Monthly Archives: July 2013
Crossings Republik is living up to its promise as a global township — recently, it got its own postal code, and an excellent shuttle service to the nearest Metro stations, making its connectivity with the rest of the Delhi NCR seamless.
In order to provide quality lifestyle to its residents, Crossings Infrastructure Pvt Ltd was floated by the seven developers to maintain and upkeep Crossings Republik, one of the first private townships in the country.
The township is spread over 300 acres and is projected to have a population of around 75,000 when fully occupied.
The township has already developed a golf course, a lake, and a clubhouse. The township has also earmarked four plots of land for higher secondary schools; also, sources said the consortium is identifying four world-class groups, already managing quality school chains in the country, to run these schools in the township. The consortium has also earmarked land for a multi-speciality hospital inside the township. The management is in discussion with a number of groups for this purpose.
The schools and the hospital will add value to the townships as it is expected to have a total of over 22,000 residential units. Besides Crossings Republik, a number of other townships and housing projects are being developed by many other developers in the vicinity.
Crossings Republik got a fully dedicated transport service to the Delhi Metro stations like Vaishali, Kaushambi, Noida City Centre, and Sector 18 in July. One can now easily reach these stations using the township’s own shuttle service. Three services each have been scheduled, daily, to the Vaishali, Kaushambi, Noida City Centre, and Sector 18 Metro stations, which will suit the office timings of the commuters.
The shuttle bus service was inaugurated by Sanjeev Srivastva, whole-time director of Crossings Infrastructure Pvt Ltd. The inauguration of the bus service from the township will help residents commute easily to the other parts of the NCR, Srivastava said. “We are constantly working on providing improved facilities and this shuttle service will continue till the residents get all the necessary facilities within the township,” Srivastva said. Manoj Gaur, wholetime director of Crossings Infrastructure Pvt Ltd, says: “A separate bus service for the township means it now officially has its own transport service on the ground. This year we had a specific postal code and last year, a police station was inaugurated.We have inched another step closer in making Crossings Republik the most sought-after destination.”
To address the common problem of easy-to-access connectivity with Greater Noida Extension and other parts of the NCR, the management of Crossings is constructing a 24 -meter-wide road. The road offers all public facilities and has a green belt. It has been opened to public on a temporary basis but will become fully operational by October 2013.
If you live in Crossings Republik, you can reach:
- Pari Chowk in 22-25 minutes
- NH- 24 in 10 minutes
- Noida City Centre in 30 minutes
- Dankaur highway in 30-35 minutes
- Noida’s Sectors 61, 62, 63 in 20 minutes
- Gaur City in 5-8 minutes
- Crossings golf club
The lush green, beautifully designed landscape of Crossings Republik Golf Club (CRGC) is an added attraction to the area. CRGC is a 9-hole golf course replete with flora and fauna, well-crafted bunkers and spectacular lakes.
The golf course offers a wide variety of leisurely activities for the residents and the visitors: a practice range for the beginners, a 9-hole round for the avid golfers, and a family clubhouse with fabulous amenities including a lounge and a multi-cuisine restaurant.
The course becomes lively on weekends and one can see amateurs training under the guidance of specialists of the CRGC Golf Academy, even as ardent golfers put at the course and families enjoy the coffee and scenic beauty.
The Crossings Republik Golf Club has developed into a centre of attraction of the township with a host of social events being conducted there regularly.
Tambola parties, fancy dress competitions, couple’s evening, etc, have become major crowd pullers. The residents here look forward to such recreational events, which also facilitates immensely in increasing the social circle and interaction amongst the residents of Crossings, an official of the management said.
Cafe Plaza has also been opened at the Lake Arcade area of the Golf Club. “The magnificent view of the setting sun pulls the crowds towards the Plaza in the evenings. Residents generally either stroll or sit and enjoy the sight of the beautifully-lit Golf Course in the late evenings. The refreshments served by Cafe Plaza are an added flavour to their sightseeing,” the official says.
The spectacular rate of growth of the facilities being offered to the residents of Crossings Republik, every passing day, has led to a rise in its resident population in the past one year – this trend is still on its upward curve.
Another milestone was added to Crossings Republik when a sub-post office was inaugurated in Galleria Market by R K B Singh, director (Postal Service) of the Ghaziabad region. It was also allotted an exclusive Pin Code, 201016. A separate postal code to the area means it is now officially a region in itself, Manoj Gaur says.
- Crossings Republik got a fully dedicated transport service to the Delhi metro stations like Vaishali, Kaushambi, Noida City Centre, and sector 18 in July. One can now easily reach these stations using the township’s own shuttle service.
- Another milestone was added to Crossings Republik when a sub-post office — with an exclusive pin code – 201016 — was inaugurated in galleria market.
Crossings Republik, one of the first planned townships by private developers in the Delhi NCR, is a big hit with end users with nearly 6,000 families having already moved in.
Crossings Republik is one of the first planned townships developed by private real estate firms in the Delhi NCR. With the fast-developing township taking the planned shape and with people, especially end users, buying here in big numbers, the place has now become synonymous with National Highway 24.
Crossings Republik was launched in 2006 with a plan for around 22,136 residential units; out of this nearly 8,500 flats are ready and around 6,000 families have already taken occupancy.
There are many more ready-to-move-in flats available at affordable rates here. It is estimated that around 75,000 residents will stay in this global township when it is fully complete.
Sanjeev Srivastva, whole-time director of Crossings Infrastructure Pvt Ltd and MD of Assotech Ltd, says: “The real attraction for people is to live in planned and developed areas and these kind of residential townships give them the opportunity to live their dreams. It is for this reason that CR is gaining popularity and the movement of people has added to its attraction. We have several people enquiring about the facilities here every day, and once the full complement of social and physical infrastructure is in place, the place will surely be a heaven for residential purposes.”
