All allottees in Noida will now be able to request course completion certificates online. In addition, allottees in all categories can independently assess the breach of the building plan rules and pay interest or compounding fees to the Noida Authority online.
Until now, the Authority has only processed online applications of industrial and residential allottees. And to date, over 1,600 Noida allottees have applied for completion certificates through the online platform. On Tuesday, the Authority expanded its online services to all recipients, including commercial, group and institutional housing, options will be available to users from Wednesday.
Officials said there are currently only 21 requests for completion certificates due with the authority and the rest have been disposed of.
According to a representative from the Authority. “Either a completion certificate was issued, or the allottees were asked to submit pending documents to receive it. Currently, only 21 out of 1,626 applications from us are awaiting processing.”
Certificate issued with a digital signature
CEO Ritu Maheshwari said, “It can take up to 90 days to dispose of an application for issuing completion certificate. It is issued online with a digital signature and the applicant does not have to visit the office of the Noida authority.”
“Message alerts will be sent to the allottee registered mobile number at each step. Applicants who have submitted the necessary documents will be notified so that the application remains pending via text messages.”
While residential plot owners have minor formalities to obtain a certificate of completion, 30 to 35 documents must be submitted to other types of plots. These documents contain certificates for no objection from the pollution and fire department. Certificates related to elevator safety, building construction, labour cess registration and rainwater supply.
Before issuing a completion certificate, the authority will review the infringement reported by the allottee. And the original plan, which was approved before a group of planning officials, sent a team to visit the site and see if all procedures were followed.
On Monday, Nirmala Sitharaman, Finance Minister of India, announced a Rs 6 lakh crore National Monetisation Pipeline (NMP). This will unleash the value of infrastructure assets in all sectors, from power to railways and roads. NMP indicates assets and asset classes under various infrastructure ministries that will generate revenue over a period of time.
The center plans to monetize properties worth about Rs 15,000 crore. This includes several residential colonies in the country’s capital and eight ITDC hotels as part of the National Monetization Pipeline (NMP). Seven colony renovation projects were planned during the NMP period.
In the ‘urban real estate assets’ category under NMP. The government has identified revenue generation from seven colonies to be reconstructed, as well as the construction of residential / commercial properties on a 240 hectare land in Ghitorni, Delhi. Government is also planning to monetize eight hotels of ITDC through several routes.
Redevelopment of Colonies-
According to a latest document prepared by Niti Aayog, the real estate in cities has a revenue potential of about Rs 15,000 crore during the financial year 2022-25. The Ministry of Housing and Urban Affairs (MoHUA) owns and manages the land through the Land Resources and Development Office (L&DO).
In this category, the government has identified the renovation of seven General Pool Residential Accommodation (GPRA) areas in Delhi. These seven areas are located in Netaji Nagar, Naoroji Nagar, Srinivaspuri, Sarojini Nagar, Mohammadpur, Kasturba Nagar, and Tyagraj Nagar. The total estimated investment in the reconstruction of these seven colonies is about Rs 32,276 crore.
The center has also identified the construction of residential/commercial units on a 240 hectare site in Ghitorni, Delhi. The project consists of 8000 GPRA units and 3000 units for migrant construction workers. The estimated capital for this project is Rs 15,000 crore.
“The Ministry of Housing and Urban Affairs (MoHUA) owns and manages the land through the Land Resources and Development Office (L&DO), according to the Niti Aayog report.
PPP Model for redevelopment
Further the Niti Aayog report said, “The PPP model is suggested for the redevelopment of such GPRA projects cross-subsidized through the sale/lease of commercial BUAs (built-up areas).” “The proposed projects are real estate projects that involve mixed-use of vacant lots/old plots in excellent locations in Delhi-NCR. These include the development of residential and commercial office complexes in one of the most privileged areas of the city through a self-financing mechanism.
Considering the privileged location and attractive commercial potential of the project, Niti Aaayog recommended that these projects should be developed with the participation of the private sector. According to the report, this will not only improve business and operational efficiency, it also provides an initial/periodic review of the authorities / Ministry of Housing and Urban Planning.
According to the PPP-based model, the entire plot area for such projects must be transferred to an SPV owned by the authority. With the necessary change of land use, etc when necessary.
Monetization of 8 Major Hotels of ITDC
The Indian Tourism Development Corporation (ITDC) is administered by the Ministry of Tourism. The eight hotels selected for monetization are, Hotel Samrat, New Delhi; Hotel Ashok, New Delhi; Hotel Kalinga, Bhubaneshwar; Hotel Pondicherry, Puducherry; Hotel Anandpur Sahib, Rupnagar; Hotel Jammu Ashok, Jammu; Hotel Nilachal, Puri; and Hotel Ranchi, Ranchi.
“Projects which are pre-obtained by the Authority and housed in the SPV require multiple statutory clearances. The SPV then auctioned under the PPP mechanism through a transparent competitive bidding system, the report states.
The Hospitality Assets section of the report states that, “Total 8 ITDC hotel assets were considered for revenue generation/monetization in the financial year 2022 to 2025.”
“Long-term leases, sales and long-term OMT (operation, maintenance and transfer) can be explored as potential revenue-generating models that can be identified on a case-by-case basis through detailed asset-level due diligence.” the report added.
The Maharashtra town Planning Authority, City and Industrial Development Corporation (CIDCO), has begun geotagging of plots in Navi Mumbai as part of its various sales plans.
This decision will help buyers, and also a step towards the efficient digitization of land records in the scattered southeastern suburbs of India’s commercial capital. Thus, Navi Mumbai became one of the first major cities in the country to begin the process of digitizing cadastral registers, given the uncertainty of ownership and property rights. Most of the lands in India are the subject of legal disputes and might take a century for courts to resolve these cases.
Sanjay Mukherjee, VC & MD, CIDCO, said. “Land parcels geotagging helps to create a transparent mechanism and provide applicants with accurate location information and other related factors”. “By having the correct links to the database, which will be updated real-time. Also the potential for inaccuracies and deceptive information can be avoided.”
Eliminates Unauthorized Construction–
According to a report by McKinsey India, developers are also having trouble obtaining financial assistance. As they cannot offer land without a clear title as collateral for loans. Therefore, most new housing units are built on land already owned by developers or an insider who knows how to speed up the bureaucratic process of verifying ownership.
Ashok Chhajer, CMD, Arihant Superstructures said. “Land Geotagging helps in resolving several problems, including illegal construction on land, which can be tracked and stopped even before completion.” ‘Even the Panvel municipal corporation started working on it, using drones and making a map of the land parcels. It will also attract more investment from various financial institutions, including global organizations as well.”
Optimization of this process and revision of the law on land ownership should stimulate competition in construction. Competitive developers expected to increase their productivity and offer lower house prices. This also helps India’s stagnant construction market to expand significantly.
Payment Deadline Extended–
CIDCO regularly sold residential and used land under various schemes. These areas will be demarcated and fenced. Similarly, each plot will have a panel showing details such as plot area, number, node, and a barcode as well. The panel will help buyers know the exact location, boundaries, and area of the land they choose.
