Noida, Gr Noida adopt Apartment Act.

The Noida and Greater Noida authorities on Monday finally adopted the UP Apartment Act of 2010, bringing transactions related to buying houses in group housing societies within a stronger legal framework.

The move, according to officials, will benefit about 5 lakh homebuyers in Noida and 3 lakh in Greater Noida and areas along the Yamuna Expressway--a region whose realty boom has often been overshadowed by confrontations, complaints and litigation between buyers and builders on issues like delivery dates, size of apartments, common facilities and quality of construction.

The Act makes the process of buying homes more transparent with mandatory con sent of each member of a housing society before making alterations and asking a builder to specify the likely date of a project's completion.

In the absence of the apartment Act, developers were harassing buyers.

Now, this Act will help to ensure stringent action is taken against errant developers.

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Buying property on Noida expressway and Yamuna expressway become costlier..

Allotment Rates Up By 7.8% to 33.3%, Real Estate developer and Builders Expect hike to hurt sales.

Buying a property in Noida and along the Yamuna expressway has become more expensive.

The authorities that administer Noida and areas along the Yamuna Expressway increased land allotment rates across all categories in a joint board meeting on Monday , the lowest at 7.8% and the highest a steep 33.33% per square metre.
The new rates come into force with immediate effect.

Yamuna Expressway

Greater Noida will, however, see no change as the authority had revised land rates by over 10% this February , effective April 1.

While allotment rates for group housing, residential and institutional properties in Noida have gone up by 10.5% and industrial land rates by 7.8%, there is no change in rates for commercial land.

Along the Yamuna expressway , land allotment rates for residential properties have increased by 12.7% while those for group housing properties have increased by 33.33% and that for recreational greens by 13.33%. Allotment rates for industrial and institutional properties were left unchanged.

Areas in Noida and along the Yamuna expressway will no longer remain affordable. The hike could prove to be detrimental for the real estate business, especially in the areas along the Yamuna Expressway . The move will largely leave an impact on the middle and upper middle class.

The Noida and Greater Noi da authorities had last in creased land rates by 8.5-30% in May 2013.

With the hike in allotment rates in Noida, residential properties in ` A' category sectors like 14,14 A, 15, 15 A, 17 A and 44 have become costlier by at least Rs 6,530 per square meter and in `E' category sec tors such as 102,115,158 by Rs 2,375 per square meter. Group housing flats in ` A' category areas have become costlier by almost Rs 8,905 per square meter and in `E' category areas by Rs 3,365 per square metre.

In the institutional category, for IT/ITES properties in sectors 1, 16 A and 24, buyers will have to shell out Rs 37,500 per square metre now. Allotment rates for plots up to 4,000 meters in Phase I, II and III industrial areas have been fixed at Rs 22,640, Rs 8060 and Rs 8,350 per square meter, respectively .

Residential and commercial plots along the Yamuna Expressway have got dearer by almost Rs 1,300 and Rs 2600 per square meter. Allotment rates have been hiked from 12.74% to 33.33% here.

The three authorities also increased the compensation rate to be offered to farmers for land acquisition. Infrastructure projects in the district will get a push and encroached lands will be freed.

To fast-track the Noida-Greater Noida Metro route a revised detailed project report has been forwarded to the UP government for approval.

Tag: Cosmic Group, Cosmic project, Cosmic cruise, Yamuna expressway, Residential project in Noida and commercial project in Noida, plots in Noida, residential properties, property in Noida, real estate developer

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Mr. Vikas Raj Sharma Jt. MD Cosmic Structures Ltd

About Vikas Ji & his take on success...

Ans: I am a management graduate who has an experience of more than 19  years in Sales and Business Development. At Cosmic Group along with being one of the directors I am also responsible for Sales and Business Development.
In today's competitive world the only way to success is hard labour and efforts. As the saying goes ' there is no substitute for labour' and this is the only mantra for success. I have worked my way hard and contribute success to the good wishes of my elders and friends.

Mr. Vikas Raj Sharma,  Jt. MD Cosmic Structures Ltd.