Developers who have ready-to-move-in flats in Crossings Republik are Assotech Limited, Gaursons India Limited, Mahagun India Pvt Ltd, Panchsheel and Paramount Group, and flats of Crossings Infrastructure Pvt Ltd.
One of the most important aspects of any real estate destination is the connectivity to the area. People look for areas that give them multiple options of connectivity that enable them to easily move to and from the area.
Crossings Republik has a number of connectivity options that will make the lives of people much easier.
One road is being developed to connect Crossings Republik to Noida and another one, under way, will take people to NH-24 by cutting out all the traffic chaos. There is another road that leads to Yamuna Expressway and also connects to Pari Chowk.
As connectivity adds to the attractiveness of a residential or commercial destination, Crossings Infrastructure Pvt Ltd has taken a private initiative to buy land from farmers, which will be used to connect the township with FNG Road, less than 100 yards away -there is a canal in between, on which a wide bridge has already been built.
Manoj Gaur of Gaursons said the connectivity to FNG road would become operational in the next one month. After this, the traffic from Crossings Republik can easily reach NH-24 and head for Delhi and Noida, bypassing the congestion of Vijay Nagar on NH-24. As residents and visitors will be able to avoid the traffic congestion at NH-24, the driving time to Delhi will reduce considerably.
Another plus point of CR is the proposed Metro at Greater Noida West, which will be a few minutes’ drive from the township.
To ease the traffic in and around the township, CR has taken initiative to help develop a few underpasses in the vicinity. Crossings Infrastructure Private Limited, with the help of Ghaziabad Development Authority (GDA), contributed towards the development of two underpasses on NH-24.
One is at Kala Patthar, which will help in easing traffic congestion on NH-24, and will allow vehicles from Indirapuram (Ghaziabad) to enter Noida via Sector 62. Another underpass is at CISF Chowk, which will facilitate free flow of traffic from Vasundhara, Indirapuram, and Vaishali to Noida’s Sector 63.
One of the major attractions of Crossings Republik is the 9-hole golf course, which is already operational, and a golf academy at this golf course for the residents. The academy has been opened under the aegis of the Delhi Golf House, the first international training facility recognized by the United States Golf Association (USGA).
Rajesh Khanna’s last film “Riyasat” has an unusual debut – the debut of a township, and a debut that marks the maturing of the township. A substantial portion of the film was shot at Crossings Republik in 2011.
Rajesh Khanna shot for this film before he died on July 18, 2012. “Riyasat” has been produced and directed by Ashok Tyagi and also stars Gauri Kulkarni, Aryan Vaid, Raza Murad and Aryeman Ramsay. The late superstar has a prominent role in the movie and Crossings Republik has almost half an hour of the film’s run shot here.
Some of the climax scenes have been shot here; Raza Murad, Aryan Vaid, Shabbir Ali, and Aryeman Ramsay were at the township for these scenes. For the township, the shooting is an assurance that things are moving in the right direction.
- Originally, Crossings Republik was planned by a consortium of seven real estate developers, and is spread over 360 acres.
- Started in December 2006, the township has over 6,000 families in residence here now.
- About 8,500 more ready-to-move-in flats are available here.
- The township has 4,751 2BHK apartments, 6,708 3BHK apartments and 1,219 4BHK units.
- The land was acquired to develop a township under the UP government’s township policy of 2005. Under the township policy, rules were laid down for three categories of townships – A, B and C. Crossings Republik falls under category A as it has a land bank of 100 to 500 acres.
- Farmers of Dundahera village directly sold 60% of the land to builders for the projects in Crossings Republik.
- Crossings Republik was designed by SASAKI Associate, a Boston-based interdisciplinary planning and design firm, in association with S K Das Associated Architects, Delhi.
- The USP of the township is the green cover provided by 30,000 trees, already planted, and a sprawling 9-hole golf course spread over 50 acres.
- Pedestrians have been given importance over vehicular traffic, as there are dedicated footpaths with green buffer zones and plenty of street infrastructure like benches, garbage bins, bus shelters and, most importantly, table-top road crossings have been provided to cross over.
- Sewage and water, once treated in STP, is being used for irrigation, sanitary purpose, landscaping and greenery through well-laid network of pipes in the township.
- Rainwater spin-off is prevented through a series of rainwater harvesting pits.
- Total length of roads in the township is 10km, out of which 6 km road length is ready for use.
- Around 20 km of footpath and cycle track has been planned, of which around 8 km is ready.
- Electricity: Crossings Republik will have a dedicated 132 KV feeder from Dadri UPPCL substation; 60 towers for 132KV line; 33/11 KV substation (5 in number).
- A police post has already been inaugurated in the township.
- Indraprastha Gas Limited (IGL) has laid a network of pipes to supply PNG & CNG for domestic, commercial and vehicular consumption in the township.
- The USP of the township is the green cover provided by 30,000 trees, already planted, and a sprawling 9-hole golf course spread over 50 acres.
- Crossings Republik has a number of connectivity options: one road is being developed to connect the town to Noida and another one, under way, will take people to nh-24 by cutting out all the traffic chaos.
Greater Noida West is buzzing with activity — almost 65 developers have come up with a slew of projects here with multiple options. As most of the projects are in the affordable range, the area has become a real estate destination for middle-income people.
Greater Noida West, earlier known as Noida Extension, has now become one of the favourite residential zones for middle-class buyers as the place offers properties in the affordable range, compared to other parts of the Delhi NCR like Noida Expressway, Dwarka, Gurgaon Expressway, and NH-8.
As per a survey by MagicBricks.com, the area has the lowest property prices in the Noida area and is fast becoming a residential hub. The future of this area is bright and buyers have already started reaping benefits in terms of price appreciation of their property.
