Tag Archives: noida

Noida to Receive 300 M. Tall Brys Residential Tower

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Brys Group announced their plan to begin the construction of 300 m. tall Brys Tower Noida in January 2013.

Noida real estate gets another tall residential project with the launch of Brys Tower. This is an indication to the growing land deficiency in Noida.

Brys Tower Noida

Brys Tower Noida

Brys Group one of the leading Delhi-based real estate developers, announced their plan to launch a residential tower of 300 meter in Noida. This can be considered as a sign of growth of Noida real estate. Noida real estate is now faces shortage of land for bigger residential projects. Launch of Brys Tower announces the arrival of new Noida residential projects with another standard. Continue reading →

Labor Shortage Strikes Residential Real Estate Projects

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labour shortage

labour shortage hits real estate India.

The severe labor shortage is alarming the real estate builders. Most of the housing projects are not yet completed due to labor shortage. Recently there has been a tremendous increase in labor shortage. Continue reading →

Allahabad H.C. Stays Some Noida Real Estate Projects

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Halted Noida Real Estate

Halted Noida Real Estate

Noida real estate construction particularly some residential projects, received a stay from the Allahabad high court. Considering the petition of over fifty farmers from Sarfabad village, a neighboring village of Noida Allahabad high court gave the verdict. As per the stay residential projects which spread over six hectares of land in Noida Sectors 120 and 75 will be standing still. Continue reading →

Suburbs Become New Paradise for Real Estate Investment

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Real estate investment has greater scope in the suburbs is clearly shown by the growth of Gurgaon and Noida. Recent trends show that the suburbs are more preferred to Metropolitans for Real estate investment. This is due to the change of attitude of the people and their living conditions. Comparing to the earlier days now even the wealthiest class people are ready to relocate and live in the suburbs. The upcoming “millions worth Luxurious apartments” are all built for this class of people. Suburbs remain the best place for real estate investment. If Real estate investment is a wise decision then Real estate investment in suburbs is wiser. Continue reading →

Noida Turns Out to Be Investors’ Paradise

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Noida seems to be affordable only for the elite group and the millionaires, why so? Why the realty developers construct more luxurious homes? How the normal people are affected? An analysis is done here. Growth is good in all the ways. But the growth should never be concentrated on a particular class or section of the people. It must include all the sections. The upcoming projects in Noida show that the city has become a hub for the rich and wealthy class. Noida, the hotspot of realty firms, has emerged as a “Millionaire Diva”. Continue reading →

Unitech comes up with Gardens Galleria in Noida.

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Unitech, one of the India’s leading integrated developers of large-scale real estate projects, has launched Gardens Galleria in Noida. It is part of Unitech’s existing 147 acres entertainment-cum-retail destination in Noida.
Gardens Galleria, designed by US-based firm Callihon, is spread over 8.36 acres, is strategically positioned adjacent to sector -18, Noida and Film City. It is minutes away from ITO, East Delhi, South Delhi, and Noida Expressway. The project is in the midst of established residential areas, offices, colleges and other commercial towers.

The destination already comprises of an international standard themed amusement park Worlds of Wonder and The Great India Place, a shopping mall. The mall, a combination of entertainment, retail and hospitality, in Noida will comprise of hyper market, departmental stores, international shops, spa, gymnasium, banks, ATMs, food and fun joints. The project comprises 230 retail outlets and there is also parking facility for 8,500 cars. Unitech has already got over 10 lakh patrons a month in its three operational malls the Metro Walk in New Delhi, Great India Place in Noida and Gurgaon Central.

Commenting on the launch, Munish Baldev, head-retail of Unitech said, “We are happy to launch Gardens Galleria in Noida. Unitech has already developed 1.3 million sq ft of mall area in New Delhi, Noida and Gurgaon since 2006, and is developing another 4 million sq ft of retail space in cities such as Kochi, Gurgaon, Bangalore, Lucknow, Mohali, Bhopal, Bhub­aneswar, and Dehradun. We have always been bullish about the retail development space and have been developing the shopping malls as per our business plan. We have been getting strong traction from retailers for leasing of the mall-space under development.”