The Town Planning Authority sold land in accordance with the provisions of the Navi Mumbai Land Disposal (Amendment) Regulations 2008. In addition, CIDCO also decided to extend the payment deadline to three months for the first installment and 10 months for the second installment in worthy cases. This extension only applies to buyers in verified cases, together with late payment charges. 2008 Navi Mumbai Land Disposal (Amendment) Regulations have a clause to revoke the land transferred to the applicant if the tenderer is unable to pay the fee, even after renewal.
On Tuesday Yashpal Garg, CEO of Chandigarh Housing Board (CHB) issued an executive order stating that board officials would not inspect a dwelling during transfer time unless a notice of violation of the building was sent to the allottee.
Board CEO Yashpal Garg said: “Based on the significant number of inquiries during public hearings, there is a need to explain aspects regarding inspections by CHB officials during the transfer of dwelling units. In cases where building abuse / violation is not reported on the basis of the available record. The information provided by the applicant in the application form of transfer of dwelling units is used together with the declaration of the transferor and the transferee. In all these cases, the CHB does not carry out a new inspection at the time of the transfer of units.
However, he clarified: “The applicant/transferee is responsible for concealing the facts of the declaration regarding violations and irregularities, and the necessary actions are taken in accordance with the law. In addition, the transferee is liable for any construction infringements that existed at the time of the transfer or committed subsequently.”
Garg also said that in cases where reports of violations were available to CHB, declarations or affidavits of no violations are not accepted and CHB officials will again conduct an inspection.
Can apply for Joint Inspection-
The board also issued injunctions to protect the rights of innocent buyers. The executive order states. “It was observed that the transfer of the unit was in some cases permitted on the basis of affidavits. However officials found that there were subsequently some violations/irregularities. When lawsuits were filed against such irregularities, recipients/transferees felt cheated by the transferor due to erroneous affidavits, while such irregularities existed during the transfer of the housing unit. According to the CHB standard, the existing owner/tenant (transferee) is responsible for remedying violations. Otherwise it will have consequences like cancellation of transfer, etc.
To overcome this situation and protect innocent buyers, the Chandigarh Housing Board has provided an additional mechanism whereby the transferor party and the recipient can jointly request inspection from the CHB and obtain a certificate of no violation at that time. For this purpose, the transferor (current owner) can submit a joint application along with a commission of Rs 5,000 at CHB’s reception.”
Garg added that they issued similar orders on August 27, 2019, still many property dealers deceiving innocent buyers, so new orders were issued on Tuesday. “In the event of a breach of instructions of inspection of August 2019, strict measures will be taken against the CHB officers involved.”
The Maharashtra Real Estate Regulatory Authority has stated that a simple conditional permit to convert an agricultural land into non-agricultural non-urban areas without providing any infrastructure can only qualify as an ongoing project and therefore must be registered under RERA.
A permit to convert a plot of land from agricultural to non-agricultural is only the beginning of the process and ends when tehsildar registers, that all imposed conditions are met and constitutes a “completion certificate”, MahaRERA explained.
Dealing in “plotted development” outside urban areas, MahaRERA instructed a developer to immediately register a project on August 10. It was found that the conditions imposed over a nearly decade-old nod for non-agriculture (NA) use by the Raigad collector remained pending.
No Advertisement before registration-
Ajoy Mehta, MahaRERA chairperson, said, the actual nomenclature of the completion certificate means that the premises are finished and suitable for human habitation. The use of Non Agricultural land starts when tehsildar corrects that all conditions are met.
Mehta ordered the developer not to advertise, sell or approve non-agricultural bookings in a project called Amarai in Kolad for sale. Until it is registered under Section 3 of the Real Estate (Regulation and Development) Act (RERA). He also imposed a fine of Rs 50,000 for non-compliance with the provision of the law and failure to register an ongoing project. “The amenities that were promised and those listed in the NA judgment were not delivered. So, the property remains deprived of the amenities to allow a buyer to use it. Therefore, the project has no CC until the date,” said the order.
Mandatory to give Amenities stated in agreement-
Last year, the Amrai Kolad Plot Owners Welfare Association filed a complaint against Sai Developers, and others. According to their lawyer Zaman Ali, in May 2012, the Raigad district collector gave conditional NA permission to the developer to build infrastructure facilities, including roads, storm drains, sewerage, water supply and open space development within two years. Shortly after receiving permission, the developer started advertising the project, promising infrastructure services and a possession period of development costs of Rs 50,000 per plot. The complaint is that despite the payment “the project remained unfinished”.
After RERA went into effect on May 1, 2017, in October 2017, the developer announced new announcements for the remaining unsold plots offering services including the pool. But if infrastructure and services are not provided, the project will fall under RERA as an ongoing project that requires registration, the association said.
The developer, through his lawyer Tanmay Ketkar, argued that the project was completed in 2014, met all the conditions of NA and all plots were sold. So this is not an ongoing project, and the complaint is a “mala fide” harassment.
“In case of planned development, it is “imperative” that all agreed amenities should be completed, said Mehta.
Planning to invest in Yamuna Expressway? In this article we have shared some interesting facts which you should know before investing near Expressway.
Yamuna Expressway has evolved as one of the largest real estate hotspots in the last three years. It is proving to be one of the best choices for home buyers and investors. The six-lane 166 km expressway is the longest motorway in India. It has opened up a pristine area for economic development and expansion of the NCR region. For the past 1-2 years, several integrated warehouses, logistics hubs, and integrated townships have been developed here.
The Expressway has shortened travel time between Agra and New Delhi. It has unfold opportunities for industrial and urban development in the region and laid the foundation for convergence between tourism and other related industries. The Expressway stretches 166 km to Agra from Greater Noida through Aligarh and Mathura. Several projects are under development and approval of two metro routes, i.e, Noida City Center to Sector 62 and Noida City Center to Greater Noida, have led to extensive development in this zone.
With growth opportunities in mind, several leading developers are already taking advantage of the investment opportunity along the expressway. However, developments today may seem a bit slow. The new proposal for infrastructure development, including the metro, will give a new boost to the demand for residential properties.
Top 5 reasons to invest in Yamuna Expressway | Investing in Yamuna Expressway
Properties from reputed developers-
There are several housing projects along the Yamuna Expressway, built by leading developers. Gaurs, Ajnara, Skyline, Supertech, ATS, and Lotus are some of them. On average, you will find properties of different configurations in places like sectors 19, 22, 24, 25, 17A, and 22D on the expressway. Prices of affordable housing units at Yamuna Expressway starts from Rs 10 lakhs and Rs 2.25 crore for luxury projects. In the middle class category, there are several projects ranging from Rs 40 to 80 lakhs too.
Perfect Investment option-
According to a number of real estate experts, the Yamuna Expressway will become a popular place to live in the future. It will flourish once Jewar Airport is completed and metro connectivity is fully developed on this section. Jewar Airport once completed, will further increase the connectivity with Delhi and is perfect reasons to invest in Yamuna Expressway. The new infrastructure will emerge to connect the Jewar airport with Indira Gandhi International Airport. Yamuna Expressway Industrial Development Authority (YEIDA) has also revamped its master plan for 2031 to stimulate further development along the Expressway.