Please give details about your projects in Greater Noida ?

Ans: In Greater Noida we at Cosmic are planning to bring a world class commercial project by the name of 'Cosmic Cruise' . The project will be an innovative project which would be designed to give the look of a cruise and the water bodies, sand and palm trees will complete the look. The project will have state of art corporate office spaces with luxurious amenities. The project will also have luxurious villas and studio apartments which will make 'Cosmic Cruise' a one stop destination for all.

Whats your opinion on real estate scenario in Greater Noida?

Ans: Greater Noida is a growing realty destination with multiple developers developing projects here. Greater Noida today has become on eof the most sought after place for realty investment. Connectivity to Noida and Delhi by wide expressway, advent of metro, proposed night safari, the newly constructed Yamuna Expressway which has enhanced the connectivity of Greater Noida with places like Agra and Mathura and finally the Formula One-1 race track have all helped Greater Noida to grow as a preferred destination for real estate demand.

 How has been the real estate market in last five years? why

Ans: Last 5 years have been a good phase for real estate. In last 5 years the sector has witnessed increasing demand and launch of many new projects. The phase has also seen an equal growth of affordable and luxurious dwellings in the residential sector which is a good sign for the sector. The reason behind the stupendous growth of the sector is that people have understood the importance of investing in the realty sector as this can give maximum returns. Secondly the sector has also witnessed availability of houses in every segment which has helped increasing the demand. These all have helped realty sector to grow manifolds and a major contributor to country's GDP.  

Where will the market go in next 5 years? why ?

Ans: Experts believe that the market and demand will double up in next 5 years. There is a major demand which is still there unfulfilled. A major demand for affordable housing is still not catered. And with the increase in income the aspirations have also been increasing hence the demand for luxurious dwelling is also going to increase.

What are the areas /projects which are in good demand in greater noida? What are the areas which are not so much in demand and whats the reason for it?

Ans: With planned infrastructure, wide road connectivity, metros, presence of malls and huge commercial centers makes any place in Noida as the most preferred destination for property seekers. With the availability of projects for every segment anything in and around Noida is bankable and will remain in Demand.

Can you suggest investment in residential projects within R40 lakh bracket anywhere in Greater Noida? 

Ans: Most of the projects still have option under 40 lac bracket in Greater Noida. What one should look into is the required size and the location of the project. Though I would suggest that one should invest in Greater Noida as soon as possible as the prices are on a rise hence one can also gain good return from his investment if he invests soon in near future.

Do you think Yamuna expressway presents a great investment opportunity? why?

Ans: Yamuna Expressway will be the most sought after investment zone in few years. With the availability of affordable housing along with world class infrastructure and connectivity through Yamuna Expressway makes it a preferred destination. Formula-1 has already highlighted it on the world map. I feel these all make it a great investment zone.

How is the property market here as far as plots are concerned? Do you see home buyers showing more interest in plots rather than flats/apartments and villas? 

Ans: Plots and Flat buyers are two different segments in Indian Residential demand and both have their benefits. People who prefer living in joint families and also prefer to have green gardens etc will prefer plotted developments. But in metros the number of nuclear families have been on an increase and people with small families are on an increase. Secondly there has been a major increase in migratory population due to employment which prefer staying in flats or apartments. If one closely see the kind of projects we at Cosmic Group are developing then one can clearly see that we are developing commercial and residential with Villas, Penthouses, flats and studio apartments as we understand the demand for every segment in the realty sector.

Tag: Cosmic Group, Residential project, Yamuna Expressway, studio apartments, Villas, Penthouses, flats, Plots, Cosmic Cruise, cosmic group review, Vikas Raj Sharma

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Concept behind energy efficient buildings : Amrit Pal Singh

What is the concept behind energy efficient buildings? 

The buildings have been designed in such a manner that there is maximum reflection of the heat of the sun, which would provide a cooler effect to the interior of the buildings.  This would greatly help in saving energy and would help in reducing power consumption, as there would be minimal requirement of the air conditioner in such buildings. The other significant point is that here recycled water would be used in flush systems and air conditioners. All these aspects make these buildings energy efficient.

