Monthly Archives: September 2022

Why Invest in Plots Near Jewar Airport – A Survey

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An Overview:

The aviation market in India is one of the fastest-growing in the world. Delhi Airport is one of the airports which has its fair share of crowding and congestion. The Government of India has planned to establish a second air hub to address this problem namely the Jewar Airport. This intensive project, officially known as Noida International Airport, is located along with the Yamuna Expressway in Jewar. This project has immense scope to boost infrastructure development and increase the demand for commercial and residential plots near Jewar Airport

Meanwhile, if you are looking for investment in the real estate sector near the airport or close to this location, propertywala.com brings you every detail.

Why Look for Plots close to Jewar International Airport?

Make sure to do research before making an investment in a residential/ commercial plot. Accordingly, before making the final decision, learn about the location advantages in terms of connectivity, pricing, and social infrastructure. Below, is the list of advantages of purchasing a plot near Jewar Airport.  

BOTH SOCIAL AND PHYSICAL INFRASTRUCTURE:

  1. The Gautam Buddha University, a popular residential area located near Jewar on the Yamuna Expressway, adds to the area’s social infrastructure, making it a lean residential zone. 
  2. The achievement of Jewar Airport would encourage tourism, providing foreigners direct and easy access to the Taj Mahal via the Agra Expressway.
  3. Yamuna Expressway also boasts the first and only Formula 1 Circuit in India. So, there are also other sports opportunities. For example, a cricket stadium, a tennis court and, a multi-purpose stadium are also on the list of plans. 

Connectivity:

  1. The Yamuna Expressway offers an Intelligent Transport System, which aims to provide maximum safety to travelers, convenience, and security when traveling between Greater Noida and Agra.
  2. The connectivity between Agra Ring Road and the Noida-Greater Noida Expressway by the Yamuna Expressway. It will soon join with other major cities. For example Gurgaon, Rohtak, Sonipat, and Manesar in Haryana and in Uttar Pradesh – Meerut, Hapur, and Ghaziabad. 
  3. Thus, to reduce travel time and distances. Hence, the Yamuna Expressway will also connect cities such as Lucknow, Kanpur, and Gwalior. 

Manufacturing, Logistics, and More:

  1. The forthcoming Delhi-Mumbai Industrial Corridor will pass through Dadri which would improve the Yamuna Expressway’s directions, warehousing hubs, and special development zones.
  2. On the other hand, more than ten-10 companies, like the USA, Korea, Japan, etc. are raising manufacturing plants along the Yamuna Expressway near Jewar airport.
  3. In last, at the suggestion of the Yamuna Expressway, the Industrial Development Authority (YEIDA), has suggested constructing an Information Technology hub with an investment of about Rs.15 crores. 

Residential Plots Near Jewar Airport:

In fact, after the pandemic home buyers were looking for a property with enough space to accommodate a home office. While apartments are still the mildest form of property investment, residential plots are now a close second to apartments. Areas with huge developed infrastructure projects like Jewar are attracting eyeballs, allowing homebuyers and investors to make smart and wise decisions. A large group of people is expecting to invest in the context of residential plots near Jewar airport as they anticipate a significant increase in land prices.

This graph shows that the typical price for residential plots close to Jewar Airport is:

According to the graph, the average prices for residential plots close to Jewar Airport are Rs.28,193 per sq. yard (Apr-Jun 2022). These prices increased by 34% from Q1 2022 to Q2 2022. Annually, the residential plots near Jewar Airport have increased from Rs.15,533 (Apr-Jun 2021) to Rs.28,193 per sq. yard (Apr-Jun 2022)

 

Leading neighborhoods with residential plots near Jewar Airport-

AreasPlot SizeAverage Prices
Jewar50 Sq ydRs.6.5 lakh onwards
Dankaur120 Sq ydRs.9.5 lakh onwards
Yamuna Expressway900 Sq ydRs.46 lakh onwards
table shows the plots size and its prices of residential plots

Commercial Plots near Jewar Airport:

In accordance with the given graph, average prices for commercial plots near Jewar Airport are Rs.20,524 per sq yard (April-June 2022). These prices have increased by 64% from Q1 2022 to Q2 2022.