Yamuna Highway is an ideal place for potential real estate investments. It is one of the longest expressways with controlled access in India, directly connecting the metropolitan area of Noida with Agra thus increasing the prospects for neighboring regions. The area is witnessing a significant boom in property values due to the proposed Noida International Jewar airport. Another benefit of investing in Yamuna expressway projects is the highway runs through the main road of Yamuna. Thus it can benefit those traveling from Noida, Gaur Yamuna City, and Greater Noida.
Offers Seamless Connectivity-
The Yamuna Expressway to UP and Haryana areas and is connected to the Agra ring road. This further connects it with other regions of the NCR, such as Gurgaon, Sonipat, Manesar, Rohtak, Ghaziabad, Meerut, and Hapur. It also connects some major cities like Lucknow, Kanpur, and Gwalior shortening distances and travel times. Hence, connectivity is one of the main reasons to invest in Yamuna Expressway.
The Expressway offers a good proximity to basic amenities, such as schools, hotels, hospitals, etc. Future development on Yamuna Expressway includes the construction of an IT park, and a planned railway station. F1-track at Buddha International Circuit is another feature at Yamuna Highway. The UP government has also designated the Expressway as manufacturing hub of electronics. The Noida authorities have also planned a transport hub that will include various modes of transport, including an Inter State Bus Station and a Railway station.
Affordable Housing Hub-
Yamuna Expressway, considered an accessible location, currently filled with projects with a small number of units. However, the market share for 2 BHK units is really high compared to 1 and 3 BHK units. 1 BHK units are much smaller in size and account for about 18% of the market share. The area is dominated by 2 BHK units with 39% availability, followed by 3 BHK units with 33%. About 38% of Yamuna Expressway projects launched in the price range of Rs 3,000 to Rs 3,500 per square foot. About 18% of the projects in the price range of Rs 2,000 to 3,000 per square foot and Rs 3,500 to 4,000 square foot each. So, these are some of the reasons to invest in Yamuna Expressway.
On Friday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) gave builders a six-month relaxation to complete projects. Authority has accepted the demand to apply the force majeure clause due to the second wave. This is the second time during the pandemic that the authorities have provided such assistance to developers in the state.
“All projects registered by MahaRERA for which a completion date, revised completion date or extended completion date expire April 15, 2021 or later. The validity period for such projects is extended by six months, authority said in a notification.
Further authority said it would issue revised project registration certificates and revised timelines for such projects as soon as possible. It also made it clear that the renewal will not apply to projects that were to be completed by April 15th.
The notification said that on April 13, the state government issued instructions to restrict the movement of people due to another wave of infection, adding that the wave was more deadly. The lockdowns halted the construction activities due to labor shortages and impact on the movement of building materials. A six-month period of “force majeure” has been announced from April 15 to October 14.
Other authorities should also follow same process
The order was issued to help the government control the damage caused by COVID-19. Also to ensure that the implementation of the project is not affected.
The conditions or time limits for the implementation of projects that expire at any time during the force majeure period will be automatically extended till the expiration date. However the rights of allottees will not get affected through the order. The notification said that an association of promoters had presented themselves before the authority for help in view of another disruption ravaging the industry.
Developer Niranjan Hiranadani, National president of realty industry body Naredco, said, “This is a step in the right direction and the sector hopes that other authorities besides MahaRERA will follow the same thought process and provide the same relief.”
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant an additional nine months of registration extension for projects with first registration ending December 31, 2021 or earlier. In the NCR region this extension is of nine months and for six months in a non-NCR region.
The decision was made to remove restrictions and facilitate the development of stagnant real estate projects. This will speed up construction and help the allottees of these projects deliver their homes within a reasonable time frame.
However, the extension is subject to the authority’s close monitoring of these projects and will be granted under certain conditions.
If the project completion date is after 31 December 2021. The developer will be instructed to speed up development work and complete the project within the existing registration period. These extensions can only be granted at the request of the promoter of the project, accompanied by an affidavit. The affidavit states that the developer must complete the project during this extended registration period. Also provided that the developer presents a compelling financial plan from project financing or from own sources to complete the project.
Authorities said giving a little extra time to complete projects would help complete a series of projects that would result in a large number of pending home buyers being handed over for delivery.
Sign MOU if developer is not in state to complete project
Before taking any decision on the promoter request, the authority first checks the physical progress of the project. The project must be verified through its technical division to ensure the authenticity of the promoter’s commitment in this regard.
In the event, the promoter is unable to complete the project during the additional extended registration period. Then he needs to enter into an agreement or memorandum of understanding (MOU) with the Association of Allottees (AOA). In addition, he also needs to contact the authorities for additional time to complete the project in accordance with the terms agreed between AOA and the developer.
The authority, after receiving such a joint request from the developer and the AOA, makes an appropriate decision to allow the developer to complete the rest of the project.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has banned the sale of a total of 644 residential projects in Maharashtra. Several units were stopped due to late completion and delivery, with Pune accounting for almost 30%.
According to data released by MahaRERA, most of the blacklisted project developers are smaller players with less than 100 units per project. Apart from some projects of well-known developers in the region most of them belong to small developers. Approximately 85% of blacklisted projects had an average of 70 units in each project. Such a blacklisting means that the project cannot be advertised, marketed or sold in any condition.
The list also consists some of the Maharashtra Housing and Area Development Authority (MHADA) projects promoted by the state government.
Most apartments are sold!
Anarock real estate analysts report that 80% of the apartments in 644 projects have already been sold. According to MahaRERA, 16% of the projects were to be completed in 2017 and the rest were to be completed in 2018. Due to market size, Mumbai topped the list with 274 blacklisted projects, or about 43% of the total, followed by Pune with 29%. The rest are in smaller markets like Aurangabad, Nagpur, Kolhapur, Nashik, and others.
A developer in the region states the condition of small or new developers. He said “ the smaller developers are increasingly struggling with RERA compliance, e.g. proof of capital and due diligence for land. Banks, NBFCs and housing finance companies are often reluctant to lend capital to such agents for fear of low or inadequate securitization.
Anuj Puri, the chairman of Anarock, said, this move by MahaRERA is a strong signal for disobedient developers who are constantly delaying projects. Homebuyers have been waiting to take over home ownership since 2017 or 2018. In the Mumbai Metropolitan Region (MMR) there are at least 496 projects (launched in 2014 or earlier) that have been delayed or stalled so far, while in Pune almost 171 projects have been delayed or stopped.
On Friday, developer Supertech said it will deliver about 8,460 apartments to buyers by December 2021. More than 16,000 units in the ongoing projects in Noida, Greater Noida and Meerut by 2023. Supertech has a total of 13 projects in the NCR region. Four projects are located in Greater Noida, five projects in Noida, two projects in Meerut and Yamuna Expressway. According to Supertech, they are planning to hand over about 16,041 properties from December 2021 to June 2023.
The announcement came two days after Supertech met with UP-RERA officials who reviewed the developer’s pending projects. Supertech Group said in a meeting with UP RERA that it will deliver around 8,463 units by December 2021. About 7,347 units by December 2022 and 231 units thereafter for their various projects in Uttar Pradesh.