Mr. Amrit Pal Singh

What is the status of such buildings in India? 

Currently LEED Gold and Platinum certification options are available in India. In these certifications, there are certain norms that every developer needs to follow while developing their projects. Once the developer has met all the norms of the certification, that project would be certified by the authority, which means that the project is an energy efficient building.

How cost effective are these buildings? 

 One of the norms is that the developer needs to procure material for the project within a certain radius, which in turn saves a lot of money on transportation. Further there are norms specifying the percentage of ash bricks to be used in the project. Ultimately all this helps in saving both in terms of the cost of the structure and the running expenditure.

What is the future of such projects in India in the times to come? 

Power is scarce across India and so saving power is of prime concern today.  With energy efficient buildings, power consumption can be brought down and then may be the government can provide 24 hour power supply to the people in the future. However, currently developers are taking up such projects as their own initiative but in the future this should become a law for them.

What message would you like to give to developers who plan to make such buildings? 

 People should develop their buildings keeping in mind energy efficiency. The ultimate message is that power saved is power earned.

Tag: energy efficient building, Real Estate projects, Real Estate developer, Amrit Pal Singh, Cosmic Group, Cosmic Group review, Energy efficiency bulding

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NGT order affect 20,000 Homebuyers in Okhla Bird Sanctuary Zone Noida.

Almost 20,000 home buyers in Noida face a delay in receiving possession of their completed apartments. This is due to a recent judgment by National Green Tribunal, which prohibits Noida Authority from giving any completion certificate for projects within a 10 km radius of Okhla Bird Sanctuary.
Another 30,000 apartments in the area are nearing completion over the next year.

Okhla Bird Sanctuary

But, due to the judgment, builders are now going slow on their projects.

The delay in securing the completion certificate is causing hardhip to buyers. Most of these projects were launched in Sector 74, 75, 76, 122 and 137 among others. They include projects of major builders like Amrapali, Jaypee, Logix, Gulshan Homz, Antriksh, ATS, Paramount and Supertech.

In all, 25 projects are affected by the judgment.

Interestingly, all 25 projects have already got environmental clearance. Most buyers want to take possession during May-June, when they can change the school of their children.

To make matters worse for builders, they will have to maintain all the apartments without charging any money from the buyers. As most of these projects were launched and sold around four years ago, most of the buyers have been paying EMI since then.

On October 28, 2013, NGT had directed Noida Authority to stop all construction within 10km radius of Okhla Bird Sanctuary. It further asked the Government of India to fix norms for such situations.

The Centre, in turn, asked the respective state governments to fix the norms for their wildlife sanctuaries depending on their fragility and other issues. On February 25, the UP government recommended that the no-development zone be fixed at 100 meters. In March, Delhi made a similar suggestion.

However, NGT has now reiterated its earlier order. During the hearing, CREDAI had requested NGT that projects beyond 100m––as proposed by the UP government––may be allowed to carry out construction subject to their getting environmental clearance on an undertaking that they are doing the construction at their own cost and risk, and would not claim any right.

CREDA said such a clarification had become necessary to mitigate developers’ hardship and ensure that there is no multiplicity of proceedings as allottees are threatening to take legal action. But NGT declined any relief.

The blanket ban on development in a radius of 10km around the bird sanctuary is problematic.

Given the location of this particular sanctuary, it is unrealistic to demand that no construction should happen within such a radius.

More importantly, it is really unfair to retrospectively apply such a ban on projects already in the pipeline before the ban was imposed.

That amounts to penalizing builders and individual investors for no fault of theirs. If the authorities or courts, in their wisdom, felt such a `sanitized zone' was really necessary, clearances should not have been granted for these projects in the first place.

Having given clearances, it is grossly unjust to pull the plug after investors have sunk serious money, in many cases their life savings, into these projects.

Tag: NGT, project in noida, Noida Authority, CREDAI, Amrapali, Jaypee, Logix, Gulshan Homz, Antriksh, ATS, Paramount and Supertech.

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