Genesis Luxury, Genesis Lifest­yle, French Connection, Nautica, Louis Philippe, Van Heusen, Calvin Klein are among some of the major brands who have their stores in Galleria. The company is also developing another 4 million sq ft of retail space in cities such as Kochi, Bhopal, Bhubaneswar, Bangalore, Dehradun, Mohali, Lucknow, and Gurgaon in the next 4-5 years.

Two Indian Real Estate Deals in Asian Top Ten list.

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Two real estate deals in India — the sale of Leela Kempinski Kovalam and Noida’s deal with Wave Mega City Centre – have been ranked among the top ten in their categories across Asia according to a recently published study by Real Capital. Both deals took place in August 2011.

Real Capital tracks and analyses real estate deals worth over $10 million across apartments, hotels, retail, industrial, office and development projects over the world. The Purchase of Leela Kovalam by Saudi Arabia-based industrialist Ravi Pillai, which was pegged at about Rs 500 crore ranked 10th in Asia-list of largest hotel sellers.

Bangalore and Mumbai have been named among the most active Asian markets in the office space.

Delhi was ranked sixth and Mumbai eighth in the most active Asian apartment markets. Tokyo tops the list followed by Singapore, Hong Kong, Osaka and Beijing. While Chennai comes in at eighth position among active hotel markets, India did not rank in the big league when it comes to retail deals.

Buyers back in Real Estate Sector this Navaratra.

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Buyers are back in the realty market this Navaratra, lending credence to this festive season’s reputation as a golden period for business in this sector.

There is flurry of activity in the offices of realty firms as buyers are coming out to seal deals. The mood is likely to remain upbeat till the end of summer vacation of schools.

“I am sure that this positive momentum in the market will continue till summer vacation when even more end users are likely to clinch deals,” Samir Jasuja, the chairman and managing director of Prop Equity, says.

“After Navaratra, summer vacation in schools is regarded a good time for realty, as people wait for the end of term of their children to shift houses or buy one. The summer is a time of transfers and relocation; a time of school admissions and hunting for a house near schools, so that children can have an easy commute,” Jasuja says.

Gaurav Mittal, the managing director of CHD Developers, says: “The mood is really upbeat in the market with people finalizing deals in property. While market warms up during Navaratras even during bad times, this Navaratra is different. The quantum of deals is unexpected, though a welcome development.”

Jasuja says, “Notwithstanding a slew of legal battles, buyers are taking a final call on their new purchases in Noida and Greater Noida.” A report of Prop Equity says that the current financial year has proved to be good for almost all the big cities of the NCR including, Noida, Gurgaon, Ghaziabad, Greater Noida and Faridabad.

Sanjay Khanna, the director of Kailash Nath Developers Pvt Ltd, says: “I hope the worst is over for realty market and transactions take place till the end of summer vacation in schools. This Navaratra is proving to be very auspicious for the realty world. I know that NRIs, too, find the summer months an ideal time to return to their roots in order to buy property. Their search for a property also starts during the summer. This is the time when they visit India in order to meet their relatives and, side by side, also look for nice properties. They do not mind paying slightly more for good properties.”

Realty watchers say that April-June period records a high quantum of property transactions. Realty market picks pace from Navaratras. This is a time when end users finalize their deals and those looking for new homes on rent, also shift. The summer is also a time when the resale market picks up nicely.

Vijay Jindal, the chairman and managing director of SVP group, says: “It is a hectic period from Navaratra and through the summer months. A lot of transactions take place at all levels.” He says that during the summer, buyers give priority to those projects which are close to good schools.