There has been an increase in demand for commercial properties and plots in Noida/Greater Noida for the past few years. People have started looking at commercial investment from the perspective of rental income and capital growth. An ambitious project, Jewar Airport, is important in attracting many people to commercial business investment. Hence, the demand is increasing for commercial land for office buildings and plots in the region. 

But, if we compare the average costs of commercial lands from last year, i.e. from Jan-Sep 2021, they have witnessed a massive fall from Rs.1,15,981 from April-June 2022 to Rs.28,193 per sq yard (April-June 2022).

Leading locations near Jewar Airport with commercial plots-

AreasPlot SizeAverage Prices
Yamuna Expressway100 Sq ydRs.9.2 lakh onwards
Jewar3468 Sq ydRs.3.2 crores onwards
Knowledge Park 51783 Sq ydRs.5.50 crores onwards
Knowledge Park 32153 sq yd Rs.7.50 crores onwards
table shows the plot size and average prices of commercial plots

Jewar Airport – area plot owned by the Yamuna Authority:

Near Jewar on the Yamuna Expressway, Greater Noida, Yamuna Authority offers a variety of commercial and residential plots known as Authority Plots. There are various site configurations are available, enabling potential buyers to construct luxurious houses and offices according to their tastes. 

Types of Authority Plots along the Yamuna Expressway close to Jewar Airport-

Plot TypeMinimum PriceMaximum Price
Residential Authority Plots near Jewar AirportRs.9.5 LakhsRs.85 Lakhs
Commercial Authority Plots near Jewar AirportRs.83 LakhsRs.1.60 Crores
table shows the plot type with its mini. as well as max. price near Jewar airport
 

Explore Newest Updates on Plots near Jewar International Airport:

  1. Due to the highly increased demand for plots near Jewar Airport, the Yamuna Expressway Industrial Development Authority (YEIDA) conducted a lucky draw to allot six commercial/industrial plots in Sectors 32 and 33, each measuring at least 4,000 square meters. Before the construction of the Jewar airport began, the administration said that there were no buyers for these plots. But as soon as the building work started, some 80 companies applied for these plots, and picking winners from a lucky draw is a terrific way. 
  2. The government approved the construction of a road connecting Haryana to the forthcoming Jewar Airport in Gautam Buddha Nagar, UP district. With a budget of Rs.2,414.67 crores, this project connects UP West, Mathura, and Agra and will also be finished in two years.
  3. In order to become India’s first greenfield digital airport, NIA (Noida International Airport) selected ICAD Holding as its MSI (Master System Integrator) consultant. The NIA wants to apply paperless processing across checkpoints by using the government’s DigiYatra policy. 
  4. YIAPL (Yamuna International Airport Private Limited) and the Airports Authority of India (AAI) have signed a contract for the provision of ATM (Air Traffic Management) and CNS (Communication Navigation Surveillance Systems) amenities at the Noida International Airport. Moreover, the airport will also have Advanced Control Systems, Surface Movement Guidance, and ATS Automation Systems to allow situational awareness and provide decision support to Air Traffic Controllers for smooth weather operations.

New Updates:

  1. After getting approval from AAI (Airports Authority of India) and the Airports Ministry, YEIDA (The Yamuna Expressway Industrial Development Authority) approved the Jewar Airport Master Plan.
  2. YIAPL (Yamuna International Airport Private Limited) announced fund arrangements via using loans. YIAPL specified raising Rs.3,725 crores as a loan from SBI (State Bank of India), an amount that will be repaid over 20 years post-completion of the project.  
  3. Zurich Airport and NIAL (Noida International Airport Limited) signed a shareholder contract for the development of Jewar Airport. The project will be. YIAPL (Yamuna International Airport Private Limited), a subsidiary of Zurich International Airport, will tackle the project. 
  4. BCAS ( Bureau of Civil Aviation Security) granted a security certification to Noida International Airport, the Jewar Airport. Therefore, the Jewar Airport Master Plan’s still pending approval remains a regulatory obstacle.
  5. According to the statement of Uttar Pradesh Minister Nand Gopal Gupta Nandi, “100% of land acquisition for the Noida International Airport or Jewar Airport is completed. The airport is spread across 1,334 hectares of land, and its testing will begin in March 2024. Once the testing ends, the airport will be ready to use by October 2024.