Moving on from controversies, the local authorities are swiftly laying down the necessary infrastructure – water, roads, and electricity. A green belt has been set aside for the area and connectivity is going to be smoother once the Metro line starts operations in this area in a couple of years. The area is already well connected to Delhi via Noida.
Greater Noida West has been planned over nearly 3,635 hectares (8,980 acres) and is around 4-5 km from Sector 121, Noida. Today, the area is buzzing with activity as almost 65 developers have come up with a slew of projects offering 1-, 2-, 3 BHK flats, villas, and independent floors at affordable rates. According to one estimate, over 2.5 lakh housing units are slated to be delivered in the next 2-3 years, and, ultimately, the area is expected to cater to a population of over 10 lakh in the near future.
Buyers who can’t afford to purchase a house or flat in Noida can certainly go to this newly developing area where they have multiple options at affordable rates. The average property rates here are in the range of Rs 2,700-3,500 per sq ft. “Realtors in this area are registering a large number of transactions. We are booking over 40 units per month for various builders in Noida Extension,” a property consultant in the area said.
“There is a blend of investors as well as end users in the people looking for deals in Greater Noida West. However, the professional and working-class segment of the Delhi NCR constitutes a majority of the buyers. We receive a huge clientele from the Delhi NCR due to the affordable prices here. We have a lot of end users working in areas like Delhi, Noida, and Greater Noida, who commute from here on regular a basis,” Ashok Gupta, managing director of Ajnara India Ltd, said.
There are more than 75 projects available for booking in Greater Noida West; these are by top builders like Amrapali, Supertech, Gaursons Group, Ajnara India Ltd, Antriksh Group, Addela Group, Rajnigandha, Nirala Group, Earth Infrastructures, Premia Group, Panchsheel, Paramount, AVJ Group, etc.
The possessions for most of the projects are expected within a period of 2-3 years. The new projects coming up here are located adjacent to Noida’s Sector 121 and face the 130m road, now known as Noida-Greater Noida Link Road. This stretch is currently under construction, with the first 10km likely to be operational soon. A 60m road connecting to NH-24 also passes through the area.
In terms of land bank Amrapali, Supertech, and Gaursons are on the top. The developing area is all set to give a tough fight primarily in terms of price and location. Commercial and corporate activities are also planned for the area as rates here are less compared to the developed sectors of Greater Noida and Noida.
Amrapali Group has a total land bank of 372.96 acres here. The firm has projects like Amrapali Golf Homes, Amrapali Verona Heights, Amrapali Leisure Park, Amrapali Dream Valley, Amrapali Leisure Valley, Amrapali Spring Meadows, Amrapali La Residentia, and Amrapali Centurian. Gaursons Ltd has 237 acres here. The firm is developing Gaur City 1 on 125 acres in Sector 4, Gaur City 2 on 115 acres in Sector 16C, and Gaur Saundaryam on 17 acres. Supertech Group has projects like Eco Village 1, Eco Village 2, Eco Village 3, and Oxford Square over 100 acres here.
Anil Sharma, president of Credai-NCR and CMD of Amrapali Group, says: “Despite various hurdles and issues, developers are concentrating on speedy construction of projects in Greater Noida West, so that the buyers here do not suffer any further. We are working on the latest technologies like precast technology and others so that buyers can be assured about timely delivery of their homes. There are some minor issues which are affecting the growth. But, we are confident of overcoming them with active support of the authorities concerned.”
R K Arora, CMD of Supertech Limited, says: “As per our commitment we are in position to deliver more 16,000 flats by 2015. In addition, projects like Eco Loft (studio apartments) and Albaria are likely to be completed by 2017.”
Gaursons Ltd is developing its mega projects on 237 acres here: 125 acres in Sector 4 for Gaur City 1 and 112 acres in Sector 16C for Gaur City 2. “In Gaur City 1, we are building 8,000 flats and hope to deliver them by 2013. In Gaur City 2, 14,000 flats will be delivered by December 2014,” Manoj Gaur, managing director of Gaursons Ltd, said.
Antriksh Group is developing Antriksh Golf Link on 61,000 sq metres in Sector 1. Rakesh Yadav, MD of Antriksh Engineers Ltd, says: “The project will have an inbuilt facility of controlling almost every electronic appliance of your home from faraway places. Some of the features of the project are the solar-based street-lighting, which will make it an energy efficient project, security and surveillance in the entire society, Wi-Fi connectivity, fire alarm systems, intercom, boom barriers, digital locking system for doors, and ample and ventilated basement parking space.”
Addela Group is developing its new project, Raj Residency, which have 2- and 3BHK apartments in varying sizes like 1,080 sqft, 1,340 sq ft, and 1,398 sq ft, in Sector 16, Greater Noida West. Sunil Mittal, managing director of Addela Group, says: “We are fully committed to meeting the housing demand in Greater Noida West and assure our customers complete satisfaction. We have received overwhelming response from our customers and are committed to providing them with all the required facilities in our ongoing housing project.”
Commercial Projects in Greater Noida West:
In addition to the residential set-up, developers have also launched commercial projects: Amrapali Group has launched Amrapali Techno Park, Premia Group has Premia Corporate City, Earth Infrastructures has launched Earth Commercial Park, Imperia; apart from this, a number of 5-star hotels, malls, offices, etc, are coming up in this developing township.
Premia Corporate City is building executive apartments with ultra luxurious facilities. Tarun Shienh, managing director of Premia Group, says: “The developing township is a fine place for business and suits contemporary corporate requirements. Our aim is to give the best options to our clients and we are going to deliver this corporate centre in line with their expectations; this project in close vicinity to all the prime locations of the Delhi NCR.”