Gulshan Homz : Press Release

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Gulshan Homz, part of the GC Group of companies, has announced the launch of its new residential project:  Gulshan Ikebana at Sector 143B, Noida Expressway spread over 12.5 acres land with apartments of sizes 1400 sqft (3BHK) to 2300 sqft (4BHK+Study) and offers a sleek, infinitely flexible, multi-dimensional and open life and is well conceptualised for quintessential living. Ikebana is designed keeping all the modern needs, indulgences and luxuries in mind so one would enjoy excellent location advantage with lust green surrounding and seamless connectivity which will offer natural retreat and also excellent metropolitan convenience and vibrance.

Amenities:-

  • Water softener plant, Bus shelter
  • Club, Karaoke theme Restaurant
  • Internet Connectivity,24 x 7 Security
  • Intercom Connectivity, Customer Care Centre
  • Rain Water Harvesting, Water Softener Plant
  • Swimming pool, Steam/Sauna/ Massage Rooms
  • Yoga Centre, Indoor Games
  • Jogging Track, Badminton
  • Basketball Court ( Half Court), AC Gymnasium
  • Special Play-pan for kids, Immaculate Landscaping
  • Aerobic Dance Floor, Coffee Shop
  • AC Unisex Beauty Salon, AC Banquet / Party Hall / Guest Lounge
  • Business Lounge, Laundry Services
  • Cabs on call, Amphitheatre
  • Kids Lounge, Regular in- Compound OPD
  • Ambulance on Call, Doctor on Call
  • Stretcher Lifts, Wheel chair for Elderly and sick

About the Developer:

Gulshan Homz has constructed luxurious living spaces and the Group has improvised its skills over the years to launch a number of premium projects. They have stamped a mark of excellence in luxury Real estate developer with honest morale, integrity, sound business ethics, transparency and invaluable experience. With a vision to pass on a green environment and prosperous cities to the future generations they look forward to developing luxurious real estate options.

Gulshan Homz Launches New Project “Gulshan Ikebana” At Sector -143, Noida

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Gulshan Homz, part of the GC Group of companies, has announced the launch of its new residential project: Gulshan Ikebana at Sector 143B, Noida Expressway. Spread over 12.5 acres, Gulshan Ikebana will host luxurious high rise apartments of sizes 1400 sqft (3BHK) to 2300 sqft (4BHK+Study). Highlights of the project are:

  • Gated Community with 24×7 Security Access-controlled entry and exits
  • Convenient Shopping Complex
  • Landscaped Parks and Playgrounds
  • Sewage treatment
  • Rain Water Harvesting & all other amenities
  • Proper boundary wall around the periphery
  • In premise maintenance services
  • 24×7 Power Backup
  • 24X7 Water Supply
  • Landscaped Greens
  • Exclusive Recreational Facility
  • Community Shopping
  • Healthcare Centre
  • Sauna /Steam
  • Badminton Court
  • Swimming Pool
  • Basket Ball Court
  • Massage Room
  • Gymnasium
  • Wheel Chair Ramp for Elderly /Sick
  • Jogging Track
  • Baby Day Care Centre
  • Indoor Games Facility

More details of Gulshan Homz Ikbana are available at gulshanikebana.propertywala.com

After Noida Lucknow to have the Realty Focus.

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Real estate gurus in the Noida region are worried a lot on Tuesday. Mega projects such as construction of the Formula 1 motor racing track were possible due to considerable political backing during the Bahujan Samaj Party (BSP) regime. However, farmers, caught in the recent land acquisition row in the same area are rejoicing after the UP election result.

As Noida and Greater Noida, next to Delhi, had gained in prominence under Mayawati as the UP chief minister, Lucknow would get the same treatment now, experts said after the results to the five state elections were announced.

So, now Lucknow may well become the new real estate capital of Uttar Pradesh under the Samajwadi Party’s rule in the state, as a result of clear shift from Noida at present.

Sanjay Sharma of Qubrex, referred to industrialist Subrata Roy’s close associations with the SP. “They (Sahara) would gain. Sahara has Sahara City Homes in Lucknow and various places in Uttar Pradesh. He also said that “They have acquired a lot of land in UP”.

