Cost Of Acquisition Of Properties In Noida To Go Up

Several people are keen to buy flats in Noida sector 76 and other flats in Noida but the proposed hike in circle rates in stamp duty hike is forcing people to postpone their decision. Online property sites show that the sale of properties in Noida has gone down drastically after the announcement. Although district administration authority is emphasizing that 95% of registration of properties in Noida would not be affected by the hike but the builders are still worried. Noida is known to offer attractive property prices and room for rent at affordable price and this move could hurt the sales prospects of flats in Noida sector 76 and other flats in Noida.

Hike in circle rate of 15% to 25% will hurt all the real estate players. Builders say that soon people will stop enquiring about buying properties in Noida and they will only enquire about room for rent. As the overall cost of buying Noida sector 76 and other flats in Noida is going up people are more interested to take room for rent. Noida is known to offer affordable dwellings and this news will discourage buyers from making an investment in the city. Experts available on online property sites also predict that this will hugely hamper the sales prospects of the city.

If you too are looking to buy Noida sector 76 and other flats in Noida we will suggest you that you do so quickly after checking the trends on online property sites. The stamp duty hike has still not been implemented and the circle rate hike is also not going to majorly impact the property prices immediately. So if you want to buy properties in Noida then you should do it now without wasting any time so that your cost of acquisition of property is not affected majorly.

Spurt In Demand Of Properties In Noida

Gurgaon may well be known as the Millennium city but the recent flooding has proved it to be otherwise. This has dampened the spirit of several prospective buyers of Gurgaon real estate and one city’s loss is another’s gain. Many people have started looking at properties in Noida including flats in Noida sector 76 favorably for making an investment and purchasing a house. Furthermore flats in Noida are also more affordable even when circle rates in Gurgaon have been reduced. People on online property sites are enquiring about properties in Noida including flats in Noida sector 76 even when there is a proposed circle hike and stamp duty hike. Enquiries for room for rent have also gone up.

Infact the proposed stamp duty hike is prompting people to quickly complete transaction in order to save on 2% hike.  People are thinking to buy flats in Noida so that they are able to buy affordable homes. Earlier people always used to prefer to buy room for rent in Gurgaon over flats in Noida and room for rent in Noida. Moreover online property sites show that flats in Gurgaon have also given a much higher price and rental appreciation when compared with flats in Noida due to demand and supply dynamics.  However the latest flooding scenario has turned the tables in favor of Noida real estate. Builders are happy with the situation as they are expecting a spurt in the sales figures and volumes of properties in Noida including flats in Noida sector 76. Builders in an attempt to make the most out of this situation are trying to give out offers to catch the customer’s attention. 

Online property experts are also hoping that the situation for Noida real estate will improve due to this situation and they too feel that builders should leave no stone unturned to capitalize the situation.

Lower Land Conversion Rates Could Boost Noida Realty Market

Real estate Noida markets could witness a new found boost owing to a landmark development whereby land conversion rates have been brought down by the authorities. Demand for flats in Noida has not been all that high lately according to several India property reports and studies. However, developers can now take heart from the slashing of land conversion rates to around 10% from the previous high rate of 25%. This development might have the potential to boost demand for Noida flats and other properties according to several studies and reports on Indian real estate based on their locations. This guideline for reduction of conversion rates has been issued by the Noida Authority based on popular demand. A similar regulation has also been made operational in Delhi and this may have played a role in sparking this new development. Before this ruling, allottees possessing industrial and residential property had to pay a charge or impact fee to the Authority for converting the same into mixed land use developments. This fee worked out to a whopping 25% of the total cost difference between commercial rates or reserve prices of the locality in question and predominant industrial and residential sector costs. The approval of the reduction in conversion rates will now boost the conversion of industrial and residential properties into mixed use developments. This may give a fillip to developers and lead to the development of several mixed use projects that actually bring back healthier sales volumes and progress into the Noida market.