Arvind Singh, managing director of Krasa Group, says: “After the initial hiccups, the area has come full circle with huge demand – property prices here are even soaring. The best time to invest in any area is during its initial growth when one can expect very good returns on investment.”
Greater Noida West has excellent connectivity with Greater Noida, Noida, as well as Delhi. With the proposed Metro line expected to link the area in the near future, the prospects of this place are very bright and demand can only improve for the property here.
To provide direct connectivity to the existing Sector 32, the Metro line will be extended up to Greater Noida West via Sector 72. The 7 km-long stretch is estimated to cost around Rs 1,400 crore – Noida and Greater Noida authorities, depending on the territory falling under their jurisdiction, and expected to mobilize Rs 1,100 crore. At least two stations are proposed to be built on this line. The City Centre Metro station, which is proposed to link Sector 62, will branch out at Sector 71 to take the line till Greater Noida West.
A 100-metre-wide commercial belt is planned on one side of the 130-metre road as per the Master Plan-2021. Phase II of the Metro project will connect Knowledge Park 4, Sector I in Greater Noida, and Noida’s Sectors 71 and 72 with the Sector 32 City Centre.
No of Developers: 65
No of Projects: 75
Possession of housing projects: In 2-3 years
GNIDA has done a great job of developing Greater Noida into one of the best-planned cities in the country and the authority’s acumen will be visible in Greater Noida West as well.
As one drives 7 km from Noida City Centre and reaches the main roundabout (with four statues of Buddha), which marks the start of Greater Noida West (formerly called Noida Extension), what grabs your attention is the numerous stalls of property brokers that have mushroomed along the way.
The area around the roundabout is chock-a-block with them. However, only a few months ago,this area had a deserted look. Obviously, the NCR Planning Board’s approval of the Greater Noida Authority’s master plan, a clear go-ahead for the projects in Noida Extension, has revived this moribund market.
Despite Greater Noida’s wonderful planning and sound infrastructure, its distance has always been a disadvantage (Pari Chowk is 22km from Amity Chowk). Greater Noida West does not suffer from this handicap.
Sectors 18, 32 or 62 in Noida are barely 5-15 minutes from Greater Noida West, on a brisk drive. This means that residents who move into this area first (when its own social infrastructure is not fully developed) can depend on Noida’s infrastructure in the early days.
A number of key places are easily accessible from Greater Noida West. NH-24 is barely 3km from the roundabout. Lal Kuan in Ghaziabad is 6.5km away. Yamaha Chowk in Greater Noida is 12km away and LG Chowk 15km. Anand Vihar lies at a distance of 14km and Amity Chowk at around 12km.
The area is also well connected. Its arterial road will soon be developed into a 130-metre-wide road – the very road that comes from Sector 121 in Noida, extending into the whole of Greater Noida West, and ending up at Pari Chowk. The UP state government and the Delhi Metro Rail Corporation (DMRC) have approved a plan for a Metro line to the area. The line that currently ends near Sector 32 will be extended further along the 130-metre road to Greater Noida West.
If you are coming from Sector 121 of Noida and turn left at the main roundabout (with the Buddha statues),you come to a 100-metre road that connects with NH-24 and further with Meerut Road. A flyover is to be constructed on this road that will ease the flow of traffic from Meerut Road to Greater Noida West.
GNIDA has done a great job of developing Greater Noida into one of the best planned cities in the country. The authority’s planning acumen will be visible in Greater Noida West as well.
First, there is the 130-metre road. Spanning one side of it will be a green belt that will serve as the area’s lungs. The NCR Planning Board’s technical committee, prior to the approval for GNIDA’s master plan, stipulated that 16% of the total area be earmarked for green spaces. On the other side, land has been allocated for a commercial belt. Sector roads in Greater Noida West will be 60 metres wide with all the main roads coming with service roads. Provision for sewage lines, a power station, IT and other offices, commercial spaces, schools and hospitals and even a sports city of international standard, over 17 acres within the Gaur’s project,have all been made in the master plan.
Depending on the location (proximity to the roundabout) and the builder’s reputation, the pricing of apartments in Greater Noida West are in the range of Rs 2,700-3,400 per square feet. Before the farmers’ stir began more than a year earlier, prices were in the range of Rs 1,800-2,000 per square feet.
A variety of factors have caused this price rise. In order to sort out the controversies related to the land acquisition, the authorities enforced the high court’s order to increase the compensation to the farmers, along with other benefits. The authorities passed on the added cost to the builders, but, the builders decided not to pass on the cost to existing buyers. All the builders had already sold around 25% of their projects at the rate of around Rs 1,800-2,400 per sq ft.
But to recover the additional cost of compensation to the farmers, builders decided to raise the prices of the apartments that were yet to be sold and now the rates here are quoting in the range of Rs 2,700-3,500 per sq ft.
Besides,as the construction work came to a standstill during the land agitation, supply also became limited. This too enabled developers to raise the prices of their unsold inventory. Inflationary pressures due to higher raw material prices also contributed to the price rise. Nonetheless, the area will still find takers because prices are still perceived to be on the lower side compared to other areas in the same vicinity. Just across the Hindon river, apartments are being sold at upwards of Rs 4,500 per sq ft.
Nearly 3,000 acre of land has to be developed in Greater Noida West and around 50 projects have already been announced. According to available information,the number of projects here could rise to over 100 in the future.
The biggest developers here, based on their land banks, are Gaursons (Gaur City I and II over 250 acres; it will have 25,000 flats in all), Amrapali (Centurion Park,Golf Homes,Leisure Valley,Leisure Park, Kingswood, Terrace Home, Dream Valley and Verona Heights among others), and Supertech (Eco Village I, II and III).The others are Mahagun (My Woods), Ajnara (two projects), Patel, Nirala, Sam India Abhimanyu Housing (Palm Olympia), Exotica, Panchsheel (Green I), Earth Infrastructure, etc. Possession of apartments in some of these projects is likely, at the earliest, by June 2014.
