Noida gets fresh lot of ready-to-move-in apartments
Noida home buyers are getting possession in ready-to-move-in apartments in a phased manner. And, it is a win-win situation for all.
Since large multi-storey apartment projects take longer to reach the final stage of possession, real estate developers in many parts of Noida have started offering possession in a phased manner.
Due to this approach, a number of families have moved into many parts of Sectors 93, 93A, 117, 119 and 120 in Noida. There is a perception that real estate projects invariably get delayed and thus, delivery of projects, act as a confidence building measure in the market.
This is a win-win situation for all. For home buyers, it is a matter of joy to move into their newly-constructed homes. At the other end, the increasing confidence of buyers in the market enables real estate developers to hold and even push prices of their projects. Investors, who had put in their money for appreciation are in a position to strike better deals on near-completion or ready-to-move-in properties.
“The ready-to-move-in properties in new projects are selling at a premium. People who want to invest or aspire to book a home for themselves in these areas, have now got a broad outlook on appreciation that can be expected in a period of 2-3 years. This factor is also influencing demand for upcoming projects in these areas and hence, a gradual increase in capital values,” says Sulabh Rastogi of Rastogi Properties and Construction.
An end-user might have to pay higher price for such properties. However, for many, it is better to buy a ready-to-move-in property as it is free from the risk related to inordinate delays. “If we factor-in the interest cost which is paid over the period a property is under-construction, the amount of premium is somewhat equal or maybe less, depending upon the deal,” says Samrat Kishor, a Noida resident.
Moreover, on purchasing a ready-to-move-in property, a home buyer is free from the double-whammy of paying rent for the current house and equated monthly installment on the under-construction one. On top of it, they get peace of mind and the pleasure of having quick possession, instead of waiting for years, Kishor adds.
As per industry experts, several projects will reach the stage of possession in the next couple of years. “The new Grade-A supply, which is expected to hit the market by 2015 onwards, will certainly bring more occupants to Noida,” says Ajay Rakheja, National Director – National Capital Region (NCR), Colliers International.
According to a recent report by Cushman & Wakefield, in the next five years, demand for residential properties will exceed supply by 45 per cent across the eight major cities in India. It has been estimated that the NCR will witness the highest demand among these cities.
Vikram Jethwani, MagicBricks.com Bureau
Posted on November 5, 2013, in Real Estate and tagged Flats in Delhi NCR, Flats in Noida, Greater Noida (WEST), Real Estate Company in India, Real Estate India, Sanjay Rastogi, Sanjay Rastogi Builder, Sanjay Rastogi Builders. Bookmark the permalink. Leave a comment.