As a result, even the small developers in Lucknow will benefit from this shifted focus.

New Project: Jaypee Greens Yamuna Vihar, Sports City East, Greater Noida

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Construction major Jaypee Infratech has launched a new residential project called Jaypee Greens Yamuna Vihar as a part of its Greater Noida based township, Jaypee Greens Sports City. The project offers residential plots of around 200 and 300 sq yard with a cost of Rs 27000 per sq yard. An pre-launch discount of Rs 900 per sq yard is being offered for a limited time taking the cost to Rs 26100 per sq yard. Booking amount is Rs 4 lakh which can be paid via Demand Draft in favour of Jaypee Infratech Ltd.

Visit jaypeegreensyamunavihar.propertywala.com for more information and booking.

Hopes Revive for Housing , Infra Projects in Patwari

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With the Supreme Court on Wednesday dismissing as withdrawn a special leave petition (SLP) filed by a group of Patwari farmers ,who challenged the Government ‘s move to work out an out of court settlement with farmers , The greater noida industrial development authority (GNIDA) is confident that the crises in Patwari will be resolved soon. There’s relief for 20,000 homebuyers who have booked flats in projects coming up in Noida Extention’s paywari village.

The Dismissal of the SLP and the indications that the Allahabad high court will begin hearing the Noida and Greater Noida land acquisition cases only after two weeks have allowed the government more time to make more and more Patwari farmers fall in line.
Not only homebuyers but projects like Metro line which is proposed from Noida to Greater Noida road (140 Metre wide, 28 Kms long) , a Greater Noida – Ghaziabad road (60 Metre wide , 22 Kms Long) will also get a new lease if life.
The authority had allotted 3,000 residential plots to people , plus there are number of corporate offices , besides schools and other institutions in that area. A section of farmers in Patwari , where the state government on August 6 struck a higher compensation deal to revive real estate projects , had moved the Supreme Court against the arrangement. Greater Noida chief executive officer Rama Raman termed the SC order “a positive sign”.
A two judge bench of the same court on July 19 quashed forcible acquition of 589 hectares of land in Patwari. But another two judge bench of the same court , while hearing some remaining petitions from Patwari on July 26 , referred the matter to the higher bench for hearing. The court also allowed the contesting parties time till August 12 for the settlement.
Farmer Layer Mr Parminder Bhati said “our contentions was when the HC had quashed acquition in Patwari village , the remaining petitions should have got the same relief. In the name of out of court settlements , government, officials and its heavy weight politicians have been putting pressure on farmers”
Farmers also claimed the court’s stand on Wednesday as victory for them. Ranveer Pradhan a farmer said “we thought we might not get back our land.but the court has approved of the july 19 verdict of the high court”.”The court has said the July 19 verdict was in favour of farmers and assured if the high court’s higher bench ruled against the interest of farmers they can move the Supreme Court.” Said Bhati.

Real estate may Feel Connectivity Pinch

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Metro connectivity and property rates in the capital goes hand in hand , its just like they run on parallel tracks as right from the announcement of new metro connections , property rates follows an upward swing.

With Delhi metro gearing up for the Phase III construction that will cover areas like Vasant Vihar, Dhaula Kuan, Munirka , Kalka Ji , lajpat Nagar , Botonical Garden (Noida) , real estate prices are expected to see a major rise in the prices. Metro certainly affectes real estate as it is a major factor to provide a safe and comfortable mode of transport. People prefers homes situated near the metro stations. How ever since the prices have already increased so much that it will be difficult to say how much impact the new lines will have now. Consultants further says that properties which are located near the Metro stations will have the maximum increase in the real estate price.

