Home­buy­ers have fin­gers crossed Author­ity should in­form buy­ers about com­ple­tion cer­tifi­cate sta­tus

Ar­eas near Ex­press­way are yet to regis­ter a spike in hous­ing de­mand de­spite res­o­lu­tion of Okhla Bird Sanc­tu­ary prob­lem

HT Estates - - FRONT PAGE - Jee­van Prakash Sharma Sec­tor 45 Sec­tor 100 Sec­tor 110 Sec­tor 104 Sec­tor 93 A Sec­tor 137 Sec­tor 143 Sec­tor 150 Sec­tor 151 Sec­tor 168 Sec­tor 135 Sec­tor 134 Sec­tor 133 Sec­tor 128

Home­buy­ers who had in­vested in ar­eas around the Okhla Bird Sanc­tu­ary had seen a ray of hope in the gov­ern­ment’s fi­nal no­ti­fi­ca­tion set­ting lim­its of 100 me­tres in the eco-sen­si­tive zone around the Okhla Bird Sanc­tu­ary on Au­gust 19, 2015. With 60,000 apart­ments ex­pected to be de­liv­ered, realty ex­perts, too, said they ex­pected a re­vival of the Noida mar­ket, with which most of the projects around the bird sanc­tu­ary are as­so­ci­ated. Till date, how­ever, ma­jor signs of re­vival are still not vis­i­ble.

The only pos­i­tive out­comes so far have been the slight pick-up in de­mand in the ex­ist­ing in­ven­tory and is­sue of com­ple­tion cer­tifi­cates by Noida Author­ity for hous­ing projects, en­abling many home­buy­ers to get le­gal pos­ses­sion of their apart­ments af­ter long de­lays.

No ma­jor move­ment has also been wit­nessed in ar­eas near the Noida-Greater Noida Ex­press­way, a 35 km six-lane high­way which con­nects Noida with Greater Noida, once mar­keted by de­vel­op­ers as the USP of their projects. “Any project along the Noida- Ex­press­way boasts of a prime lo­ca­tion and easy con­nec­tiv­ity to Delhi, Greater Noida and other sec­tors within Noida, but as other Noida sec­tors have be­come equally well-con­nected and have bet­ter lo­ca­tions, the high­way can no longer re­main a ma­jor at­trac­tion for buy­ers. Hous­ing projects in other sec­tors of the city have also been de­liv­ered, but de­layed pos­ses­sion in projects near the Ex­press­way mean dashed hopes for home­buy­ers,” says Gau­rav Ti­wari, a Noida bro­ker who had to shut shop be­cause of poor de­mand for hous­ing in the mar­ket. Now work­ing as a se­nior re­la­tion­ship man­ager with a lead­ing real es­tate con­sul­tancy firm, he says, “We lit­er­ally have to beg cus­tomers to buy apart­ments. It is dif­fi­cult to mar­ket pre­mium projects along the Ex­press­way.”

For in­vestors, too, the lack of de­mand is prov­ing to be dis­con­cert­ing. “I had bought a flat mea­sur­ing 1,200 sq ft at the rate of 4,050 per sq ft in June 2012 in a lead­ing group hous­ing project along the Ex­press­way. Af­ter a year or so, the price went up to

5,200 per sq ft, but to­day even if I want to sell my flat at 3,800 per sq ft I am not getting buy­ers,” says Sud­hir Sood, a res­i­dent of Sec­tor 44, Noida.

Ravi Sinha is an­other des­per­ate seller who bought a 3BHK unit in 2009-10 in a project in Sec­tor 151 along the Ex­press­way at 2,100 per sq ft. Af­ter six years, he is ready to dis­pose of the prop­erty, which is still un­der con­struc­tion, but no buy­ers have turned up.

