavanagudi. Happykeys tells you why Jayanagar is a prime real estate hotspot in Bengaluru .

Commercial hub in the vicinity

Although most blocks of Jayanagar are purely residential but its third and fourth block makes giant commercial hub of the city. Garuda Swagath Mall and Jayanagar Shopping Complex are two popular shopping zones in this area. The locality has many well-known stores like Food Bazar, Namdhari’s Fresh and Food Bazaar etc. The Jayanagar BDA Complex is an important commercial market in the locality hosting bookstalls, banks, restaurants, vegetable and fish markets, and also a theater.

Finest social infrastructure

Apart from shopping malls and entertainment outlets, Jayanagar has a number of reputed public schools, colleges, multi-specialty hospitals in the area too.  Some of the popular hospitals like Sanjay Gandhi Hospital, Jayanagar Orthopedic Hospital and Nethradhama Eye Hospital are located in the locality to cater health needs of the residents.  Institute of Business Management and Research (IBMR) and RV Dental College are some of the reputed educational institutions in the area.

Smooth connectivity

Seamless connectivity is a high point for this locality. The locality enjoys bus service of Bangalore Metropolitan Transport Corporation (BMTC) connecting to almost all the major points in the city, including KR Market, Majestic, and Bangalore International Airport. Bangalore City Junction – a major railway station of the city is located only about 7 km from Jayanagar. Kempegowda International Airport is a bit far away, at 40 km from Jayanagar.

Supporting factors for realty growth

Jayanagar is situated in the vicinity of Central Business District (CBD), which is the region lying within the 6 km radius from state Legislative Assembly, has been a major catalyst to real estate and infrastructure growth in the area.

Property price appreciation trends

Although the average price of a residential property have increased by 2 – 10 per cent in the past 48 months, yet there is high demand for residential houses in the locality. The average price range for all residential property here is between Rs 5,600 – 10,175/ per sq ft.

 

noida-greaternoida-expressway

Noida-Gr Noida Expressway: The new residential locality

The Noida-Greater Noida Expressway is one of the upcoming realty destination in the NCR region which is fast emerging as a preferred investment destination.

The Noida-Greater Noida Expressway is a six-lane highway connecting Noida with Greater Noida. This 24 km long stretch is slowly emerging on radar of investors and homebuyers as the locality is becoming new realty destination for young professionals and investment-savvy people working in these nearby localities. The availability of huge land parcel  is one of the biggest reason, bringing investors and property developers into this region.

The civic infrastructure which is taking shape at fast pace in the locality can upgrade the brad positioning of this area in a given property market. The development authorities are also promptly laying out the basic infrastructure such as roads, water and electricity. The connectivity is going to be smoother once metro is operational in next couple of years.

Right from its inception in 2002, the locality in and around the Expressway has been witnessing a huge surge in the number of new launches. Many residential as well as commercial projects are either in the early stage of under-construction or ready to move in. Sensing the bright future of this locality many industrial houses and MNCs establishments have made their presence along the Expressway. The activity has accelerated the demand for residential units, restaurants, hotels and shopping complexes in the area. Happykeys analyses the factors responsible for making Noida-Greater Noida as a promising housing destination among home buyers.

  1. Excellent civic infrastructure

Falls in the circumference of well-planned city: The land parcels in and around the Noida-Greater Noida Expressway is circled by best plan regions of NCR such as Noida, Greater Noida, and residential of suburb of Yamuna Expressway. These localities have well-developed civic infrastructure as per the comprehensive master plan which includes an excellent road network, drainage, water supply and sewerage.

 

Metro rail connectivity: The 30 km metro rail extension from Noida to Grater Noida has been approved by the authorities which will act as a catalyst for the property market in the area. The line would extend from Noida City Center and will further stretch to Bodaki in Greater Noida. The completion is expected by 2017.  According to DMRC, approximately 20 metro stations are proposed on the route that include Sectors 50, 51, 78, 81, 101, 83, 137, 143, 147, 144, 153 and Sector 149 in Knowledge Park 2, Pari Chowk, Alpha 1 &2, Delta, Knowledge Park 4 and  Dadri Road.

