Now Noida is all set to grow further vertically. The recent news about increasing the current FAR from 2.7 to 3.5 has been received very graciously. And if everything goes to according to plan, the city will go greener and more customer-friendly which will mean more recreational spaces within residential units. The New Okhla Industrial Development Authority (NOIDA) has increased the floor area ratio (FAR); which is the ratio betweentotal built up area and area of land on which the building is constructed from 2.7 to 3.5, meaning more apartments can come up on a given plot. It is the ratio of the total floor area of the building compared with the total plot area. The constructed area would include the basic structure, walls, staircase or lobby space, if any. FAR differs from area to area within a city.Soon we may also observe Greater Noida also witness the same hike.
This is extremely important from a buyer’s point of view. In case someone plans to invest in a property, the buyer can ask for the details on the total area of construction and the total plot area. Further, calculating the FAR will give a rough idea of the proposed population density in that particular property. This allowable FAR has a huge impact on the value of the land. This also provides with a fair idea of the appreciation possibility of the land. For example, if an area has a high FAR, it means there will be more number of apartments on the designated plot area. So in turn, a higher FAR will make a land costlier. This decision is also expected to increase the supply and help in containing real estate prices in Noida, which in turn will have a valuable impact on prices of residential units.
Mr. Deepak Kapoor, Director, GulshanHomz, says “This is yet another great news for the real estate sector. This will benefit both buyers and developers. Increasing FAR will allow the developers to construct more units in a project thereby increasing the revenue earned from the property. And the buyer, in the long run will get a higher valuation of their properties”.
Mr.Prashant Tiwari, CMD, Prateek Group, says “A piece of land is always limited and it cannot expand horizontally. So it’s a great news that the authorities have presented to us by increasing the FAR. This will allow us to build more flats and floors thereby increasing the number of residents in a project. It’s an even better news for the investors as this will help in returning higher profits on properties”.
Mr.SushantMuttreja, MD, Cosmic Group, says “When a project is constructed, most of the developers always leave some percentage of space for future additions. Increasing FAR is exactly what suits now. In the same area of land, we can now build more units. This obviously means that developers have more to sell; but the benefits received by the buyers will be more, as they will have access to newer units and later a higher return on investment”.
Mr.KushagrAnsal, Director, Ansal Housing, says “Increasing FAR will have an overall positive impact on the real estate sector and for all. The most important feature of this decision is that it will allow the supply of residential units to increase greatly which is a major sign of progress. Apart from that, the developers are earning higher profits and the buyers are getting better services and newer units along with increased return in future”.
On the flip side, there are certain home buyers who fear that increasing FAR might make the quality of the houses to be compromised as more floors and flats built within the same area may also weaken the foundation of the tower which can be a risk for the residents. But the builders and developers of the regions have even better ideas for keeping their present and future buyers safe as developers have decided that; number of floors and flats would increase depending upon the architectural feasibility otherwise not. Also, in other cases if the towers and units are to be increased then the developers would adopt a rewiring technology to strengthen the foundation which in turn will prove to be safe.
Mr.Vikas Chawla, Director, Maxblis says “The fear of some of the buyers is valid. But then it is a duty of the buyer also to check and verify about the details with respect to size of flat, plot and the remedy undertaken by the developer in order to negate the negative impact of the increasing FAR. Today, almost every developer is ready equipped with facilities and equipment to curb the cons caused by increasing FAR”.
Mr.Vipul Gupta, MD, Neobrix, says “This move will not only help the buyers to raise property prices, but also help boost the real estate industry that has been witnessing a slump. It will help builders make profits and maintain flexibility in their projects. Also, the kind of safety and security measures that are being taken by the developers today, it’s a safe bet for all. The customers need not worry about the quality after increasing FAR interferes a project”.
Tag: Maxbis, Neobrix, property prices, cosmic group, Prateek Group, Ansal Housing, GulshanHomz, Noida, Noida property, Property developer, real estate investment, property for sale, buy property, property rate,
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| Indian Real estate growth index |
This is extremely important from a buyer’s point of view. In case someone plans to invest in a property, the buyer can ask for the details on the total area of construction and the total plot area. Further, calculating the FAR will give a rough idea of the proposed population density in that particular property. This allowable FAR has a huge impact on the value of the land. This also provides with a fair idea of the appreciation possibility of the land. For example, if an area has a high FAR, it means there will be more number of apartments on the designated plot area. So in turn, a higher FAR will make a land costlier. This decision is also expected to increase the supply and help in containing real estate prices in Noida, which in turn will have a valuable impact on prices of residential units.
Mr. Deepak Kapoor, Director, GulshanHomz, says “This is yet another great news for the real estate sector. This will benefit both buyers and developers. Increasing FAR will allow the developers to construct more units in a project thereby increasing the revenue earned from the property. And the buyer, in the long run will get a higher valuation of their properties”.
Mr.Prashant Tiwari, CMD, Prateek Group, says “A piece of land is always limited and it cannot expand horizontally. So it’s a great news that the authorities have presented to us by increasing the FAR. This will allow us to build more flats and floors thereby increasing the number of residents in a project. It’s an even better news for the investors as this will help in returning higher profits on properties”.
Mr.SushantMuttreja, MD, Cosmic Group, says “When a project is constructed, most of the developers always leave some percentage of space for future additions. Increasing FAR is exactly what suits now. In the same area of land, we can now build more units. This obviously means that developers have more to sell; but the benefits received by the buyers will be more, as they will have access to newer units and later a higher return on investment”.
Mr.KushagrAnsal, Director, Ansal Housing, says “Increasing FAR will have an overall positive impact on the real estate sector and for all. The most important feature of this decision is that it will allow the supply of residential units to increase greatly which is a major sign of progress. Apart from that, the developers are earning higher profits and the buyers are getting better services and newer units along with increased return in future”.
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| Property for sale in noida |
On the flip side, there are certain home buyers who fear that increasing FAR might make the quality of the houses to be compromised as more floors and flats built within the same area may also weaken the foundation of the tower which can be a risk for the residents. But the builders and developers of the regions have even better ideas for keeping their present and future buyers safe as developers have decided that; number of floors and flats would increase depending upon the architectural feasibility otherwise not. Also, in other cases if the towers and units are to be increased then the developers would adopt a rewiring technology to strengthen the foundation which in turn will prove to be safe.
Mr.Vikas Chawla, Director, Maxblis says “The fear of some of the buyers is valid. But then it is a duty of the buyer also to check and verify about the details with respect to size of flat, plot and the remedy undertaken by the developer in order to negate the negative impact of the increasing FAR. Today, almost every developer is ready equipped with facilities and equipment to curb the cons caused by increasing FAR”.
Mr.Vipul Gupta, MD, Neobrix, says “This move will not only help the buyers to raise property prices, but also help boost the real estate industry that has been witnessing a slump. It will help builders make profits and maintain flexibility in their projects. Also, the kind of safety and security measures that are being taken by the developers today, it’s a safe bet for all. The customers need not worry about the quality after increasing FAR interferes a project”.
Tag: Maxbis, Neobrix, property prices, cosmic group, Prateek Group, Ansal Housing, GulshanHomz, Noida, Noida property, Property developer, real estate investment, property for sale, buy property, property rate,
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