The Regulatory Situation:
The NCR Planning Board has already given clearance to the GNIDA’s master plan. With this, the main hurdle appears to have been cleared because the high court, while placing a ban on construction, had said that the authority must get the NCR Planning Board’s approval.
Should End Users Buy:
End users may consider the area because it is attractive. Manoj Gaur, managing director of Gaursons India, says: “Factors like location, infrastructure and pricing make it perhaps the most attractive destination in the NCR today. Usually, one finds that if location and infrastructure are good, prices tend to be high. Here, as the volume of construction being undertaken is high and the FAR (floor area ratio) allowed is high, prices are reasonable for end users.”
Before purchasing a project, ask for the builder’s papers to ensure that his project land is not disputed. Also, take a look at the master plan to ensure that the project’s location is favourable. Finally, go with a builder who has a track record of several finished projects; whether you can afford reputed builders will, of course, depend on your budget, as their projects tend to be more expensive.
A sound bet for Investors:
Investors who purchased flats here a year or so earlier, in the Rs 1,800-2,000 per square feet range, have already reaped good appreciation with prices rising to the Rs 2,700-3,400 level. The market is now likely to take a breather, as the supply is likely to increase in future with about 2 lakh units planned here.
Consultants also advise people to invest in this area. They argue prices are likely to stay stable at current levels for a couple of quarters or climb only marginally. Gaur of Gaursons says that the next spurt will happen in the middle of the next year, when builders start giving possession of flats. Thereafter, the next spurt could come,he says,when the Metro line becomes operational. Hence, only the patient investor should enter this market now.
- Sector roads in Greater Noida West will be 60 meters wide with all the main roads coming with service roads.
- Factors like location, infrastructure and pricing make greater Noida west perhaps the most attractive destination in the NCR today.
Greater Noida West has become a beehive of construction activity and after a Metro line was proposed for the place via Sector 71, end users and investors are beginning to flock back to the area.
Greater Noida West (formerly Noida Extension) is now free from all legal hurdles and builders and developers have resumed construction here and are even planning to launch new projects.
Greater Noida’s Master Plan 2021, approved by the NCR Planning Board (NCRPB), includes new infrastructure like expressways, major road networks, Metro connectivity and increase of per person per hectare (ppph) density of the planned population of the area from 54 to 200 ppph.
Why Greater Noida West:
Spread over nearly 3,635 hectare (8,980 acres), Greater Noida West is well connected to Noida. It is 4-5 km from Sector 121, Noida; a road from Sector 121 passes over Hindon and connects Sectors 1, 2, 3, 4, 16B, 16C, 10, 12, Techzone, Knowledge Park 5, etc, in Greater Noida. This road connects further to a 60 m wide road coming from NH-24.
More than 50 builders and developers have been allotted plots here for constructing residential units, high rise and low-rise structures, to cater to a projected population of 10 lakh. As per an estimate, over 2.5 lakh built-up houses would be delivered in the next three-four years.
For some time, the land acquisition row had put a question mark on the fate of Greater Noida West, which was marketed as one of the prime locations for affordable range of housing units. After dismissal of the review petition of farmers and the authority by the Allahabad high court, the NCR Planning Board came into the picture and approved the master plan for the area.
The biggest challenge was whether the Noida and Greater Noida authorities have taken necessary approvals for acquisition, planning and development of areas or not. But, now, all such issues have been put to rest and construction has resumed.
After the resumption of construction work, the rates at Greater Noida West have also increased with builders having to pay for the increased compensation to the farmers as directed by the Allahabad high court.
The impact of the court verdict hit property prices hard. Once launched at Rs 1,800-2,400 per sq ft, the rates have now almost doubled and are quoting at Rs 2,800-3,500 per sq ft, depending on the location of the project. What began as a war for affordable homes among a handful of builders has now turned into a full-fledged race for luxury space in Greater Noida West.
Top developers are queuing up for their share of the pie. They are also charting a new course of growth through a two-pronged strategy of geographical expansion and diversification. Replicating their success they are extending their expertise in creating high-end communities by launching villas and luxury residential properties.
Once a prime location for affordable-range houses, today Greater Noida West offers a number of residential projects in various price brackets.
Amrapali, Supertech, and Gaursons are the top realty players here, in terms of land bank. In addition, many developers and builders are queuing up for building their projects here. Commercial and corporate activities are also planned for the area as rates are less compared to the developed sectors of Greater Noida and Noida.
Amrapali Group has a total land bank of 372.96 acres. The group has projects like Amrapali Golf Homes, Amrapali Verona Heights, Amrapali Leisure Park, Amrapali Dream Valley, Amrapali Leisure Valley, Amrapali Spring Meadows, Amrapali La Residentia, and Amrapali Centurian, etc. Gaursons Ltd has 237 acres. The group is developing Gaur City 1 on 125 acres in Sector 4, Gaur City 2 over 115 acres in Sector 16C, and Gaur Saundaryam over 17 acres. Supertech has projects like Eco village 1 and Eco Village 2.
Apart from these, developers like Antriksh, Mahagun, Ajnara, Paramount, Shubhkamna Group, Addela Group, Arihant, RG Group, Panchsheel, etc, have also launched their projects. Addela Group has recently launched Raj Residency on 5 acres in Sector 16.
Anil Sharma, CMD of Amrapali Group, says: “We are promoting five projects like Dream Valley, Leisure Valley, Golf Homes in this area; we will deliver 6,000 housing units ranging in the sizes from 500 sq ft to 1,700 sq ft here.”