RK Arora, Supertech Group President said, the delay was due to two unprecedented waves of the COVID-19 pandemic, which affected all real estate projects. The Group will implement these projects through internal accruals, and the group has a positive net worth to meet its financing needs.
Every Homebuyer should get a home
Projects that completed and ready to deliver include Crown Towers, North Eye, Supernova, Romano, and ORB in Noida. Eco Village I, Eco Village II (Phase I), Eco Village II (Phase II) and Eco Village III in Greater Noida. Upcountry and Golf Country along Yamuna Expressway, Meerut Green Village, and Meerut Sports City.
UP RERA chairman Rajive Kumar said, RERA’s goal is to ensure that all buyers get their home on specified time. We occasionally check the status of all projects and this month met 60 promoters who have participated in about 150 projects in the state. “Supertech projects have also been reviewed and verified in relation to RERA orders. This group announcement was part of RERA’s work.”
According to the schedule provided by the real estate company, 8,463 units will be delivered in December 2021. About 2,308 units by March 2022, 1,132 by June 2022, 3,907 by December 2022 and 231 in 2023. Many of these projects in Noida and Greater Noida have long been delayed, as Supertech often faces protests from home buyers and harsh legal orders.
In this article we have explained some of the reasons to invest in sector 93 Noida. So, if you are looking for a property for sale in sector 93 Noida, then read this article. Below we have mentioned some of the reasons which might affect your buying decision.
From connectivity to metro to robust physical and social infrastructure, Noida is currently one of the favorite destinations for home buyers. The area has become a center for residential and commercial development. More people are moving from densely populated cities to this place. As a future investment outlook for sector 93 Noida and Noida Extension, it is the focal point of affordable housing with a large supply. In addition, compared to other popular regions in the NCR, Noida is considered affordable for buying a flat or house. Several multinational companies have taken over commercial space here providing opportunities for both investors and end-users.
Sector 93 has better conditions and availability of significant housing and land. The area is close to some important employment and commercial centers. As a result, the maximum number of working professionals and business people are seeking real estate in sector 93.
The 93 sector is divided into two parts: Sector 93 (A) and 93 (B). Sector 93 (A) is a centrally located luxury residential market. The area offers 2, 3 and 4 BHK luxury apartments at prices varying from Rs 7,000 to 10,000 per. sqft. While Sector 93 (B) is relatively located further away from the expressway.
Reasons to invest in sector 93 Noida | Investing in Noida sector 93
Ideal from Investment viewpoint-
In terms of investment, the properties in Sector 93 Noida are good, as they offer a good rental income. The current rental value is between Rs 14,000 and Rs 21,000 for a 2 BHK apartment. The network of Metro Rail in Noida is expanding at a fast pace which makes it ideal for investment. With the opening of the Aqua metro line, the demand for properties for sale in Noida sector 93 has reached to astronomical heights. However, the area may soon see a price increase of five percent. If the state government considers a project to connect the expressway to Botanical Gardens via a metro line
Well-planned infrastructure-
Sector 93 offers a well-developed infrastructure. This includes the wide roads like Noida-Greater Noida Expressway, that provide excellent connectivity throughout the NCR region. Real estate prices in NCR have risen sharply in recent years. But Noida still offers investment opportunities at an affordable price. As a result, middle-class home buyers are also investing in Noida. Sector 93 has well-planned areas with a vision of good infrastructure development.
Location Advantage–
The sector 93 is located between the southern and southeastern parts of Noida. It is located along the Noida-Greater Noida Expressway, which has spurred growth in properties and opened opportunities for many builders. Some of the well-known and reliable developers like Unitech, Parsvnath, Omaxe, Purvanchal, etc have projects in this area. Proximity to Noida-Greater-Noida Expressway, has dramatically accelerated property development in sector 93 and has opened up opportunities for excellent builders.
Close to commercial hubs-
Another important factor in the decision to buy the flat in Noida sector 93 is easy access to many office buildings and commercial centers. Shopping malls attract the attention of a number of home buyers. Hence, its a key aspect in driving investment in this sector. There are many companies in the immediate vicinity of this sector, such as InfoEdge, Wealth Clinic, Matrix and Sify technologies, and Oracle.
A Growing Locality-
With affordable housing, efficient public transport networks, planned metro accessibility and major infrastructure projects, Noida sector 93 is growing rapidly. The prospects for real estate here are promising. As the region has recently experienced high demand for housing and continues to be a popular area for new housing openings.
Conclusion-
When it comes to getting more appreciation for the money invested, people still believe in real estate. In general, people prefer to invest in real estate because of the higher profitability and minimal risk factor. Those with good savings and enough capital can choose this option for a long-term investment. Above we have explained some of the reasons to invest in sector 93 Noida. So, if you are also looking for a flat for sale in sector 93 Noida, you can visit our portal. We have over 100 properties listings in sector 93 and you can also contact agents.
Further if you have any query then feel free to contact us!
According to real estate associations Naredco and Credai, the completion time of apartments in different phases of construction in Delhi-NCR could be extended up to two years. The impact is primarily from two consecutive waves of the pandemic and the consequent disruptions in financing and employment.
It also prolongs the wait for the delayed apartments for a longer time. According to a recent survey by real estate consulting firm Anarock, there are more than 3 lakhs of such apartments in the major cities of Delhi-NCR. Apartments are considered delayed if they were launched in 2014 or earlier. Construction started after this period is in progress.
Delivery times for “ongoing” projects will also be affected. Completion time for more than 3 lakh apartments in the NCR may be affected by a two-year delay due to two waves of Covid-19. Real estate agencies Credai and Naredco say buyers and regulators should be ready to face at least a two-year delay. According to Anarock, around 50% of the delayed apartments are located in Greater Noida alone.
Relief package may help to boost construction
Real estate companies cited labor and supply chain problems during the pandemic as cause for the delay. The lack of cash flow also affected the construction work. This was reported by R.K. Arora, CMD of Supertech and President of Naredco, UP. “Since March 2020, project implementation has developed very slowly due to labor shortages, raw material shortages and related problems. Delivery time is delayed by approximately two years.”
Pankaj Bajaj, president of Credai (Delhi-NCR), said, Real estate is one of the worst hit sectors as a result most projects are likely to be delayed by about two years. We hope for relaxation to help us tackle this problem. In addition, to give construction a boost, the government should announce a relief package and provide last-mile funding through banks.
Additional six months registration validity
Prashant Thakur, head of research at Anarock said, According to a survey by Anarock, about 3.29 lakh flats launched in the NCR region in 2014 or earlier have now been stuck or delayed. The pandemic is one of the major reasons for the delay. All were to be delivered by June 2021. 50% of these units are in Greater Noida, Noida has about 16%, Gurgaon has about 12%, and Ghaziabad has about 10%. The remaining 12% are in Delhi, Faridabad and Bhiwadi.
UP-Rera member Balvinder Kumar said the solution was invented. Last year, we gave builders a six-month relaxation or waiver for registration restrictions when the pandemic broke out. According to current rules, all registrations can be valid for one year from the expiration date. We decided to extend the additional six months validity extension to registration of builders.