The impact fee will have to be paid in a lump sum though while charges for water supply and electricity will also prevail in specific cases as per the existing commercial rates. Mixed land use conversion will boost the creation of commercial spaces in residential and industrial spaces and vice versa. Banks and guest houses can also be integrated into residential projects while industrial plots can be used for integrating museums, automobile showrooms and art galleries among other commercial and retail projects. Convenience stores, ATMs, canteens and other social amenities can also be brought into residential developments more easily courtesy this lower rate.

Properties in Noida Faring Well in the Realty Market

Noida Property at Makaan.com

Considerable infrastructural developments and the boom in realty market are the chief characteristics of the cities in North India, and Noida is one of them. Look a few decades back and could you conceive it as a IT hub? Most part was lying barren and almost negligible infrastructure. But today, it is shining, both in terms of overall development as well as realty growth. Its performance in the real estate market has remained above average, if not excellent. 

Buyers and investors can be seen flocking to the city in large numbers. A reason why end-user has eyes on buy house in Noida is that the residential rates are still lower than in cities like Delhi, Mumbai or Gurgaon, so it is still affordable. This year, the rates have appreciated well and this can be good for the investors. High cases of fraudulence and lack of civic amenities are some of the negative factors that have proved stumbling blocks to city's real estate development.

Let's talk a bit about the current rates of residential spaces. The per square feet rates of property in Noida in the areas where  rate fluctuates between  between Rs. 3000/- and 4000/- are Greater Noida, sector 151, sector 2, sector 10, sector 16, sector 143, and Noida Extension. In Noida Extension, buyers are at the disposal of properties within the 24-50 lacs range. The per square feet rates ranging between Rs. 4000/- and Rs. 5000/- are available in the sectors 144, 117, 62, 129, 133, 76, 70, 79, 50, 128, 131, 168, 93A, 62, 86, and Taj Expressway. For  higher per sq feet rates, you can go for localities like 168, 119, 76, 100, 110,  32, 61, 25A, 93B, and 45. In sectors 61, 25A, 94, 45, a 2-BHK can cost you anywhere between 70 lacs and 1 crore.

Search for  properties in Noida over the real estate portal, Makaan.com. Look for single rooms, independent houses, studio apartments, shops, office spaces, villas, and other Noida properties over site. The properties between different price brackets are available.

Property in Noida: Becoming a Hub for Under the Table Activities

Noida Property at Makaan.com

The hot news, just out from press, says that sand-mafia is operating on a wide scale in Noida and Greater Noida. Property in Noida has remained a lucrative business for constructors and land dealers. To comply with the high housing demand, they have developed a nexus with police and politicians, thus carrying out all sorts of illegal activities, and that too fearlessly. In order to carry on with their felonious trades, the people involved in unlawful practices have no qualms about killing anyone who tries to expose their deeds. July 31, 2013 saw an activist gunned down by mafia; he was protesting against their illegal mining activities. The situation is really an eye-opener.

Noida properties has been in the front-page news for some wrong reasons or the other.  A few weeks before, we heard about booming of illegal colonies in Greater Noida. The buyers of Noida property are misguided about the registry and many of them get to know of the real facts after they become the occupants. The worst effected is the area around GT Road: about 60% of its land has been taken over by unauthorized colonies. Recently, to go one-on-one with these, the authorities have demolished many of them. But the situation is alarming. With illegal properties in Noida built on an accelerated rate, it has become very difficult to annihilate them all.

The corruptive people involved in such activities are able to dupe the common buyers by hiding the crucial facts and beguiling them in every possible way. The colonizers are able to produce fake documents by collaborating with police and are able to dupe people into buying illegal inventories. Even if they get caught under legal rules, they walk away freely, thanks to the tutelage provided by politicians and law protectors.

Before you make up your mind in buying any property in Noida, scrutinizing on a deeper level can be help you take the right decision. Inquire about it from the sources available. Keeping yourself well-informed can prevent you from signing any dubious deals.

Makaan.com is India's leading real estate websites. Catering to the needs of both commercial as well as residential needs of the buyers, the portal presents lakhs of properties online. A buyer can search the site for locating the space that he is interested in purchasing and can contact with developers, landlords, and promoters to initiate the buying process.