  1. Affordable property market: While the property prices have soared up in Gurgaon, Delhi and Noida markets; the regions in and around the Noida- Greater Noida Expressway can still be considered affordable. The property available in this locality is priced between an averages of Rs 3000-5000 per sq ft.
  2. Good supply of residential projects: The real estate scenario of this locality is driven by availability of huge land parcels that can be used for both residential and commercial developments. Most of the new projects launches in the last year in Noida, have been in the sectors connected with the expressway.

 

According to Deepak Kapoor, President CREDAI Western UP, “areas lying along Noida-Greater Noida Expressway have been gaining prominence as one of the major residential destinations of NCR.  The region has in fact witnessed a ripple effect as people are searching for more affordable homes. Some of the top real estate brands have their presence in this region making it a desired realty destination. The ultra-modern facilities and that too at alluring deals are turning the heads of home buyers to this place. Well established commercial zones have moreover made this place better in terms of work opportunities. Proximity to different parts of Delhi-NCR will further continue to appeal those who want to live and work close to Delhi”.

resale-flats

Checklist for Investing In Resale Property

Buying a house at the ready-to-move –in stage seems enticing as it takes away the risk involved in investing in projects at the pre-launch or under-construction stage. But buyers need to check several aspects before parking money in such residential ventures also.

Purchasing resale flats could be advantageous for the new home buyer who wish to move immediately into his flat. Investing in such property options has always been a profitable from choosing a perfect location or looking for finer properties at better prices. The price appreciation of such houses are greater, if the owner chooses to redevelop the property. However, the property value appreciation depends upon several key factors such as city, locality, future prospects, civic infrastructure, connectivity and many others.

And second benefit of investing in such property options are – in most of the cases buyers plan to have such property by making full down payment from his savings rather getting into the hassle of availing a home loans.

Instead of waiting for a long time for the for the property prices to fall, a money conscious person go with the option that offers better solution. On the contrary, this proposition may sound but there are pitfalls too. Here are a few pointers that one should keep in mind when investing in resale property:

 

What are the documents you need to check before buying?

Sale Deed: Sale deed is the proof of sale and transfer of property ownership between buyer and seller. It is one of core legal documents that should be registered before the deal is closed. This document is also a proof of ‘sale agreement’ that ensures all the conditions between buyers and sellers has been met. Buyers should make it clear that whether seller has cleared pending bills such as electricity bill, property tax, maintenance charges etc.

Encumbrance Certificate: It is mandatory document used in property transactions as an evidence of free title/ownership. When buying resale flat it is important to verify that property does not have any monetary or legal issues.

Mother Deed: Mother deed helps in verifying the original ownership of the flat, in case the property has been sold to more than one time to different hands. It helps in knowing the ownership hierarchy and establishing the current ownership.

Occupancy Certificate: This certificate is given to builder after completion of project. This document is the evidence that project constructed by the builder has met all safety norms. Resale property buyers should ask seller to produce this document.

Possession Certificate: This is one of the important certificate issued by developer to the very first owner of the flat. However, this document is not generated again at the time resale, it is passed on to the successive owner.

Benefits of Buying Resale Flats:

The immediate passion, no waiting time

Document verification is easy as the property has already taken shape

Home Loan interest is low as compared to project at the early stage or under-construction

Clarity on final amount has to be paid to the seller

Tax benefits under 80 C

 

Some Pitfalls:

Good resale flat deals are not easily available. It you have to be very much vigilant to grab the opportunity.

Since, such property options are difficult to find; you cannot negotiate much while closing the deal

Buyers need to bear some extra expenses like transfer fees, registration fees, utility transfer fees and brokerage fees etc.

Buyers need to check whether previous owner has cleared all the legal dues or not