The entire scenario can be explained in terms of a U curve where in right from the announcement of the projects the price tends to go upwards and then it declines when the construction is underway and again goes up when the project is complete. On an average , a property may see 20-30% increase in price over three years. Proximity to the station may also effects an increase of 35-40%. Due to increase in the rates of properties which are near to Metro stations , the Municipal Valuation committee constituted by Delhi Government has also adviced that the residential colonies within half a KM radius of Metro line would be upgraded  by one level since they have witnessed the maximum amount of Infrastructure development.

Relief in Patwari Village, Admin Begins Paying

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Greater Noida: The out of court agreement reached between a 15-member committee of Patwari and the officials are super quick in making payment of revised land rates. Officials on Tuesday distributed cheques among 24 farmers. Another 14 farmers have signed the draft agreement. The CEO Rama Raman of GNIDA confirmed the payment.

If the Patwari pact stands, it will save 20,000 under constructed houses in the village. Generally, authority takes months to pay compensations but in it’s desperation this time the authority is issuing cheques in hurry. GNIDA will give the increased cash compensation to only those farmers who agree to the deal through affidavits, stating they will withdraw petitions and will never challenge the deal in court. The authority, three years ago acquired 589 hectares of land in Patwari at Rs 850 per sq m. About 15% of farmers have not accepted the compensation. Now, the compensation has been hiked to Rs 1400 per sq m. Of Rs 550 hiked, Rs 290 will be borne by the builders.

Property Prices Set to Soar in Twin Cities

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The lands in Noida and Greater Noida will make houses costlier in both cities. Out of 54 villages in Noida, 40 have been agitating for plots for years. So, more land is still required. There will be no land left for allotment to developers. Demand for land is ever increasing; land prices are bound to go up considerably. Apart from 10,000 odd farmers who are seeking developed land plots, about 4500 farmers in 11 villages of Noida, whose land was acquired before 1997 have also launched an agitation.

The authority says in order to meet the demand the option of raising floor area ratio that allows construction of bulkier buildings. But this alone can’t solve the crisis. The land rates have to go up.

In Greater Noida, the situation is different. Here, two court decisions have quashed forcible acquisition of about 750 hectares of land in two villages. Other villages have also moved court. The process of out-of-court settlement is on. If the farmers are paid more, land prices automatically will go up. If there is no out-of-court settlement, land has to be reacquired under the state’s new acquisition policy, which leaves less saleable land with the authority.

Talks Fails, GNIDA CEO faces ‘Hostile’ Crowd.

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Greater Noida: 11 days left for the state government to work out an out of court settlement with Noida Extension farmers, the GNIDA has rushed talks but without success. The discussion between authority and the farmers of Patwari village failed on the issue of compensation, because back to back court orders quashing forcible land acquisition. The fate of 1 lakh houses in Noida Extension hangs in the balance.

The CEO of GNIDA Rama Raman, faced a hostile crowd of farmers, who said if the authority could not hike the compensation then there is no point of holding this discussion. They also accused the authority of trying dividing farmers by giving rehabilitations and other benefits to selected farmers, to weaken the movement against land acquisition.

Farmer leader said the authority is trying to play divide and rule policy by keeping land of some influential farmers. He told CEO, no out of court settlement could be reached out without hiking the compensation. The CEO said 4 bighas of land belonging to the village head would be regularized and not termed as encroachment.

The discussion between the authority and the Patwari village’s farmers failed on the issue of compensation. The authority wants to acquire the land and pay according to new acquisition and rehabilitation policy which allows the authority to give farmers bigger developed land plots, Rs 200 more per sqm as cash compensation, besides annuity payouts.

Farmers should be Given Right to Sell 100% of their Land – BJP

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The BJP has said that the draft Land Acquisition and Resettlement and Rehabilitation Bill 2011, which is now in public domain, is good but cannot be accepted in its existing format.

Sangh Priya Gautam, the former Union minister said, farmer should be given the right to sell 100% of their land. In Greater Noida, the Formula 1 racetrack required only 1000 acres of land but 2500 acres were acquired and allotted to a private builder by the government.