Gaursons Ltd has 237 acres (125 acres in Sector 4 for Gaur City 1 and 112 acre in Sector 16C for Gaur City 2) to develop their mega projects. In Gaur City 1, a total of 8,000 flats are expected to be delivered by 2013. While in Gaur City 2, 14,000 flats are expected to be delivered by December 2014. “The first phase of Gaur City is expected to be completed by end of this year,” Manoj Gaur, MD of Gaursons Limited, said.
Antriksh Group has launched Antriksh Golf Link on 61,000 sq metres in Sector 1. Rakesh Yadav, MD of Antriksh Engineers Ltd, says: “The USPs of the project are the solar-based street lighting, which will make it an energy-efficient project; security and surveillance in the entire society, Wi-Fi connectivity, fire-alarm systems, intercoms, boom barriers, digital locking system for doors and well-ventilated basement parking space. The project will also have an inbuilt facility of remotely controlling almost every electronic appliance of your home.”
Supertech Group has Eco Village (over 50 acres). R K Arora, CMD of Supertech Ltd, says: “We are developing this project in two phases; the first phase is expected to be complete in the next 18 months. The project will have both highrises and low-rise apartments.”
Earth Infrastructures has two projects, Earth Sapphire Court, a commercial project, and Earth Towne, a residential project on 18.56 acres in Noida Extension.
Vikas Gupta, joint MD of Earth Infrastructures, says: “With world-class infrastructure including an eco-friendly business hub, green buildings, and the forthcoming residential, commercial and institutional units the area has no match.”
Vineet Gupta, director of Ajnara Group, says: “Looking at the major capital appreciation here, people want to book their houses before the next jump. Greater Noida West is going to be a very good real estate investment destination in the near future.”
To provide direct connectivity to Sector 32, a Metro line will be extended up to Greater Noida West via Sector 71. The City Centre Metro station, which is proposed to link Sector 62, will branch out at Sector 71 to take the line till Greater Noida West.
Under Phase II of the Metro connectivity, the project will connect Knowledge Park 4, Sector I in Greater Noida and Noida’s Sectors 71, 72 with the Sector 32’s City Centre.
- As per an estimate, over 2.5 lakh built-up houses would be delivered in the next three-four years.
- After the resumption of construction work, the rates at Greater Noida West have also increased with builders having to pay for the increased compensation to the farmers as directed by the Allahabad high court.
Greater Noida West is back in the game with the bustle of brick and mortar having resumed — at the same time, areas like Noida-Greater Noida and Crossings Republik are continuing to attract investors and end users owing to their competitive pricing.
The Delhi NCR has emerged as one of the fastest growing regions in the country. This has provided great opportunity to develop real estate — both commercial and residential — in and around the city. In fact, many analysts argue that the development of world-class real estate in Gurgaon and Noida helped the city attract investment in service sectors like information technology (IT) and IT-enabled services (ITeS), and financial sectors including banking, insurance, and retail.
The growth in economic activities led to creation of more gainful employment, which further created demand in almost all the sectors including real estate.
This is clear from the rise in demand for residential as well as commercial space since 2003-04 onwards, when the economy achieved an average growth rate of around 8%. Even in the present slowdown, there are many markets which provide huge opportunity to end users and investors.
In the Delhi NCR, demand for affordable housing continued to remain a big issue. In fact, in 1990s, Gurgaon and Noida were developed for affordable housing alone. But, later, as high-quality office space was built in Gurgaon, the landscape of real estate development in this once sleepy suburb changed completely, and it became a hub of the upwardly-mobile gentry and the high-income group. At present, there is hardly anything available for less than Rs 1 crore in Gurgaon.
This led to the emergence of Noida and Greater Noida, which opened up a huge space for the middle-class residents of the capital city. With worldclass infrastructure and superior connectivity, Noida, and some parts of Greater Noida, are within commutable distance from Delhi and Gurgaon and provide housing options within affordable range to the middle class.
Noida Extension, which is part of Greater Noida and now officially known as Greater Noida West, enjoys closeness to the central part of Noida and Delhi and has emerged as a hub for affordable housing with initial project launches back in 2009-10 quoting at Rs 1,800-2,000 per sq feet. At this cost, the dream of owning a home seemed a reality for most of the potential homebuyers and a lucrative investment opportunity for the investors, says Anshul Jain, chief executive of global consultancy firm DTZ.
Greater Noida West is spread over approximately 3,635 hectares (8,980 acres) and is around 4-5 km from Sector 121, Noida. Today, this area is buzzing with activity with nearly 65 developers ready with a number of projects which offer 1-, 2- and 3 BHK flats. One report says that nearly 2.5 lakh built-up houses and apartments would be delivered in this place in the next five years, catering to an estimated population of over 10 lakh in the near future.
However, due to land acquisition issues, which led to litigation over the compensation to the farmers of the area, the entire development here ground to a halt 2011. Interestingly, by then developers had sold almost 20% of the total apartments and villas, which were yet to be built, to the customers.
Finally, the Allahabad high court settled the issue and asked the Greater Noida authority to pay an increased compensation. The authority paid almost 50% of the original compensation as an additional amount to the farmers. The authority then passed on the additional cost to the developers, who, however, desisted from passing it down to the existing customers. But to recover the additional cost, developers had to increase the price of the remaining unsold apartments.
Developers as well as buyers and investors heaved a sigh of relief as the impasse over the area ended with the approval of Greater Noida’s Master Plan-2021 by the NCR Planning Board in August 2012, clearing the way for resumption of construction of hundreds of housing projects halted in the area.
Six- Part Special:
Even in the present slowdown, there are many markets which provide huge opportunities to end users and investors. Times Property is bringing out details of various such micro markets in a six part SPECIAL, beginning with this one. This issue deals with the affordable housing segment in Greater Noida West, Noida-Greater Noida, and Crossings Republik.