De­vel­op­ers and real es­tate agents had for long been say­ing that the slump in the mar­ket had been caused by the Na­tional Green Tri­bunal or­der on Oc­to­ber 28, 2013, re­strain­ing Noida Am­ra­pali Sap­phire Pra­teek Sty­lome Lo­tus Boule­vard 3C Lo­tus Panache ATS One Hamlet ATS Green Vil­lage Ex­ot­ica Fresco Paras Tierea Gul­shan Vi­vante Gul­shan Ike­bana Author­ity from is­su­ing com­ple­tion cer­tifi­cates for projects within a 10 km ‘pro­tec­tive’ zone around the sanc­tu­ary. Though NGT had not im­posed a ban on con­struc­tion, many de­vel­op­ers also stopped work on projects and asked home­buy­ers to wait for fur­ther or­ders from the gov­ern­ment. How­ever, now that the fi­nal zone has been de­mar­cated, the builders have shifted blame to ₹ 5,300-5,600* ₹ 6,800-7,100

₹ 5,800-6,200 ₹ 5,500-5,800 ₹ 6,700-7,000 ₹ 9,000-10,000 ₹ 5,000-5,600 ₹ 4,200-4,500 ATS Pris­tine Lo­tus Greens, Jaypee Aman Paras Sea­sons Lo­tus Zing

To­day Ridge Res­i­dency

Jaypee Kos­mos Jaypee Klas­sic Jaypee Kens­ing­ton Park Jaypee Ka­lypso Court Im­pe­rial Court other fac­tors such as high in­ter­est rates and low con­fi­dence of con­sumers in the mar­ket.

“With am­bi­gu­ity around the eco- sen­si­tive zone in Okhla cleared, Noida has not only seen com­mence­ment of pos­ses­sion and de­liv­ery, but also a slight pick-up in de­mand in ex­ist­ing in­ven­tory. NCR is now bat­tling with high level of in­ven­tory ac­cu­mu­lated over sev­eral years. ₹ 4,000-4500**

₹ 2,700-3000** ₹ 4,300-4,800*

₹ 4,200-4,500* ₹ 3,500-4,500*

₹ 3,800-4,200* ₹ 6,500-8500** As macroe­co­nomic fac­tors do not as yet en­cour­age a sud­den spurt in hous­ing de­mand, de­vel­op­ers, too, are staying away from launch­ing new projects. High in­ter­est rate and low con­fi­dence of con­sumers on the re­cov­ery prospects of the In­dian econ­omy have seen them post­pon­ing buy­ing de­ci­sions. This phe­nom­e­non Noida Author­ity should put on its web­site the pro­cess­ing stage or rea­sons for de­lay in grant­ing com­ple­tion cer­tifi­cate to res­i­den­tial projects.

The gov­ern­ment’s fi­nal no­ti­fi­ca­tion on de­mar­ca­tion of a buf­fer zone to pro­tect the Okhla Bird Sanc­tu­ary was is­sued in Au­gust, but those who have bought prop­er­ties in the area still don’t know what’s hap­pen­ing with their projects or if their cer­tifi­cates have been is­sued.

Many de­vel­op­ers are re­fus­ing to in­form buy­ers about the sta­tus of their projects and Noida Author­ity, too, is do­ing noth­ing to clear mat­ters. It has yet to put in place a sys­tem to in­form peo­ple about the sta­tus of projects around or close to the sanc­tu­ary.

“Ev­ery project must have a com­ple­tion cer­tifi­cate be­fore apart­ments are handed over to home­buy­ers. De­liv­ery of apart­ments with­out such a cer­tifi­cate is il­le­gal. How­ever, like many others of his ilk, my de­vel­oper has of­fered pos­ses­sion to me in his project which does not have the req­ui­site cer­tifi­cate, and keeps chang­ing the dates on which he ex­pects to get it. Noida Author­ity, too, did not give us a sat­is­fac­tory re­ply when we tried to find out why the cer­tifi­cate had not been given. We have no op­tion now but to file a pe­ti­tion in the high court,” says Ashish, a res­i­dent of a pre­mium res­i­den­tial project in Sec­tor 45, Noida.

With­out a com­ple­tion cer­tifi­cate, home­buy­ers can­not be­come le­gal own­ers of their apart­ments.


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