The Master plan of Jewar Airport for 2041:

During the 74th board meeting, the YEIDA (Yamuna Expressway Industrial Development Authority), discussed the after-construction of the Jewar airport master plan. Then, MARS Planning and Service Pvt Limited received the area development tender on 24th August 2022. Thus, the focus on the development of the surrounding area of the Jewar airport is the ‘Master Plan 2041’. About 35 lakh people would live in the urbanized area of 32,000+ hectares revealed by the draft. Near the Jewar airport, the authority also plans to focus on developing a modern and urban green city in a better way.

At last, according to the plan, the city will have an amazing transport system which will make it traffic-free. Therefore, the authority plans to construct industrial areas close to the Jewar airport and enhance connectivity by launching new metro routes.

The Verdict:  Purchasing Land In Future Near Jewar Airport:

Further, there is a bright future for plots near Jewar airport which are excellent investment opportunities in the land. As everyone knows the rising price trends of properties near airports in other major cities such as Bangalore, Mumbai, and Delhi, land near Jewar airport will also rise. The flow of prices in property, however, may not be sudden, it may fluctuate with the progress of the airport construction and drive valuable returns soon after completion.

The airport will be established in Noida on the global logistics map as a game changer. After the completion of Jewar Airport, it will also push toward economic activities around the NCR regions and create a large pool of job opportunities in the region, as well as excellent connectivity and transportation options that will be available near the airport. For example- Knowledge Park, Jewar, and the Yamuna Expressway. 

The residential plots ensure a pleasant life, while the commercial plots are ideal from a business standpoint. It would be right to advise that purchasing a plot now will enable you to obtain big rewards later on.

Kolkata hiked 124% of registrations YoY in the property

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kolkata: Amid Omicron outbreak, West Bengal to levy reduced stamp duty till end of March - The Economic Times

In Kolkata, the residential realty market shows an amazing recovery in housing sales. This happened after the pandemic-induced lull over the last two years. Kolkata registered the second-highest number of property registrations in July 2022 in terms of home sales. After the comeback of Kolkata’s realty market, the state government founded various sops to encourage fence-sitters to enter the market. The city saw an excessive hike in property registrations in August 2021, recording over 7,300 property registrations. Although, it happens after two years of the pandemic. Nowadays, Kolkata and its suburbs recorded a flow in July 2022, indicating an upsurge in property registrations by 124% YoY. Therefore, propertywala shares every factor about Kolkata hiked 124% of registrations in residential property.

Some key facts regarding Kolkata hiked 124% of registration in residential property:

  1. According to the transactions in July 2022, nearly 49% of the total registrations are in the 501-1,000 sq. ft. range. Units with a floor area of 1,001 sq. ft. or more account for only 25% of the total pie. The share of smaller branches up to 500 sq. ft. is 26%. 
  2. As of July 2022, about 6,700 sale documents were registered compared to July 2021, recording a growth of Kolkata hike 124% YoY registrations in the property.
  3. Since July 2021, Kolkata has recorded the registration of about 50,900 properties in a year. 

However, among all the zones in Kolkata regarding property registration, the northern and southern belts saw the maximum interest among homebuyers and succeeded in maximum sale conversions in July 2022.

