Affordable Housing in Noida Despite Circle Rate Hike
On 1st August, new circle rates shall be implemented on properties of Greater Noida and Noida. The district administration has approved a hike of 10 percent on residential property in Noida and Greater Noida which is set to affect residential prices. The previous year, the hike was around 10 and 17 percent. Two percent hikes have been approved for commercial properties except Sector 38A and 18, in which there has been a hike of 17 percent. The circle rates of institutional properties have gone up by 10 percent almost.
Noida residential sectors have been divided into five categories and their rates shall range between 35,000 and 86,000. In the previous year, the rate was between Rs 32,000 to Rs 78,000 for a square metre. Apart from the hike, the rates shall be evaluated based on the services that are offered by a developer in the housing society. The registry and stamp department has admitted that this evaluation mechanism is unrealistic and wants to revoke it. The revision of circle rates is done after the Noida Authority had hiked up property rates by 10 percent in the month of June this year.
For residential flats, the circle rates have not been raised. The calculation of circle rates is based on 6 services viz. gym, club house, power back up, security and swimming pool offered by the developer. Previously, 25 percent was charged in those societies where developers provided only 2 of the 6 services. However, this year, the authority has decided to charge 5 percent on every service but the rate won't be more than 25 percent. The Ghaziabad Development Authority had also requested the Registry and Stamp Department to decide upon the circle rates of Chijarsi and Kanawani's new group housing. The Registry and Stamp Department has fixed the circle rate at Rs 40,000 for both Chijarsi and Kanawani. In the previous year, registration and stamp department had proposed a hike of 35 percent and 17 percent in all the circle rates of all categories including institutional, residential, commercial and industrial.
Developers have shown mixed emotions on circle rate hikes. The registry and stamp department's move is welcome as they have decided not to increase rates of the flats category along with the decision to charge rates depending on services provided in the society. However, a few others feel that the evaluation of circle rates based on services is quite unnecessary and the commercial property circle rates are not realistic at all and much more than market prevailing rates in certain areas. The increase in both circle and allotment rate means that purchasing property in Noida, Yamuna Expressway or Greater Noida would be more expensive. However, this is an effective way of developing the area.
Despite a hike in circle rates, buying affordable property in Noida is not a problem for most of the people working in the manufacturing and IT sector of Noida. Most service class people in Noida want to buy builder floor or low floor apartments which are ready to be moved into. They also want them to be accessible by the metro or bus service and be equipped with basic facilities. However, they want it within a limited budget of Rs 30 to Rs 45 lakhs.
A lot of people want to buy property in this price bracket in Noida because it fulfils all their needs. There are quite a few localities in Noida which offer quality housing in an affordable price range. If you too are looking for apartments within this price specification, then there are more than 15 new projects in Noida Extension that are going to come up in the coming years.
Noida Extension has a large number of residential projects on offer by some of the best known developers of the NCR Delhi region. Projects by well known brands ensure that higher end amenities are offered and the flats shall be given out at for possession in a timely manner. The projects which are coming up shall offer flats in the 3, 2, 1 and 4BHK configuration and they would have a budget of Rs 30 to Rs 76 lakhs. Roughly 4 to 5 projects on offer are offering possession by the end of 2015 December or at best 2016. With a budget of Rs 30 to Rs 45 lakhs, the flats that you can buy are of the size 1300 to 1500 sq. ft.
Presently, there is not much motion the property market when it comes to property purchase. However, those who are buying flats belong to middle class and they want apartments whose value does not go beyond Rs 50 lakhs. Almost 65 percent buyers belong to the group of end users whereas 35 percent are there to invest for healthy returns in the future.
Why should you invest in Noida Extension?
The area is an upcoming hub for residences and they have property options for investors and end users alike. Moreover, this locality has on offer properties belonging to various budgets- from luxury to affordable ones. The prospects of appreciation in future are also good and the developed social infrastructure makes this area good for sound investment.
Hospitals, schools, commercial areas and shopping hubs can be accessed easily by Noida Extension residents.
Options of Connectivity
The strategic location of Noida Extension makes it good for investment purposes. The Noida Extension is located close to Delhi and Ghaziabad. At a distance of 8kms is located the Noida City Centre Metro station. Greater Noida is only 8 to 10kms from the area and a drive of 20 minutes will lead you to the DND Flyway which directly connects Delhi to Noida. Other close by areas is also well connected to the Noida Extension and you can find local and private autos for travelling.