P. Murthy, Tamil Nadu Minister for commercial Taxation and Business Registration held a review meeting with registration officials to discuss the possibilities of increasing income through property registration after the second wave of Covid-19. Last year the land registrations were affected for four months during the first wave of Covid-19.
During the meeting, the focus was on the measures to be taken to increase revenue. As the resumption of the work of the registration offices took place faster than in 2020.
The pandemic fiscal year 2020-21 recorded revenue of Rs. Rs.10,643 crores from stamp duty and registration fee between April 2020 and March 2021. Revenue decreased by approx. 3.6% in the corresponding financial year 2019-2020, when Rs 11,028 crore was generated as revenue.
According to the sources, officials were ordered to ensure that temple properties under the jurisdiction of the Hindu Department of Religious and Charitable endowments department, and poramboke land are not registered under Section 22-A of the Registration Act (Tamil Nadu Amendment Act). The law makes it easier to re-register land if in a previous land transaction they were called “house site”. The sources added that the return of documents on the same day was also considered to stop any delays. Measures to prevent staff from arriving late at the office and the newly opened grievance control room were also reviewed.
According to the official statement, the meeting was attended by the Registration secretary B Jothi Nirmalasamy, the General Registrar MP Sivanarul and senior officials of the registration department.
The decision was taken in light of the fact that the developer did not carry out a large number of its projects on time specified by UP-RERA. They also did not comply with a large number of orders from the authorities on complaints from home buyers projects from promoter companies.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has rejected an application for registration of two proposed Supertech projects under RERA Section 5 with Section 11 (4)(B) and Section 4 (2)(B).
Rejected projects applications are Supertech Golf Country GH01-Phase-1B and Supertech Golf Country GH01-Phase-1A.
Authorities asked the developer for a detailed report on the fulfillment of his orders and a convincing action plan to complete its projects. However, the authorities also decided to give the developer a second chance to apply for registration of the two projects again, after it can largely comply with the authority’s previous orders.
UP-RERA didn’t receive any written or oral responses
During the trial, R.K. Arora, Supertech Chairman, told authorities the company was trying to complete projects as well as enforce government orders.
However, UP-RERA did not find the promoter’s written or oral response satisfactory. The authorities concluded that it would be inconvenient and that it is not proper and not in the interests of home buyers to register the company’s two new projects. The company was unable to complete a large number of its projects already registered with RERA, nor was it able to complete a large number of orders approved by the company’s affected homebuyer’s assistance authority.
UP-RERA chairman, Rajiv Kumar, said, The organizer did not comply with the authorities’ orders and there was no noticeable improvement in the status of unfinished orders at the end of the promoter. They also failed to come up with a convincing action plan to implement their ongoing projects. As a result, a large number of home buyers with the developer forced to approach the authorities with claims for compensation. Not only did the developer fail to speed up its projects, it also did not comply with government orders, further exacerbating the homebuyer’s suffering.
In order to revive stagnant projects in Greater Noida, The Yamuna Expressway Industrial Development Authority (YEIDA) has announced two policies. These policies can be used by construction companies until 31 August. The decision to propose a restoration and reschedulement policies was taken at a meeting of YEIDA’s Board of Directors on 28 June.
According to the deferral or reshedulement policy, the developer must pay 5% of the amount owed in advance. Once the revised payment plan is established, the developer must pay an additional 5% of the amount due to YEIDA. To restore the canceled land or plot, the developer must pay 10% of the current land premium to the authority.
According to YEIDA officials, all payments must be made till August 31. The applications asking for restoration of land will be discussed at the next board meeting.
For the past four year the developers who took YEIDA’s land to build skyscrapers owed about Rs 4,000 crore to authorities. There are currently 10 public and municipal housing projects in various construction stages in addition to the Jaypee Sports City project near the expressway region. About 16,000 buyers have invested in these projects and are waiting to receive possession. While 12,000 housing units were placed in 10 housing projects. About 5,000 units were offered under the Jaypee Sports City project.
Policies at a glance
Reschedulement Policy– This policy states-
Developers must pay 5% of the amount owed in advance. The remaining 5% will be paid within 30 days of the proposed revised payment schedule.
In case of non-compliance with three installments after taking reschedulement, the lease will be canceled.
Restoration Policy- This policy states-
Restoration charges at the rate of 10% of the prevailing plot premium to be paid. The transfer of the plot is not allowed until the winning bidder receives a proof of completion.
The request for restoration of the plot will be sent before the next board meeting for decision after the payment is made.
Applications must be submitted by August 31st.
Projects don’t have basic amenities-
RK Arora, Uttar Pradesh president of realtor’s body, Naredco,said, Shortly after the filing of the Gajraj case in October 2011, where it was decided that farmers should be paid a compensation of 64.7%. About 700 landowners who had to manage their land in the Yamuna highway area moved to various courts and forums. YEIDA was unable to provide land to developers for four to five years.
For some projects, connections to basic services such as sewerage or electricity were not provided on time.
YEIDA has consistently requested a land premium along with interest. We have asked the UP government to give developers zero-period benefits so that they are exempt from paying interest during the period when they could not take over the land that was provided to them.
No estimate of sold lands-
Arun Vir Singh YEIDA chief executive officer said, Construction companies and Developers must pay a certain amount in advance. We process requests as soon as we receive the minimum amount, and then issue a revised payment schedule for them.
From August 2012, shortly after the commissioning of the 165-kilometer expressway. Private developers began implementing projects in the Greater Noida and Dankaura districts. Between June 2010 and March 2015, 31 developers, including the Jaypee Group, purchased land from YEIDA to build skyscrapers along the road.
But later, many builders left their land or lost it because they were unable to clear dues. The Jaypee Group could also benefit from the restoration policy. Another three developers who have lost their project due to non-payment of fees are also eligible to participate. But payment must be made by August 31st. YEIDA does not currently have an estimate of the number of apartments sold by the three developers.
Several real estate developers and industry associations have called on the government of Uttar Pradesh to develop pragmatic policies for industrial development bodies. The policy is especially for the cities of Noida and Greater Noida, so that they can quickly resolve insolvency projects.
Decisions on multiple projects have been put on hold as the authorities want to be financial lenders, not operational lenders. So they can make an impact and not take commissions on projects that are stuck.
According to the Confederation of Real Estate Developers Associations of India (CREDAI). Approximately 190,000 properties stuck in Noida, Greater Noida and Ghaziabad, worth 1 lakh crore. At least 36 property projects are facing bankruptcy or insolvency proceedings in Greater Noida alone. This has affected about 50,000 home buyers and withheld about Rs 7,000 crore in administration fees.
Investment cycle may resume!
Insisting on interest rates, fines and other fees can ultimately make full settlement plans financially unstable, experts say. In addition, the investment cycle in these areas will be resumed if the established insolvency cases are resolved.
Developers will have to pay around Rs 40,000 crore dues to three different NCR authorities, including Noida, Greater Noida and Yamuna. The dues have been pending since 2010, but given the new interest rate, the amount likely to reduced to Rs 25,000 crore.
According to the CREDAI’s letter, several property developers involved in the insolvency process. The list consists of big and reputed developers including Jaypee Infratech, Amrapali, BPPL, Granite Gate, Subhkamna Buildtech, etc. CREDAI also stated that if development authorities continue to challenge settlement plans in court without applying a pragmatic decision-making structure that addresses the issues described above, it will not only delay the process but ultimately lead to settlement.