Conclusion :

According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, “Although home loan rates have increased recently in Kolkata. So, there has been a strong home-buying trend in July 2022. This supports the idea that there is a latent demand for homes that will move the residential market with the right growth.” This high growth is a result of the importance of benefiting from the lowest stamp duty before the rebate period closes. When the stamp duty rate cut ends by September 2022, the industry committed that the sales momentum will continue. Thus, in light of the low stamp duty charge, many home buyers are looking for property purchases and registrations before any further rise in home loan interest rates.

MHADA online lottery in 2022, launched by the state

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MHADA Lottery

On the launching of the recent online lottery, CM of Maharashtra Eknath Shinde Deputy Chief Minister Devendra Fadnavis announced the government’s plans, which offer affordable homes for the common people under the Maharashtra Housing and Area Development Authority (MHADA), the City and Industrial Development Corporation of Maharashtra (CIDCO). Furthermore, as per reports, around 5,211 lottery-drawn houses and 3,000 homes are ready to be distributed in the forthcoming months. Thus, 278 flats while 2,875 flats would be served on a first-come, first-served basis. The remaining 2,088 flats would fall under the 20% housing scheme. Therefore, Propertywala shares every detail of the online lottery in 2022.

Launching of Housing Online Lottery by state:

The online lottery began on August 18, 2022, at 10 am in Pune’s Zilla Parishad hall, at the Maharashtra legislative assembly. MHADA has fixed lots for lottery houses in Pune, Pimpri-Chinchwad, Solapur and Kolhapur districts.

Many dignitaries were present at this program. Milind Mhaiskar, Secretary of the housing department and Anil Diggikar MHADA vice president also attended this programme for housing. As per the reports, this year, Maharashtra Housing Development Authority (MHADA) has drawn three big draws. It includes MHADA lottery Pune 2022, Pune First Come First Serve lottery 2022, and Kolhapur MHADA lottery 2022. The MHADA lottery Pune 2022 is the biggest online draw this year.

Things you should know about buying SRA flats

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The Maharashtra government provides quality housing to the urban poor residing in the slum areas of Mumbai. The Maharashtra state government began with a comprehensive slum rehabilitation scheme. After that Government created the concept of the Slum Rehabilitation Authority (SRA) on 16 December 1995. Further, propertywala shares the things you should know about buying SRA flats of buying SRA flats.

What do you mean by SRA flats?

The concept of Slum Rehabilitation Authority (SRA), was used to provide land as a resource and tenements for the slum residents. SRA also used to sell the extra tenement house in the open market. This scheme is still ongoing through a public-private partnership. The saleable floor space index FSI (or FAR) is used to recover the cost and create interest for the developer. Further, new rehabilitation projects are being developed. Slums have become a common part of Mumbai’s landscape because approx. 60% of the population in the city is located in slums, stated a Mumbai-based real estate consultant, Vipin Nayak. Hence, the Maharashtra Government passed the Maharashtra Slum Areas Act, 1971 to enhance slum dwellers’ standard of living. This Act refers to Improvement, Clearance, and Redevelopment.

Only the slums built before 2011 are eligible for rehabilitation under the rules of the SRA scheme. For the redevelopment of slums, after receiving all the paperwork and receiving permission, the developers shift the dwellers to the transit camps or also give them rent for good and temporary accommodation until the slum is redeveloped.

The developer rebuilds the slum in a new building which is free of charge for all the eligible slum dwellers.

You should know the process of buying an SRA flat in Mumbai:

  1. Everyone dreams of buying a house; slum dwellers too. Therefore, SRA Mumbai issued some rules and regulations when it comes to buying/selling SRA Mumbai flats.
  2. As per new rules for SRA in Mumbai 2021, according to the Free Press Journal (FPJ), the Maharashtra Cabinet sub-committee has approved a proposal to reduce the time of selling SRA Mumbai flats from 10 years to 3 years. After 3 years of demolition of housing, the SRA Mumbai flats can be sold. As there is a lock-in period on the beneficiary, preventing them from selling the allotted SRA Mumbai flat for 10 years.
  3. When the SRA building is sold, the state government is allowed to get a share of the value after 10 years. This is called a transaction fee. This is equivalent to a stamp duty of Rs. 1 lakh.
  4. The SRA Mumbai flat can be given to only those who have a domicile certificate. Also, the family should not be allowed to own any other flat within Mumbai’s suburban areas.
  5. Any original sellers cannot buy an SRA Mumbai flat.
  6. SRA buildings should not belong to these units of buyers who come from economically weaker sections (EWS), the lower-income group (LIG), or the middle-income group (MIG). 
  7. No partnership firms or organizations which allowed to purchase SRA flats. The SRA building will be in the name of the husband and wife.