Metro Connectivity Proposal
When it comes to property investment, connectivity is very important. A metro link has been proposed to Noida Extension and shall be completed by 2017. This has given buyers a reason to be happy about. Smooth connectivity is ensured for property buyers of Noida Extension.
Noida residential sectors have been divided into five categories and their rates shall range between 35,000 and 86,000. In the previous year, the rate was between Rs 32,000 to Rs 78,000 for a square metre. Apart from the hike, the rates shall be evaluated based on the services that are offered by a developer in the housing society. The registry and stamp department has admitted that this evaluation mechanism is unrealistic and wants to revoke it. The revision of circle rates is done after the Noida Authority had hiked up property rates by 10 percent in the month of June this year.
For residential flats, the circle rates have not been raised. The calculation of circle rates is based on 6 services viz. gym, club house, power back up, security and swimming pool offered by the developer. Previously, 25 percent was charged in those societies where developers provided only 2 of the 6 services. However, this year, the authority has decided to charge 5 percent on every service but the rate won't be more than 25 percent. The Ghaziabad Development Authority had also requested the Registry and Stamp Department to decide upon the circle rates of Chijarsi and Kanawani's new group housing. The Registry and Stamp Department has fixed the circle rate at Rs 40,000 for both Chijarsi and Kanawani. In the previous year, registration and stamp department had proposed a hike of 35 percent and 17 percent in all the circle rates of all categories including institutional, residential, commercial and industrial.
Developers have shown mixed emotions on circle rate hikes. The registry and stamp department's move is welcome as they have decided not to increase rates of the flats category along with the decision to charge rates depending on services provided in the society. However, a few others feel that the evaluation of circle rates based on services is quite unnecessary and the commercial property circle rates are not realistic at all and much more than market prevailing rates in certain areas. The increase in both circle and allotment rate means that purchasing property in Noida, Yamuna Expressway or Greater Noida would be more expensive. However, this is an effective way of developing the area.
Despite a hike in circle rates, buying affordable property in Noida is not a problem for most of the people working in the manufacturing and IT sector of Noida. Most service class people in Noida want to buy builder floor or low floor apartments which are ready to be moved into. They also want them to be accessible by the metro or bus service and be equipped with basic facilities. However, they want it within a limited budget of Rs 30 to Rs 45 lakhs.
A lot of people want to buy property in this price bracket in Noida because it fulfils all their needs. There are quite a few localities in Noida which offer quality housing in an affordable price range. If you too are looking for apartments within this price specification, then there are more than 15 new projects in Noida Extension that are going to come up in the coming years.
Noida Extension has a large number of residential projects on offer by some of the best known developers of the NCR Delhi region. Projects by well known brands ensure that higher end amenities are offered and the flats shall be given out at for possession in a timely manner. The projects which are coming up shall offer flats in the 3, 2, 1 and 4BHK configuration and they would have a budget of Rs 30 to Rs 76 lakhs. Roughly 4 to 5 projects on offer are offering possession by the end of 2015 December or at best 2016. With a budget of Rs 30 to Rs 45 lakhs, the flats that you can buy are of the size 1300 to 1500 sq. ft.
Presently, there is not much motion the property market when it comes to property purchase. However, those who are buying flats belong to middle class and they want apartments whose value does not go beyond Rs 50 lakhs. Almost 65 percent buyers belong to the group of end users whereas 35 percent are there to invest for healthy returns in the future.
Why should you invest in Noida Extension?
The area is an upcoming hub for residences and they have property options for investors and end users alike. Moreover, this locality has on offer properties belonging to various budgets- from luxury to affordable ones. The prospects of appreciation in future are also good and the developed social infrastructure makes this area good for sound investment.
Hospitals, schools, commercial areas and shopping hubs can be accessed easily by Noida Extension residents.
Options of Connectivity
The strategic location of Noida Extension makes it good for investment purposes. The Noida Extension is located close to Delhi and Ghaziabad. At a distance of 8kms is located the Noida City Centre Metro station. Greater Noida is only 8 to 10kms from the area and a drive of 20 minutes will lead you to the DND Flyway which directly connects Delhi to Noida. Other close by areas is also well connected to the Noida Extension and you can find local and private autos for travelling.
Metro Connectivity Proposal
When it comes to property investment, connectivity is very important. A metro link has been proposed to Noida Extension and shall be completed by 2017. This has given buyers a reason to be happy about. Smooth connectivity is ensured for property buyers of Noida Extension.