Real Estate In NCR

In a fresh jolt to homebuyers in the stuck Noida Extension projects, the NCR Planning Board has refused to set a deadline for clearing the Greater Noida Masterplan 2021, without which the projects cannot take off. Four months ago, however, the Allahabad high court gave a compromise formula, saying while the land would remain with the builders, farmers would get increased benefits.

The trouble began in May 2011, when the HC returned the land to farmers in the Shahberi village and the Supreme Court upheld the order. The HC quashed acquisition in the Patwari village too.

Although the Shahberi projects could not be revived because of the SC order, a larger HC bench said in October that realty projects could go on only if the masterplan was approved by the NCR planning board, a central body.

The board has blamed the UP government for delay, as the Greater Noida authority moved court with a review petition, saying the NCR planning board did not have the powers to approve the state’s plans.

Now, the authority wants to resume the projects without the NCR board’s nod. Of the 2.5 lakh housing units planned in Noida Extension, one lakh have already been booked.

The home-buyers quoted the board’s member secretary said that they received the complete Greater Noida Masterplan 2021 only in January 2012. The UP had government itself delayed matters.

The president of a buyers’ association, said, the buyers are suffering because of a Centre-state tussle.

Replying to an RTI plea, the board said the masterplan would be placed before the statutory planning committee and its recommendations would be sent to the NCR board. The process could take two-three months.

They staged demonstrations, took out protest rallies, argued with officials and filed RTI applications. And, while doing all this, they have been gradually losing hope. Nine months after the affordable housing dreams in Noida Extension received the first setback, life for thousands of homebuyers has changed forever.

A larger bench of the HC raised hopes of a realty revival in October last year when it ruled that land would remain with builders and farmers would get increased benefits. But there was a catch. The court also said construction would not begin till land use changes made to Greater Noida’s master plan to create a Noida Extension housing hub were cleared by the NCR planning board in Delhi.

Meanwhile, builders have stopped giving money to the authority (to be distributed among farmers) and the authority is not giving plots of developed land to farmers as it cannot undertake development activity. Farmers have moved the Supreme Court, seeking their land back. Dreams of affordable housing have been caught in legal hassles In Noida Extension, 2.5 lakh houses have been planned and 1 lakh units booked.

Real estate projects in India are expected to surge in the price range of up to Rs10 million this year to satisfy the growing demand for decent housing.

According to surveys done by real estate services abroad, property looks plump in and around Noida, Delhi, NCR and the upscale Chandigarh for quick gains. The Indian property market is picking up — a trend which will only get stronger in the year.
The property show showcased various real estate giants in India, especially from the NCR region being the focus. One of the buyers who was organising the show bought an apartment himself, said he booked a property two months ago in Noida, which has since then shown a five per cent increase in its market value.

The real estate predictions are also strong in other markets like Mumbai, Pune, Thane, Bangalore and Goa. However, the market down south is, however slow as most investors were buying properties for themselves.

The managing partner of a Dubai-based real estate services said property investments into Indian projects had increased substantially, as the economy withstood the global recession. Though prices fell last year, they did not burst, he added.
The real estate markets collapsed in the developed economies and the Middle East, while the Indian market remained bullish, giving confidence to non-resident Indian investors, the property broker said.

About 30 developers from across India have put up their pavilions at the India Property show 2012. The exhibition is showcasing properties across different price ranges from Delhi/NCR, Mumbai, Bangalore, Chennai, Kolkata and Hyderabad. Currently, the booming economy of India presents a good return on investment for buyers across the globe, according to a realty website.

The main USP of this market is affordability and varied housing options across different metros. One of the striking trends in recent times is the emergence of luxury projects from prominent developers, which is attracting NRIs and domestic investor interest. Wave infratech, one of the realty giants in Noida has forayed and captured this trend, in form of its various projects, which has spread its wings beyond the NCR region. Some of its upcoming projects are in Mohali, Moradabad and Vijayawada.