Keep some keys points before buying an SRA Mumbai flat:

  1. When you go to buy the SRA Mumbai property, check the title deed of the SRA Mumbai property and ensure that you are buying from the original seller of the property. 
  2. To verify the legal documents, consult a property lawyer to verify the SRA Mumbai property documents and title deed.
  3. Check whether the owner has a release certificate from the bank or not. 
  4. A  duty-stamped sale deed is only a resource to transfer the property to transfer property ownership. 
  5. To purchase the SRA Mumbai flat, the buyer and their family members should not own a house within Brihanmumbai Municipal Corporation (BMC) limits.

How to search for SRA flats schemes online:

If you wish to find or verify any information regarding the SRA scheme in Mumbai, you can go through the following procedure:

  1. You have to visit the SRA Public Portal.
  2. Search the SRA website for schemes on the given parameters: scheme name, ward name, address, CTS number, village name, developer name, or architect name.

3. Once you look at the desired scheme, click on the ‘Action’ column to view the agreement, IOA, layout, LOI, OC, and registrar details.

The facilities included in SRA Mumbai flats:

To begin the redevelopment process, builders must enter into a tripartite agreement with the slum residents and the respective cooperative housing society. In addition to the agreement, the minimum facilities which a developer must provide on the redeveloped property are listed. 

  1. Each floor of the flat will have vitrified tiles.
  2. Each flat will have its own separate water and electricity connection.
  3. The kitchen of each flat will have a granite/marble platform with a stainless-steel sink and glazed tiles up to the height of 900 mm.

SRA’s Authority:

The SRA is led by the chief executive officer. The chairperson of this organization is the chief minister of Maharashtra. In this organization, there are nine members of the Authority, which includes the state housing minister, urban development minister, commissioner of the Municipal Corporation of Greater Mumbai, and the principal secretary of the urban development and housing department. The value of a corporate entity with effect from 3rd January 1997 has been given by SRA. By amendment carried out to the Maharashtra Regional & Town Planning (MR & TP) Act 1966. 

By 2022, the vision and mission of SRA are to make Mumbai slum-free. The government has also launched a GIS portal where citizens and other stakeholders can view the data collected by the Brihanmumbai Municipal Corporation (BMC).

4 ways to legally save on property registration charges

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4 ways to legally save on property registration charges – Techtends

The property registration charge, which usually on average ranges between 5-10%, frequently eats up a substantial part of a home buyer’s budget. Buying a home is everyone’s dream but, with a lack of money, it is impossible to get a dream home. If you succeed in saving any part of the charge, it will save money and help in raising your home-buying budget. It will also boost your interior budget, reducing your home loan outstanding or utilizing it any other way you prefer. Below is the list of 4 ways to legally save on property registration charges.

By appealing to the registrar/sub-registrar, a way of legally saving on property registration charges:

Stamp duty and registration rates are to be calculated on the actual transaction price. When the market prices change at periodic intervals, the government keeps on revising the circle rate. This has happened many times in the recent past when the market rate was less than the circle rate. When the market rate is less and paying the stamp duty at a higher circle rate puts a buyer at loss. However, there is a way you can save on stamp duty because not many buyers are aware. Under the state stamp act, they can appeal to the sub-registrar for conviction of market value.

