Mod­ern city, smart prices

Noida of­fers home­buy­ers enough choices in the af­ford­able range of 45 lakh to 55 lakh. As this mod­ern in­dus­trial city with great con­nec­tiv­ity to the Cap­i­tal, is also vy­ing for the smart city tag, the real es­tate mar­ket here is all set to grow

HT Estates - - HTESTATES - Jee­van Prakash Sharma

oida has it all. Res­i­den­tial units in this mar­ket are avail­able within the af­ford­able price range of ₹ 45 lakh to ₹ 55 lakh in both the pri­mary as well as the sec­ondary mar­ket.

What, how­ever, has ru­ined buyer sen­ti­ment in this mar­ket is de­lay in de­liv­ery in many cases. Things could look up for the city as it is prob­a­bly one of the first in NCR that’s ex­pected to be con­verted to a smart city, which def­i­nitely bodes very well for its res­i­den­tial real es­tate mar­ket. Ex­perts be­lieve that Noida has the po­ten­tial for this trans­for­ma­tion be­cause not only does the city have enough land avail­able for its ex­pan­sion, its strate­gic lo­ca­tion, con­nec­tiv­ity and ex­ist­ing in­fra­struc­ture also make it an at­trac­tive des­ti­na­tion for home­buy­ers.

Ac­cord­ing to cur­rent trends in the re­gion, most af­ford­able units com­mand a price of ₹ 45 lakh to ₹ 55 lakh. Some of the sec­tors which of­fer prop­er­ties in this price range in­clude 70,

N₹ 71, 72, 73, 74, 76, 77, 105, 108, 109, 110, 120, 121, 132, 133, 137, 140, 143 and more.

“Noida in the past few years has emerged as a planned, in­te­grated and a mod­ern in­dus­trial city that is well- con­nected to Delhi. If the gov­ern­ment de­cides to con­vert it to one of the 100 smart cities, real es­tate prices in the mar­ket are bound to es­ca­late fur­ther. I think it’s a very good thing for this city and I firmly be­lieve that Noida de­serves it. It’s vir­tu­ally on the Cap­i­tal’s doorstep and that’s the main rea­son why buy­ers from all price cat­e­gories are at­tracted to this city,” says Pradeep Mishra, CMD Ru­drab­hishek En­ter­prises Pvt Ltd, an ur­ban plan­ning firm based in Noida.

Prop­erty ex­perts say that up­com­ing pro­jects of­fer ex­cel­lent fea­tures such as power back-up, green­ery, good lo­ca­tion, lat­est se­cu­rity sys­tems and des­ig­nated park­ing space, among other things in an af­ford­able price range. “There are parks, jog­ging tracks, gym­na­si­ums, power and wa­ter back up, am­ple car park­ing space and much more,” says Ashok Gupta, CMD, Aj­nara In­dia Ltd.

Re­al­tors try and pro­vide the best and lat­est fa­cil­i­ties to home­buy­ers as most of them aim at “en­hanc­ing cus­tomers’ life­styles - at rea­son­able prices”.

In the ready-to-move-in cat­e­gory, Noida Au­thor­ity’s 1 BHK LIG flats mea­sur­ing 550 to 750 square feet in sec­tors such as 55, 71, 73, 82, 99 and 135 are avail­able in the sec­ondary mar­ket for ₹ 5,200 to ₹ 7,000 per sq ft.

“If we cal­cu­late the pur­chase cost, in­clud­ing reg­is­tra­tion and trans­fer, th­ese flats will cost any­where between ₹ 35 lakh and ₹ 40 lakh, de­pend­ing on the num­ber of floors and their lo­ca­tion. This is the best you will get for a small-scale bud­get,” says Alok Tyagi, CMD, ATN Group.

One good thing about th­ese LIG flats is that in many sec­tors they are lo­cated in the same com­plex as other high-end prop­er­ties such as HIG flats and du­plex houses. Thus, they share many f acil­i­ties such as shop­ping com­plexes, parks etc. Be­sides, they are well-ven­ti­lated with bal­conies on both sides. Many home-own­ers have cov­ered the bal­cony area and con­verted it into an­other room, in­forms Tyagi.