Despite, the developers’ decision to increase the price of apartments, Greater Noida West is still a hub of affordable housing in the NCR. The area has registered nearly 50% increase over the original launch prices in all the projects. Greater Noida West has maintained its USP as a hub for affordable housing, Anshul Jain of DTZ says. Even when all the other forthcoming residential markets in the NCR are quoting on average anywhere between Rs 5,500 and Rs 9,000 per sq ft, new launches in Greater Noida West are quoting on average Rs 3,200-3500 per sq ft. Due to this cost arbitrage, investors and end users are buying properties in the region, Jain said. The area will certainly see increased pace of real estate activity in the times to come and will fetch good returns for investors with an investment horizon of 2-4 years, Jain says.
Jones Lang LaSalle (JLL), another consultancy firm, said in a recent report that Noida-Greater Noida is a hotspot for investors. It said a location or submarket is categorized as a hotspot in a city when it is emerging as a self-sustained ecosystem with development at all levels. A location focused on residential segment and low or no commercial and entertainment options is not likely to sustain for a long time.
Similarly, a commercial hub with low or no residential development is likely to cause problems for the employees, who may seek alternate residential districts in the vicinity, which can reduce the commuting time to work and therefore is not sustainable.
In addition to the overall real estate development, infrastructure also plays a pivotal role in developing a location. Poor infrastructure or delayed infrastructural developments can eventually reduce the investment potential of the location, the report said. But, Noida and Greater Noida are known for their superior physical and social infrastructure.
Both the townships are well connected to Delhi by road. The key road connecting Noida and Greater Noida to Delhi is the DND flyover, which has reduced the driving time to South Delhi, and further to Gurgaon, considerably. Noida-Greater Noida Expressway further runs down and connects to Yamuna Expressway. The area is also well connected by Delhi Metro rail.
Besides this, Noida and Greater Noida have well-established social infrastructure. Key hospitals here include Apollo, Max, and Fortis. In addition to these, there are many other healthcare facilities. Noida and Greater Noida house major educational institutions like Indian Institute of Management (Lucknow), Army Institute of Management and Technology, Gautam Buddha University, and Noida International University. Many luxury hotels like Radisson, Fortune Inn, Mosaic Hotels, and Park Plaza are also present in this submarket.
In the last couple of years, as rentals of office space in Gurgaon went through the roof, Noida and Greater Noida have emerged as alternative cost-effective office destinations, the JLL report said. After the initial IT developments seen in Noida, it also developed IT parks and SEZs. Key IT park developments in Noida are Logix Cyber Park, DLF IT Park, Stellar IT Park, etc. Key SEZ developments in Noida are Unitech Infospace SEZ and 3C Oxygen SEZ, with a few more under development. Noida also has campus developments of IT firms like HCL, CSC, Havells, STMicroelectronics, Moser Baer, Wipro, and NIIT.
In addition to these, other IT-ITeS companies like Tech Mahindra, EXL, Fiserv, and Patni also have their offices in Noida. The submarket has about 23% of the Grade A office stock in the Delhi NCR, JLL report said. Noida saw stable absorption due to strong pre-commitments. However, it also saw tenants exiting out of this submarket as they consolidated their real estate portfolios.
Noida and Greater Noida have an oversupply of office space and therefore the rents in this submarket have been unable to appreciate in recent times. Learning from this trend, developers have started limiting construction of office spaces to rationalize the supply conditions. This is expected to increase the office rents going forward. Good connectivity and availability of campus style office spaces at relatively lower rents than Gurgaon are expected to drive the demand in this submarket, the report pointed out.
In a nutshell, Greater Noida West is back in the game with the bustle of brick and mortar resumed. Having said that, the potential buyers have to carefully evaluate the projects they choose to buy or invest in. They should carry out a thorough due diligence and ensure that the project is clear of all legal encumbrances, Anshul Jain of DTZ said.
- Greater Noida West is spread over nearly 8,980 acres and is around 4-5 km from sector 121, Noida.
- Potential buyers have to carefully evaluate the projects they choose to buy or invest in. They should carry out a thorough due diligence and ensure that the project is clear of all legal encumbrances.
Property can be bought and owned jointly by more than one person. There are some legal and financial implications in such a case that need to be taken care of so as to avoid disputes.
One of the most common reasons for owning property jointly is financial. People pool in funds to buy a property.
A common example of this is purchase of property by husband and wife. By clubbing their incomes, they are also eligible for a higher loan amount. The couple having separate sources of income may pool in their resources to buy a home.
When two or more people buy a property but do not specifically mention the share that each has in the property, a ‘tenancy-in-common’ is created. All the co-owners can use the entire property and every co-owner is deemed to be having an equal share in it. After the death of one of the co-owners, the interest in the house does not pass on to the other co-owners but to the legal heir or a person named in the Will of the deceased, who will then become a ‘tenant-in-common’ with the surviving co-owners.
In case the property is owned by two or more persons in equal shares, it is referred to as a joint tenancy. In case one of the joint tenants expires, his interest automatically passes on to the surviving joint tenant(s).
In case a property is jointly owned by two or more persons, the fact should be specifically mentioned in the sale deed. A property can be acquired by two or more persons jointly by pooling in their resources. Unless there is a contract to the contrary between the parties, co-owners will have a share in the property that is proportionate to the funds contributed by them to buy it.
The names of the co-owners, along with their respective shares of joint ownership or the ownership in the property should be clearly and specifically mentioned. As such, in case of any income from the property or any gains received on the transfer of such a property, the returns can be divided in the respective proportions of ownership.
Under the Transfer of Property Act, every joint or co-owner has a proprietary right of the entire property. Accordingly, a sale has to be with the consent of all coowners involved. Only in certain cases, the co-owners get exclusive rights to certain parts of the property, which one can transfer. In case of a house, consent has to be sought from all co-owners owning the house.