In an attempt to ensure that buildings in Noida are being constructed keeping the safety of residents in mind, a technical team from the Noida Authority has been making site visits and providing structural clearances. The team has visited various high rise tower, including a 60-storey tower, which is expected to be the tallest residential building in North India. Besides the Authority’s technical team, six professors from IIT Roorkee have also studied the project’s foundation and given it thumbs up.

During the checks it was ensured that the building has evacuation areas in case of an emergency. If a developer does not cut corners, refuge floors can be designed at various levels where people can assemble during a calamity. Some elements, such as wide staircases, are designed to facilitate the evacuation of a large number of people.

The team also checked fire security arrangements made by the builders. These days, many high-rise buildings use fire-resistant material that reduces chances of the whole building catching fire. In some projects, houses are fitted with fire-fighting systems like sprinklers. Since the fire brigade cannot reach a fire on the 50th floor, builders have installed systems such as wet risers. A wet riser is a pipe with pressurized water available at all times. Water is supplied from the wet riser water tank to each floor in case of an emergency.

These days skyscrapers are designed to withstand earthquakes. If an area or city falls in a seismic zone of 3, buildings there should be designed according to zone 4 or 5 specifications. Like in the some high rising projects, Noida comes in the seismic zone 4, but the project is designed in such a way that it can withstand an earthquake measuring six on the Richter scale.

Lately, Noida has witnessed exponential real estate growth on account of IT/ITES sector growth in the area. A number of software and BPO companies like Adobe System, TCS, ATC Labs, Interra, Global Logic CSC, HCL, etc, have set up their base in the city. It also has software technology parks and Special Economic Zones.

Big real estate players the likes of Wave Infratech, Logix, Supertech, DLF have forayed into the area. Not only popular formats of 2BHK, 3BHK and 4BHK have been designed as per the income groups in mind, these real estate companies are also venturing into mixed use development, studio apartments and making inroads into the commercial and retail spaces as well. Hence there is a good mix of residential and commercial spaces available in Noida.

A renowned financial analysis firm has estimated that the locations around Noida command capital values in the range of R3,000 per sq ft to R6,500 per sq ft in the residential segment.

During 2009-10, many new sectors were explored by developers in Noida and projects were launched at premium as well as affordable prices. Fresh residential supply is constantly being explored. It is expected that by 2014 about 35,000 to 43,000 units will come up, equivalent to a space of approximately 135 to 150 million sq ft of residential apartments will be available for the middle income group .

There is an undeniable growth in the property sector and this is further spiked with the development of metro rail project as some of the most coveted projects are planned here. The real estate market of Noida is full of potential and with options galore.

Lately, Noida has witnessed exponential real estate growth on account of IT/ITES sector growth in the area. A number of software and BPO companies like Adobe System, TCS, ATC Labs, Interra, Global Logic CSC, HCL, etc, have set up their base in the city. It also has software technology parks and Special Economic Zones.

Big real estate players the likes of Wave Infratech, Logix, Supertech, DLF have forayed into the area. Not only popular formats of 2BHK, 3BHK and 4BHK have been designed as per the income groups in mind, these real estate companies are also venturing into mixed use development, studio apartments and making inroads into the commercial and retail spaces as well. Hence there is a good mix of residential and commercial spaces available in Noida.

A renowned financial analysis firm has estimated that the locations around Noida command capital values in the range of R3,000 per sq ft to R6,500 per sq ft in the residential segment.

During 2009-10, many new sectors were explored by developers in Noida and projects were launched at premium as well as affordable prices. Fresh residential supply is constantly being explored. It is expected that by 2014 about 35,000 to 43,000 units will come up, equivalent to a space of approximately 135 to 150 million sq ft of residential apartments will be available for the middle income group .

There is an undeniable growth in the property sector and this is further spiked with the development of metro rail project as some of the most coveted projects are planned here. The real estate market of Noida is full of potential and with options galore.