How­ever, de­spite so many hous­ing pro­jects, de­lay i n de­liv­ery is one of the ma­jor con­cerns for home­buy­ers as even well- known de­vel­op­ers have fal­tered and missed dead­lines by more than two to three years. Some prop­erty ex­perts blame the de­vel­op­ers for the slow pace of con­struc­tion.

“In the last one- and- a- half years, hardly any pos­ses­sion has been of­fered for pro­jects. Some well-known de­vel­op­ers are way be­hind their de­liv­ery sched­ule. This is why there are very few new buy­ers in the mar­ket. Noida has a num­ber of end-users and if th­ese home­buy­ers start get­ting de­liv­ery on time, they will con­sider in­vest­ing in new pro­jects. But that’s not hap­pen­ing,” says Ra­jeev Dubey, a lo­cal prop­erty dealer.

“I have been deal­ing in the prop­erty mar­ket for the last ten years and based on my ex­pe­ri­ence, I can say that prices will not go up in an­other year. So, home­buy­ers need not hurry. They can take their time to make a de­ci­sion. In fact, my ad­vice to home­buy­ers is to always buy a ready-to-move-in apart­ment and not to in­vest in any up­com­ing pro­jects. There is a lot of un­cer­tainty in the real es­tate mar­ket and no one knows how long it will take to get your dream home,” Dubey adds.

Pawan Ja­suja, direc­tor, Fin­lace Con­sult­ing Pvt Ltd, says, “The rea­son for price stag­na­tion is the economic slow­down and de­mand-sup­ply im­bal­ance. Huge in­ven­tory pile-up has led to over­sup­ply. Less de­mand due to economic con­di­tions has also led to an im­bal­ance which in turn has led to prices stag­nat­ing. As per es­ti­mates, mar­kets will re­cover by the end of the year due to a sta­ble gov­ern­ment at the Cen­tre and economic poli­cies of the gov­ern­ment.”

Agree­ing with Ja­suja, Amit Modi, who­le­time direc­tor, ABA Corp, says “Not just Noida, the whole of the NCR has seen a dras­tic drop of 37% in home sales in the first six months of the year to nearly 28,500 units com­pared to 45,300 units a year ago.”

Other ex­perts blame the Ut­tar Pradesh gov­ern­ment and Noida Au­thor­ity for turn­ing a blind eye to is­sues such as the NGT or­der on the Okhla Bird Sanc­tu­ary and land ac­qui­si­tion.

“It’s the home­buyer who is af­fected by the NGT or­der. Many de­vel­op­ers have stopped con­struc­tion work and blamed the NGT or­der for de­lays even when their pro­jects don’t fall in the 10 km buf­fer zone area around the sanc­tu­ary. Such de­vel­op­ers are very happy with the NGT or­der be­cause they think they have a valid ex­cuse now,” says Ashish Kaul, an RTI ac­tivist.

Many re­al­tors, how­ever, are hope­ful of an im­proved sce­nario in the com­ing months. “We agree that the re­alty mar­ket is go­ing through a bad time be­cause of sev­eral rea­sons, but the re­cent Bud­get an­nounce­ments have sent out a pos­i­tive mes­sage. Once those mea­sures are im­ple­mented at the ground level, the mar­ket will take a pos­i­tive turn. We ex­pect the mar­ket to pick up by the first quar­ter of the next year by the time the pro­posed changes would have been ex­e­cuted,” says Aniel Ku­umar Saha, CMD, Saha Group.

Agrees Ra­jesh Goyal, MD, RG Group, “The sec­tor is look­ing for­ward to a cor­rec­tion and things have started mov­ing in that di­rec­tion. The mar­ket is likely to sta­bilise in a few months be­cause of the steps taken by the new gov­ern­ment.”

S BURMAULA

Most af­ford­able units in Noida com­mand a price of 45 lakh to 55 lakh and are lo­cated in sec­tors 70, 71, 72, 73, 74, 76, 77, 105, 108, 109, 110, 120, 121, 132, 133, 137, 140 and 143

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