A co-owner is entitled to right of possession, use and to dispose off his share in the property if it is clearly stated in the deed. In case a co-owner is deprived of his property, he has a right to be put back in possession.
It is to be noted that mere co-ownership of property without reference to any specified extent would imply that the co-owners have equal interests in the property. For any specific, pre-agreed shares, the details have to specifically be mentioned in the property documents. The sale deed can specify the shares of the coowners – the proportion of ownership among the individuals.
In case one wishes to add a co-owner at a later stage he can execute a sale deed. He can sell a portion of the property to the other person and then get the sale deed registered as a co-owner of the property by paying the necessary charges. This will entail payment of stamp duty.
Alternatively, one can execute a gift deed. He will need to make a gift deed and get it executed on a stamp paper, and register it at the registrar’s office.
In case of co-ownership, transfer of property is easy as if one of the partners die. The surviving spouse then becomes the sole owner of the house.
Both the owners can claim tax benefits. Both can claim deductions of up to Rs 1.50 lakh against the interest paid on the home loan. They can also claim tax benefits of up to Rs 1 lakh against the principal amount repaid under Section 80C.
If the property is sold, the co-owners will have to pay tax on the capital gains earned by them. Section 54F of the Income Tax Act provides that if a taxpayer invests the sale proceeds received from the sale of any capital asset in buying a residential property, the long-term capital gains on sale of the property will be exempt. In order to claim this exemption, the house should be purchased by the taxpayer. However, it does not stipulate that the house should be purchased in the name of the taxpayer only. Including the spouse’s name as co-owner will not impact the exemption granted by the Act.
Capital gains arise when a house is sold. Capital gains tax is leviable on the sale or transfer of a house. It is computed on the indexed cost of the house sold. This cost is deducted from the amount received by the seller. The indexed cost is computed according to the indexation rates notified by the Income Tax Department for each year.
The indexed cost is the purchase price multiplied by the Cost Inflation Index (CII) for the year of sale divided by the CII for the year of purchase. The CII is published by the Income Tax Department with 1982 as the base year. The capital gain is the selling price minus the indexed purchase price.
You can reduce the capital gains tax by complying with the provisions specified under the Act. The benefit is available only to an individual and a Hindu Undivided Family.
The property transferred should be a house. The income from that house should be chargeable to tax under the head ‘Income from House Property’. The house must have been held for a period of more than 36 months before the date of sale or transfer. The house may be self-occupied or rented out. Immovable properties, although owned by an individual, are not eligible for this exemption.
In order to reduce or avoid liability to pay capital gains tax, you should have purchased a house within one year of the sale or transfer, or should do so two years after the date on which the transfer took place. You can also construct a house within three years after the date of transfer to avoid this tax.
As such, in case the amount of capital gains is greater than the cost of the house bought or constructed, the difference between the capital gains and the cost of the new house will be charged to the income of the previous year. In case the new house is sold within a period of three years of its purchase or construction, for the purpose of computing capital gains in respect of the new house, the cost will be nil.
Further, in case the amount of capital gains is equal to or lesser than the cost of the new house, it will not be charged to tax at all. In case the new house is sold within a period of three years of its purchase or construction, for the purpose of computing capital gains in respect of the new house, the cost will be reduced by the amount of capital gains.
The amount of capital gains not appropriated towards the purchase of a new house bought one year before the date of transfer of the original house, or not used to buy or build a new house before the date of furnishing the returns of income, should be deposited in a specified bank in a Capital Gains Account Scheme.
Short-term capital gains are added to the person’s income and exposed to normal income tax slabs.
The real estate sector in India has come a long way by becoming one of the fastest growing markets in the world & it has emerged as one of the significant contributors to the country’s GDP. The real estate boom in India is interlinked directly to the industrial and economic growth as well as stability and strong presence of multinational companies throughout the country have made India the preferred destination for investment in real estate sector and the market size is expected to touch US$ 180 billion by 2020.
Real estate sector is a huge growth driver and has absorbed second largest employment in the country after agriculture. On the other side there are many challenges faced by the Industry and the legal and regulatory environment needs to be improved in the sector.
On this backdrop, PHD Chamber is organizing “National Real Estate Summit” on 31st July, 2013 10.00 a.m. at PHD House New Delhi.
Objectives of the summit are –
- To deliberate on financial issues and fund raising for real estate projects
- Simplifying Approval Process & Regulatory Mechanism in Real Estate Sector
A large number of delegates from industries, builders & contractors, housing technology providers, architects, policy makers, government institutions, regulatory agencies, infrastructure and construction companies, consultants (dealing with real estate), and various key stakeholders are expected to join the conference to share best practices, discuss challenges, learn, as well as to explore the opportunities to further contribute to growth & development of real estate sector in India.
Government needs to ensure availability of land and speedy approvals for effective implementation of low-cost housing projects, real estate developers’ body NARDECO said on July 23.
“For effective implementation of low-cost housing projects, it is imperative that the government ensures availability of land at subsidised rates, fast approvals, property tax relief, funding support, additional FSI, connectivity to suburbs and creation of special residential zones,” National Real Estate Development Council (NARDECO) President Navin Raheja said in a statement.
Demanding infrastructure status for the sector, he said, “This will help the sector getting government incentives, subsidies and tax benefits. Besides, it will also lead to lower cost of funding and taking loans from financial institutions will become cheaper translating to more supply of affordable houses.”
He further said that upward revision of floor area ratio (FAR), ground coverage and population density norms are required on priority basis.
“In most states, the floor area ratio (FAR) density and ground coverage norms do not support the creation of affordable housing the long approval process is another major problem. In major cities where land cost is high, this is possible only under PPP model,” Raheja added.