Proper policy framework needed
Sahil Vachani, MD and CEO at Max Ventures and Industries Ltd said, “To accelerate the process of insolvency proceedings, in the Greater Noida and Noida area and to cope with the high land dues of industrial development authorities, a pragmatic policy framework is needed. In the absence of such a policy, the restructuring of insolvent corporate debtors is not economically feasible.”
Abhishek Tripathi, managing partner, Sarthak Advocates and Solicitors said, “Authorities like Noida and Greater Noida need to aware of the fact that dues paid to them by developers have the character of an operating debt and make them acting creditors. Past commission fees or dues must reviewed in accordance with a resolution plan approved by the Creditors Committee and the NCLT.”
In this article we have discussed 4 simple reasons to invest in Dwarka Expressway. If you are considering investing in Dwarka Expressway real estate but confused whether it is worth it or not, then you will find this article relevant.
Dwarka is one of the most popular residential cities in Delhi that thrives with impeccable social infrastructure, affordability, and excellent connectivity. It is a well-planned city and offers every type of service to its residents. In recent years, the Dwarka real estate market has improved significantly and it is getting better day by day. Those who have invested in Dwarka, will have great benefits in the coming years. This area has developed a lot in recent years. It is still improving and will be even more favorable in upcoming years.
In today’s scenario, investing near the Dwarka Expressway is considered one of the best investment opportunities right now. The area offers several benefits for both investors and buyers. Delhi International Airport is close to the Expressway and also next to the Dwarka Metro. The area also offers connectivity to some important areas in Manesar and Noida.
The demand for properties near Dwarka Expressway is increasing at a fast pace. Also the property prices are expected to rise, according to real estate experts. There are many reasons why it is not only good for people living in Delhi but also for NCR and Haryana. In addition to connecting several roads in Delhi, this highway also connects many small towns in Haryana.
Why is Dwarka Expressway a good investment option in Delhi-NCR? | Reasons to invest in Dwarka Expressway
Growing Connectivity-
Under the new master plan, a well-constructed 100-meter-wide road will be built. The road will connect the area with the metro corridor and the proposed diplomatic enclave. The 18 km expressway runs alongside some special economic zones approaching Kherki Dhaula. This expressway shortens the travel times of passengers coming from West Delhi. It runs in parallel with NH-8 until it merges ahead of IFFCO Chowk.
Higher Appreciation rate-
Dwarka belongs to one of the most elegant and famous areas of Delhi and has good infrastructure as well. Properties in Dwarka, are the most convenient and have proximity to Delhi metro. Apart from metro connectivity it also has good public transport facilities as well. Dwarka also consists of a large number of reputed educational institutions as well. Hence, for investors this can be one of the reasons to invest in Dwarka Expressway.
According to various real estate experts, the demand for property in Dwarka has grown by 6% within a year. The current price trend in Dwarka shows a positive signal for investors or home buyers. However before investing in Dwarka expressway one should have proper real estate knowledge of price trends. Otherwise they won’t be able to make the right profit when buying and selling real estate.
The main motive for constructing the new expressway was to reduce the NH-8’s traffic during peak times. As a significant part of the workforce in Gurgaon’s office centers comes from Delhi. For daily commuters it is one of the best reasons to invest in Dwarka Expressway. The Dwarka Expressway offers easy flow and traffic and helps in ensuring a smooth commuting between the two districts. The Expressway will ease congestion on the Delhi-Gurgaon Expressway and highways that have experienced heavy traffic, mainly due to residents of West Delhi. Approximately 40,000 vehicles will be relocated to the new expressway, which will improve traffic flow on Sohna Road and Golf Course Road.
Less Pollution-
This section is 18 km long and 150 meters wide. Sectors 81-115 have developed throughout its length with sectors dedicated to housing projects, shopping malls and utilities. Dwarka Expressway literally has low pollution levels and feels like a breath of fresh air. With its low population density, the right combination of urban planning, aesthetic and ecological design and additional greenery, it has become a promising investment destination.Conclusion-
Conclusion–
So, these are some reasons to invest in Dwarka Expressway. It is a growing area and it will definitely gives you good return on investment in future. Sometimes it can be challenging to estimate the exact cost of buying a property near Dwarka Expressway. Therefore, before buying a property, one should consult to real estate experts.
Consulting an agent helps you in planning your budget accordingly. Tax implications can be difficult to analyze in a real estate transaction. If you buy a flat in Dwarka Expressway for investment purpose then ensure you are comfortable paying EMI even if there is no rental income from the property. Before buying real estate, you should also analyze the extent of the income from it. In addition, you must also calculate the risks associated with the property.
If you have any query then feel free to contact us!
Pune Municipal Corporation (PMC) assured to extend or renew the credit notes offered to developers after the standing committee approved the proposal. From now onwards these notes can be used to pay property taxes, sky sign department tax, water taxes, and road digging charges. The proposed roads and bridges built through this initiative are located in Hadapsar, Kharadi and Mundhwa.
The civic body only allowed credit notes for building permits when they were first approved in the month of January. These notes are provided to road contractors in public-private partnerships. Roads are being built without paying cash to developers, as Pune Municipal Corporation has lost a good chunk of revenue due to the pandemic. The PMC only planned to allow the exchange of these credit notes for the payment of a building permit or charges.
Developers can pay different charges / fees
PMC planned to develop roads and bridges on the basis of public-private partnerships. As part of this initiative, credit certificates issued for the development of facilities. Developers can use these certificates to pay a range of fees. These fees associated with building permits, such as development fees, building permit fees, and surcharges fees.
If land is not available in the PMC, then developers must take it from private landowners using FSI or TDR. To avail these notes the developer should have possession on at least 80% of the land. The PMC said that the credit notes issued in stages depending on the progress of the road works. Developers will be able to spend approximately Rs 200 crore annually via credit notes.
Chairman of the standing committee, Hemant Rasane, said, the sources of income for the civic body is limited for now. We need to find options like credit notes because they can help to boost the development projects.
BJP corporator Mahesh Wable, who gave the supplementary note, said. “In order to encourage the developers, we need to allow different modes of payments through credit notes. This helps to get a good response to the policy.”
As the Covid-19 pandemic has affected the demand for commercial real estate, several real estate agents have turned their commercial projects into residential projects. This year, about 25 commercial projects in Ahmedabad have been transformed into housing schemes.
There is demand for housing and this segment has also provided some cash flow to developers. As a result many developers convert their commercial projects into housing projects. A new reform in the building plans has been approved for 20 commercial projects. These commercial projects comes under Ahmedabad Municipal Corporation (AMC). Also five more projects in Ahmedabad Urban Development Authority (AUDA) areas transformed from commercial to residential.
AMC and AUDA added that there were many commercial projects in 2018 and 2019. However the trend completely changed in 2021. Currently, approx. 80% of the building plans, which must be approved by both AMC and AUDA, are for housing projects.