Land should be taken on lease from farmers. The ownership should remain with farmers, said a BJP leader. Another major aspect of the centre’s draft is that the urgency clause can be imposed only at the time of natural calamity or can be imposed in case of national security.

Supreme Court orders cooperative flat owners in Noida to register as per new circle rates.

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NEW DELHI: Cooperative housing societies in Noida were dealt a major blow on Wednesday when Supreme Court ordered individual registration of their flats as per the prevailing circle rates. According to the Uttar Pradesh stamp department, the judgement would affect around 15,000 flat owners and leave the government richer by roughly INR 100 crore.

A special bench of justices Dalveer Bhandari and HS Bedi passed the direction while dismissing applications byArmy Welfare Housing Organisation and others challenging the Noida Authority’s decision to recover stamp duty on the basis of current rates. According to counsel Abha Sharma appearing for several flat owners, the decision would cause a liability ranging from Rs 2 lakh to Rs 3 lakh in stamp duty, which was the original cost of construction of houses in 1992. The high registration fees are a result of the real estate boom of the last decade. For instance, a three-bedroom flat in Noida that cost Rs 11 lakh just 10 years ago now costs at least Rs 60 lakh.

Shaken by the order, the affected societies on Wednesday said they would appeal to the court to review its decision.

Noida Authority and Builders Hope for Solution.

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Allahabad High Court is have given Noida Authority time for 02 weeks to sort out the crisis with farmers. The authority have now time to sort out things with farmers, builders and buyers which is a positive intervention. This is providing a window for renegotiating and thus may result in solving issues between all and comes out with a solution that protects the interests of all – buyers, farmers, builders and the state.

Balwinder Kumar the Chairperson of Noida Authority  said, that the authority has announced its willingness to negotiate with Noida farmers. The CEO Rama Raman says, the court’s direction are welcome and they will immediatly start talking to the villagers. The Authority now wants to reassure the aggrieved villagers that we are on their side, and willing to sort out all their issues.

The court directions will benefit all the involved parties. All are hopeful that the Authority will sort out the land row at the earliest.

Proposed Delhi Metro Project to Greater Noida through Noida Extension Shelved

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In Noida extension land buyers woes know no end. The Allahabad court quashed acquisition of about 600 hectares of land in village Patwari. Almost 20,000 buyers have been affected. But the damage caused is huge.  The court deferred its hearing on a petition till July 26 challenging the acquisition of 466 hectares of land in Roza-Yaqoobpur village.

The GNIDA will have to dig up two important inter-city road links and make the stretch fit for cultivation. The authority will not be able to build its Metro line from Noida to Greater Noida via Noida extension. The CEO Rama Raman, GNIDA, confirmed the undoing of the road links and shelving of Metro  project.

GNIDA has so far spent INR 1500 crore in Noida extension in terms of development to its infrastructure. The common catchphrase is, when roads have to be dug up and returned then why build one? The Deputy CEO Akhilesh Singh of GNIDA said, 70% work on Greater Noida – Noida road which is 130mtr wide and 28 Km long is over. The link was even operational in patches. But since it passes through Shahberi, Patwari and some other villages, so this road might have to be returned to the farmers in the form of agricultural field. Similarly, the Greater Noida – Ghaziabad road which stretches 60mtr wide, 22 Km long will have to be undone as its land also falls within the affected areas of Noida Extension.

Greater Noida Buyers Left in dilemma.

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Over 5000 middle class buyers of Noida Extension apartments are in terrible situation. They are the sufferers of the conspiracy of the developers and Greater Noida Industrial Development Authority. Buyers were never told that the land was the subject of the court dispute. Now the buyers are in the dilemma. Either they have to bear the interest on the loans they had taken from the banks or agree to the terms of the builders who are suggesting them to take flats of any other project. The buyers are seeking refund but the buyers says they will deduct the penalty and refund the amount. Also, the banks are not ready to refund them the interest buyers have already paid for the loans taken. This is a double whammy for the buyers as many of them have invested their life time savings to purchase their dream home in Greater Noida.