Registration at undivided share:

The purchase of undivided shares is widespread in the land aggregation process. When the buyer signs two agreements with the builder – the sale agreement and the construction agreement. The sale agreement is for undivided shares (UDS) in property, i.e. the buyer’s share only in the common area. A specified share would be required to be crystalized by going for metes and bound partition for any utilization. Hence, the registration of a construction agreement is not compulsory in every state; it is only possible where the agreement is not compulsory. In some states such as Tamil Nadu, it is mandatory to register both a sale agreement and a construction agreement.

Rebate for female buyers:

If joint/individual purchases by women, many states, including Haryana, Delhi, Punjab, Rajasthan, and UP offer a discount on stamp duty charges. The Delhi government’s official website states, the stamp duty rate is 4% for women and 6% for male buyers.

Local stamp act:

Although rules vary from state to state, it’s reproving to review the local stamp act / hire a professional to do the job. The cost of the property can occasionally be reduced by state regulations, which sometimes, state rules are such that you can save on property registration charges.

In Maharashtra, most clients don’t know if they sell the property within one year of buying from a developer, the property registration charges are applicable only to the net profit. On the property, if gifted to a blood relative, no need to pay stamp duty. For Example, Maharashtra, Punjab, and Uttar Pradesh.

Supertech twin towers demolished on 28 August 2022

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Supertech twin towers case: Supreme Court sets Aug 28 as new demolition date - Cities News

The illegal twin towers built by Supertech, which are taller than Qutub Minar, will be finished on 28 August at 2:30 PM. After around nine years of implacable efforts by the Residents Welfare Association (RWA) of the Supertech Emerald Court, the Supreme Court (SC), ordered the demolition of the two unlawful constructed buildings – Apex and Ceyane in August 2021. The welfare association claimed that the construction of these two twin towers violated the UP Apartments Act of 2010. Further, details mentioned by propertywala.com.

Noida Twin Towers Demolition:

Real estate firm Supertech Ltd built the Noida twin towers and was the dream house of many. According to the Press Trust of India (PTI), the Noida twin towers will literally fall down like a house of cards in a process that would take less than 10 seconds for them. The Residents Welfare Association (RWA) of Emerald Court Group Housing Society in UP’s Noida filed a petition in Allahabad High Court against Supertech in 2014.

Besides, the twin towers namely – Apex and Ceyane towers are parts of the Emerald Court project of Supertech. It is a prominent construction company in the Delhi-NCR region. In August 2021, the SC has ordered the razing of these Towers within 3 months of its decision being announced. Sadly, it has been pending for almost a year now.

Finally, the Noida Authority updated the court that the demolition work had begun in February 2022. The demolition took place on August 21. However, on May 17, 2022, the court extended the deadline to August 28, 2022, for the demolition.

“The Supertech Twin Towers demolition case is the result of the absence of specific and expressed consent of the existing flat owners of the project” stated Rahul Hingmire, Founding Partner, Vis Legis Law Practice, Advocates. A multiphase constructed project must be based on the consent of the existing flat owners before proceeding.”

How will the Noida Twin Towers be destroyed:

The area of these towers together captures an estimated 7.5 lakh sq.ft. 3,700 kg of explosives placed in these towers. The source of the explosives is from Palwal in Haryana which contains a mix of dynamite, emulsions, and plastic elements.

Approximately, 1,400 residents living in the area will be shifted. The Movement of the Noida- Greater Noida Expressway near the site will be stop for about 30 minutes. So, we are expecting a no man’s land by 12 pm.

Approx. 35,000 cu. m. of debris will be erect and 7,000 cu. m. of debris is to collect in the basement.

Consequences of Twin Tower Demolition:

With the total number of explosives and scale of demolition, over 5,000 residents of Emerald Court and ATS Village societies are likely to be affected due to demolition. Around 2,500 vehicles will also be halted. Additionally, emergency services will also be made available in that region at the time of the demolition process.

Moreover, a prohibition zone, an area of 450m in front of the towers has been distinct around the twin towers. Hence, no person, transport, or animal will be allowed within the zone, at the time of the demolition. In fact, it will also be a “no-fly zone” for drones.