According to some real estate industry experts, work from home, high inventory levels, lets companies hold their expansion. Also the territorial restrictions and lower crowds in showrooms and shopping malls due to Covid-19 have affected the demand for commercial and office space projects. Building plans were revised for three commercial projects in 2018-19, up to seven in 2020. However, in 2021, their number will increase sharply, AMC officials said.
Project location is ideal for residential purpose
Venus Infrastructure, Ahmedabad based real estate company, converted its commercial project behind the Rajpath Club in Bodakdev into a luxury housing project after receiving approval for a revised building plan. Rajesh Waswani, CEO of Venus Infrastructure said, we have invested heavily in our commercial project however the demand for commercial space dropped dramatically after the outbreak of the pandemic. The location of the project has always been suitable for living. So we decided to change our plan and switched to the housing project.
Apartments as well as Showrooms
Chitrak Shah, a city broker, also vice president of CREDAI-Ahmedabad GIHED said,we have transformed our commercial project at the Panjrapole crossroad into a housing project. The project currently offers 3 BHK plus work from home flats as well as showrooms. We revised our plan because there was a good demand for housing units in the area.
Converting commercial units to residential is a smart stepfor now
Balbirsingh Khalsa, national director of industry and logistics and director of the Ahmedabad branch to knight Frank India, said. Converting a commercial project to a housing project whenever possible is a smart step in the right direction.
On the one hand, office vacancy is high, rents are falling, and the prospects for commercial space remain weak due to fear of pandemic. On the other hand, the demand for housing is good and the number of residential units is also very low today. So, for now it makes sense to shift from commercial to residential real estate.
Homebuyers should be prepared to raise more money to buy real estate in Gautam Budh Nagar, as the administration may raise circle rates in Noida after a four-year hiatus.
Circle rates in Noida, Greater Noida and other parts of the area have remained largely unchanged since 2017. But this time there is a need to revise them upwards because of three industrial development authorities. The three development authorities Noida, Greater Noida and Yamuna Expressway have increased real estate rates over the course of the last three years. At UP, the government collects 7% of the value of the property as a stamp duty.
In fact, at a recent board meeting during the first fiscal year, the land allotment rates in Noida, Greater Noida and Yamuna Expressway areas have increased by three authorities. The Noida authority raised rates for Phase II industrial and institutional sites. These sites include sectors 80, 81, 83, 84, 85, 87, 138, 140, 154, 155 and 158 by 20%. While GNIDA and YEIDA reported increases of about 4.15% and 5%.
Property value continue to rise
The Greater Noida Authority has increased real estate rates for all categories for two consecutive years. Rates on all types of real estate, except commercial, have now risen in price by at least 20%. Noida authorities revised circle rates in Noida for sectors near Aqua Line and Highways in 2019, but refrained from raising rates for non-industrial and non-institutional property.
YEIDA raised rates in 2016 and 2020 both times by 5%. Again, YEIDA raised rates by 5%. Therefore, the value of real estate in these villages along the Yamuna Expressway, which has not yet been built or acquired, will continue to rise.
Final Decision after Evaluating Market Condition
The three regional magistrates and tehsildars will check the value of the transactions in different places to determine if there is a discrepancy between authority rates and circle rates. And the decision to increase the rates could also lead to an increase in the budget for land acquisition for more public projects carried out in Jewar and Dadri.
District Judge Suhas L.Yu. said that “the decision has not yet been made.” “Circle rates remain unchanged until July 31st. We will finalize the decision after analyzing the market conditions.
Rakesh Kumar Srivastava, Deputy Inspector General of the District Press and Registration Department, said. “The final decision in this case will be made by the District magistrate. We share our contributions with administrative officials. ”
However, real estate experts believe that any price increase could affect the area’s real estate market.
Greater Noida’s authority has lowered the real estate transfer fees charged for resale properties, making life easier for thousands of home buyers.
At a board meeting, the authority decided to reduce the transfer fee from 10% to 5% in institutional, commercial, and industrial categories. The allottees or buyers in Greater Noida must pay a transfer fee on the full resale value of the property along with the registration fee.
Dhiraj Jain, Director, Mahagun Group said, one of the decisions made at the meeting was to reduce transfer fees from 5% to 2.5% for residential areas, townhouses, shops / kiosks. The transfer fees are set at a maximum of one percent to 2.5 percent. This decision will definitely uplift the resale real estate market in different categories. For group housing societies or companies, the government has limited transfer fees to 1%.
Yash Miglani, Managing Director, Migsun Group said, the board meeting of the Greater Noida Authority proved fruitful for the real estate industry. It is expected that many issues will be resolved. The decision made to reduce the transfer fees, which will increase the resale market. The sector needs constant support from the authorities, especially in the current challenging environment.
The government plans to link e-courts with land registration databases and land records. By this way bonafide buyers can find out if the land they plan to buy is in a legal dispute or not. Also this will reduce suspicious transactions and help limit disputes and reduce barriers to the court system. A pilot project to connect e-courts with land records and registration database has been successfully implemented in Maharashtra, Uttar Pradesh and Haryana and soon launched across the country.
Improves Ease of Doing Business-
The Department of Justice in the Law Ministry has asked the registrars of all high courts to allow state governments to integrate land registration databases and land records with e-courts and the National Judicial Data Grid (NJDG). This helps in reducing and quickly resolving property disputes. So far, eight higher courts have answered including Tripura, Rajasthan, Madhya Pradesh, Assam, Mizoram, Himachal Pradesh, Arunachal Pradesh, and Nagaland.
A letter from the Department of Justice sent in April this year stated. “We would appreciate it if you could facilitate prompt action on your part by giving the state government the necessary permits to enable nationwide implementation of e-courts related to land records and registration database and other related tasks.”
Simple and transparent registration of property one of the parameters assessed by the World Bank. To determine the performance of 190 global economies on the EoDB (Ease of Doing Business Index).
Buyers can identify disputed land–
The Department of Land Resources (DoLR) is the focal authority responsible for registering the property index. It received only 3.5 points against 13 points for the quality of the Land Administration Index.
A committee was set up with the Supreme Court’s E-committee to link electronic courts with registration databases and land records. This will facilitate the registration of land titles and create a supportive ecosystem. If the legal status of a land / plot properly registered and published. Then it will be a transparent guide for the honest buyer in the execution of the sale and purchase agreement.
The “Electronic Courts” project being implemented in the district and lower courts of the country. With the aim of providing certain services to plaintiffs, lawyers and judicial authorities through universal computerization of district and lower courts.
Planning to invest in Hinjewadi, Pune? But wondering whether it’s worth investing in? When it comes to investing in Hinjewadi, buyers often face a dilemma, as Pune has several thriving localities. So, to make things easier for you we have described the 7 amazing reasons to invest in Hinjewadi.
Hinjewadi is one of the fastest-growing cities and is highly regarded as the state economic center. Generally, it is considered to be a prominent and well-known location for the IT sector throughout India. Today it is one of the most popular real estate centers in the city along with Wakad, Balevadi, Kothrud, Aundh, and Baner.
Due to its continuous development, investing in properties in Hinjewadi can fetch you a good amount of returns. Also, it is considered one of the largest IT centers in Pune and ideal for real estate investments. Apart from high returns, there are several other reasons why the area is suitable for real estate investment. Below we explain the reasons to invest in Hinjewadi or the benefits of investing in Hinjewadi.