Bankers have suggested buyers to relocate to a new project of the same builder so that the buyer don’t lose on the interest amount, but this would be completly on the mercy of the builder, they would charge current rates which are high and may not give any discounts. Forget about the lifestyle the buyers were dreaming.

In these circumstances, buyers have no other option but to go to the Supreme Court.  The lawyers are also suggesting buyers to settle down with the builders but some of the lawyers are ready for court.

Those who have invested their hard earned incomes and life-time savings in buying houses should definitely get justice, they deserve it. This mess is created because of the GRIDA and the developers, then why should the buyers suffer.

Buyers of Houses in Noida Extension on Roads for Full Refund.

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The buyers who had invested their money in houses which were to be constructed in Noida extension have come out over the roads to plea the Supreme court for their justice. The builders who have been affected with SC’s decision are refunding money to buyers but after certain deductions. The buyers are the most affected ones because of this decision.

The buyers have moved on to the roads to demand justice for the same. They are requesting the Supreme court to make a statement to builders to refund their entire money without any deductions. The builders have intimated the buyers that if they want to take back their money for their properties those are booked in Noida extension then they will have to bear some charges, for which the buyers disagree. These deduction means approximately 2 lakhs of the amount would be treated as cancellation penalty for a flat. So, the buyers are demanding justice from the Supreme Court.

The Supreme Court Upheld the Noida Extension Order

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The Supreme court had upheld the order of Allahabad High Court that had nullified the possession of Greater Noida Authority of land of Greater Noida in Shahberi Village. Also, Supreme Court had imposed a fine of INR 10 lakh on the Greater Noida Authority. The SC said the Greater Noida Authority bought lands from farmers for industrial projects but later they changed the land usage to residential projects which is a complete act of violation of the purpose of the land. The SC’s decision is likely to affect several builders – Amarpali, Ajnara, Mahagun, Supertech and Panchsheel.

On the contrary, Supertech Limited has not launched or sold any project on the land falling in this village. This village is closest to the project Eco Village2 but the current land of this project does not belong to this village. Construction is on for all the 3 projects – Ecovillage-1, Ecovillage-2, Ecovillage-3) in Noida Extn. Thus all the investments are fully safe and project would be completed on time. The Ecovillage housing are affordable with starting price as 9.85 lakhs.

So, Noida Extension’s loss will yield an unexpected gain for other locations such as Noida, Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension?

Real estate prices fly in Delhi, NCR

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NEW DELHI: Real estate prices in some areas of the NCR glided high by 20 to 27%  in the first quarter of the current financial year as compared to the subsequent period of 2010-1. “Property prices for Delhi have seen boom if we compare per square feet prices of Q1-11 over Q1-10. Certain key areas like Sarita Vihar and Rohini have seen 27% and 20% growth respectivly in prices compared to prices over Q1-10”.

According to a report, the upward price sentiment would continue as the prices on average are hiking up by 15%. The South Delhi locality Sarita Vihar’s PSF prices rise by 27.60% at INR 8,110 as compared to Inr6,356 in the period of 2010-11, while north Delhi-based Rohini’s PSF prices increased by 25%. This is followed by Patparganj at a PSF price appreciation of 21.68%. Other localities like southwest Delhi-based Dwarka sub city’s PSF price also increased by 28 % in sector-11 and sector-2.

Realty prices in suburban NCR like Noida and Gurgaon also increased because of metro rail services came into operation. Prices per square feet in sector 110 and sector 93 of Noida also moved up by 16 %  and 11 % respectively,  as compared to prices in the corresponding period of last financial year. “Gurgaon witnessed an upgoing trend in property prices. Properties located on the Sohna Road and DLF City phase IV have seen the highest growth in prices by 46 % and 42 %, respectively, in Q1-11 over Q1-10”.