Why should you invest in Hinjewadi? | Reasons to invest in Hinjewadi
1- INFRASTRUCTURE dEVELOPMENT | Connectivity
The area offers connectivity to the other localities in Pune and IT institutions situated in Baner and Aundh. Hinjewadi also has proximity to two most popular highways i.e, Mumbai-Pune Expressway and Pune-Bangalore Bypass. The area also offers rich green areas and natural beauty as well as ample opportunities for high return on investment. The area consists of some well known hospitals including Lata Mangeshkar Hospital, Medpoint, Sahyadri Hospital, and Aundh Chest Hospital.
2- Profitable Deal
Real estate considered one of the smartest and reliable investments after gold. However, in the case of real estate, it is crucial to invest in the right place at the right time. Talking about the present scenario of Hinjewadi, it is absolutely an ideal destination for property investment. The area is witnessing high economic and infrastructure development and is one of the reasons to invest in Hinjewadi. It offers a pretty good price appreciation and you can definitely expect a higher return on investment in the future.
3- Education and Commercial Institutions
The presence of educational institutions plays important role in determining the demand of real estate in an area. Hinjewadi also known as an education center because there are many national, international schools and universities around it. Recently, many business schools, law colleges, engineering and art colleges have opened here. As a result, you can see a crowd of students from different parts of India. Some of them settle here with their families as they get permanent jobs after higher education. Ultimately, results in a surge in the demand for housing sector. Some notable educational institutions here include Indira College, Sinhgad College, MIT, and parts of Pune University.
No doubt Hinjewadi is an ideal destination for people looking for passive or rental income source. Rental incomes can be one of the reasons to invest in Hinjewadi. Both commercial and residential real estate segments can fetch you good rental incomes. Many companies looking for office space and working professionals looking for rental apartments for themselves and their families. Hence, both commercial and residential sectors are in great demand.
5- Excellent Growth Potential
Another advantageous aspect of real estate investing in Hinjewadi is that it has a high growth potential. Several business centers want to expand their office in Hinjewadi, ultimately creating more employment opportunities. This will lead to the immigration of potential buyers from different parts of the country. As a result, increasing the demand for real estate in the upcoming year.
6- Prominent Business Parks
There are several business centers located in Hinjewadi with office space and with highly developed infrastructure. Several leading MNC companies have offices here, resulting in an increase in employment, which in turn has led to an increase in demand for residential properties. Some prominent IT parks include Quadron Business Park, Embassy Techzone, and Blueridge. Hinjewadi also well connected with other parts of the city, close to the Pimpri-Pune railway junction and Pune airport.
7- Varied Housing Options
Hinjewadi offers a varied range of housing options to investors as well as end-users. There are apartments, bungalows, townships, villas which are also built for residential purposes only. The price of an apartment in Hinjewadi varies from Rs 4,200 to 6,800 per sqft. There are many residential properties in different segments including luxury and affordable properties for living and investment purposes. So, these are some reasons to invest in Hinjewadi . Further if you have any query or doubt, then feel free to contact us!
Customers now have to pay about Rs 74,000 more depending on the property’s market value to register their sale deeds.
To support its dwindling income, the state government increased the property registration fee from 0.5% to 1% in the affordable segment from 50 to 75 lakhs. A notice issued by the law department requires home buyers to pay 3% of the property’s market value. The buyers have to pay when registering the purchase, where the property value is not more than 75 lakhs.
Currently, the registration fee for up to 50 lakhs is 2% and over 50 lakhs, and up to 75 lakhs is about 2.5%. State government sources said this was done to optimize registration fees. However, according to Credai it would have a big impact on sales.
Only exemption in property registration will create demand
The decision from the state government came at a time when the real estate sector was facing a sharp decline in demand for apartments and flats. Builders and developers in the state want the government to lower registration fees. If possible, even lower stamp duty to increase property sales. Builders, led by Credai, will meet with the law minister and submit a representation and try to convince authorities to cancel the announcement. Credai will try to convince by stating the example of Maharashtra, which briefly lowered registration fees to stimulate demand.
Covid-19 has hit the real estate sector a devastating blow as apartments and houses become more expensive and delayed. Credai’s investigation showed that this had an impact on construction activity and that buyers delayed purchases due to the second wave. The developers estimate that exemption on stamp duty or reduction of registration fees can help in creating demand.
The decision will spoil the market
Nilesh Salkar, Credai, Goa President said, the hike in property registration is counterproductive and completely unexpected for us. The government believes it can absorb the revenue. But a well known fact that lower the taxes, higher will be the revenue. This step will definitely affect the real estate sector and ruin the market for some upcoming years. In simple terms this fee increment means that customers buying an apartment under 75 lakh have to pay an additional 1% for registration.
Due to a growing number of complaints about developers illegally transferring the same apartment to multiple buyers. The MahaRera Real Estate Regulatory Authority (MahaRera) ordered them to publicly disclose whether the apartment was sold or reserved.
To avoid more than one transaction with apartments / plots, it is mandatory to provide information immediately once a flat is booked or sold. According to experts from the real estate market, there are cases where builders only issue an allotment letter to the buyer. (A letter of allotment kind of confirmation that the apartment is booked).
The apartment can be resold to another buyer and the first buyer remains unknown of this. Also the same apartment can even be mortgaged to banks or financial institutions. Ultimately, neither the first nor the second buyer is aware of the sale of the apartment. Also the bank is not aware of this kind of sale. Thus, the developer illegally collects funds for the same apartment from two or even three different buyers.
Difficulties to lenders and consumers–
Pankaj Kapoor, an official from a real estate firm, Liases Foras, said, the main purpose of RERA was to suppress such threats and actions. The law stipulates that developers upload information about mortgaged and sold properties on the RERA website. Previously, it was noticed that many builders’ projects were stuck in the NCR and MMR trap and practiced similar approaches. It had caused several difficulties to lenders and consumers. These builders need to severely be punished as this undermines consumer confidence and discredits the entire industry.
Shop Sold Multiple Times
Manohar Shroff, Navi Mumbai based builder said, Navi Mumbai has become “a villain’s port”. The whole industry suffers from some dishonest brokers and builders. In one case, Shroff said a developer cheated or misled several investors and fled to Pune. In another case, a builder fled with Rs 100 crore, and a third sold a shop several times in Belapur’s CBD and misled buyers. So, to avoid these kinds of fraud, buyers should register their documents as soon as possible.
Must Register Sales Agreement-
Property law expert, Lawyer Anil Harish said, it appears that even after the arrival of RERA, some developers continue to issue more than one allotment letter for a single property. This is obviously wrong in both civil and criminal law. Buyers should also check the MahaRERA website to see if the project registered and if building permits have been received. Also search sub-registrar registrations to check ownership and mortgages.
According to experts, buyers must register an agreement if more than 10% of the apartment price is paid. Stamp duty for a letter of employment, a letter of intent or a memorandum of understanding (MOU) can be 1% of the price to encourage people to sign up. This 1% must credited to the stamp duty specified in the contract, so you only have to pay the remaining 4%.
