Delhi/NCR Bachelors, the most keen buyers

It is usually said that if you want to master any art form, start young. Well, some youngsters in Delhi NCR have taken this adage to the property business. As per a recent survey, entitled ‘Are you a first time home buyer?’, Delhi/NCR  have the highest number of single property buyers!

The survey intended to find the preferences of first time home buyers, who are looking for 2/3/4 BHK apartments in Delhi. It indicated that more than 35 per cent of the single first time home buyers were either from Delhi /NCR.

Look for affordable flats in Delhi

“Youngsters, particularly single professionals, indulging in property purchase is rare. However, the fact that the maximum number of these professionals are based in Delhi/NCR  does not come as a surprise. These are the IT professionals in these cities who earn well and are living away from their home towns,” says Mohd Rashid, Citi Propmart Pvt Ltd.

They prefer to pay EMIs than spend huge amount of money on monthly rent, adds Rashid. The survey stats also indicate the same sentiment with 40 per cent of these buyers in Delhi/NCR claiming the same.

So, what do these single professionals aim at buying? Slightly over 50 per cent of these buyers were interested in property in Delhi/NCR within a range of Rs 20-40 lakh while approximately 30 per cent were looking for builder floors.

So, even though single property buyers still form a very small percentage of the total property buyers in the country, the numbers are definitely growing. Delhi/ NCR seem to have set the trend for others to follow.

 "Youths ought to attempt and put resources into a little property to launch their venture portfolios. For self-utilization they ought to try for flats and for venture they ought to pick plots."

Are you a single professional in these cities waiting for the right time to buyreal estate property? As someone once said, ‘do not wait as the right time to buy property is ‘now’.

Make a sound investment by buying best real estate property

In spite of the fact that one can't make land speculations totally hazard free, purchasers must be mindful of the pitfalls that lie headed straight toward putting resources into steadfast property.

In the event that you are the first to buy real estate property, you must take the best mind in gathering all the in creation you can about your buy.

Right from the essential realities like status of the social and physical base of the zone to the lawful and fiscal issues that include paperwork and let you know about shrouded expenses and the genuine outgo from your pocket. In the event that you arrange your buy carefully and gather all the data industriously, purchasing best real estate property would be a productive activity.

Before purchasing a property, one must check the foundation of the venture's engineer -expanding success and disposable salaries among individuals has raised the interest for lodging extensively and, with made designers not ready to take care of the demand, numerous artificial engineers and developers have mushroomed in the business sector. These elements use substandard material; frequently finish and handover pads without all the licenses set up, and basically put a vanishing demonstration when things get sticky.

Legitimate personal verifications must be carried out on engineers whose undertakings interest you; for instance, you must visit the past tasks of these designers and fulfill yourself about the standard of development there, actually conversing with a couple of occupants there about their personal satisfaction.

Now and again, purchasers, even engineers, have a tendency to overlook the documentation needed at the time of sale property, which is a dangerous recommendation if one were to attempt and offer the property at a later stage.

Fitting documentation is an unquestionable requirement while putting resources into area or any viable steady property.

 As indicated by the UP Apartment Act, designers and manufacturers need to submit the complete DPR (nitty gritty venture report) to the powers concerned. Consequently, purchasers and financial gurus must approach the designer for the design arrangements sanction by the power, the way of fittings and apparatuses to be utilized within the structures, area titles, and points of interest of proprietorship and offices in the event of encumbrances.

Engineers are likewise needed to indicate the conceivable date of task conveyance, other than the punishment they would need to pay to purchasers in the occasion of deferral. One ought to likewise enquire from the engineers about the banks that give advances to the task.

When you have the arrangement of banks that endorse home advances for a specific venture, you must visit them and figure out the money related subtle elements of the engineer and the status of the undertaking. Indeed, it is best to strive for an undertaking where a few banks are giving home credits. Banks won't authorize home credits against any extend that is suspect.

Emulating these essential steps will doubtlessly guarantee the security of your speculation of real estate property. 

Make an investment in the emerging corridors of Delhi/NCR

With the emerging requirement of property in Delhi/NCR, Noida, Ghaziabad and Gurgaon have seen the steady growth of residential as well as commercial property. As these places have been developed, the action is now shifting to other regions in the NCR. 

According to SANJEEV SINHA, “Affordable property prices, proximity to the national capital, fast-developing infrastructure, and the availability of spacious and quality residential units are the key factors driving the growth of satellite towns and other suburbs of the NCR.

Also, rocketing real estate property prices in Delhi, Gurgaon, and Noida combined with a shortage of housing units to accommodate the fast growing migrant population, has propelled the real estate market in these suburbs and satellite towns.”

Amit Mavi, the MD of a real estate consultancy, says: “The real estate sector in the national capital region has undergone a sea change in the last decade. Disparity in the demand-supply equation in the past has been the chief catalyst for the emergence of new corridors in the region, which resulted in the inclusion of new urban agglomerations to keep pace with the rising demand for real estate asset classes. The new master plans are also a reflection of the same phenomenon.”

 Some of the hotspots that have fast emerged as the nerve centre of future growth and real estate development in the NCR includes: 

·         Noida-Greater Noida Expressway

The location has emerged as a big residential as well as commercial destination for investors as well as developers. In this region, there is also tremendous potential for the growth of hospitals, hotels, retail outlets, educational institutions and much more.

“Rents and values of commercial properties in this region still continue to be low compared to other commercial districts in the NCR, making it an attractive proposition for corporates. And, as the migration intensifies, it will provide the necessary impetus for the demand and growth of other asset classes,” Mavi says.

The connectivity to Greater Noida Extension has improved that is likely to provide the necessary momentum for this corridor. Since the time, Yamuna Expressway has been made operational the region has seen a leap in the traffic inflows from different neighbouring cities to the NCR.

“This will further enhance the connectivity of the major cities of the state to the national capital that will be routed through Noida-Greater Noida Expressway. FNG (FaridabadNoida-Ghaziabad) Expressway will cut across Noida-Greater Noida Expressway and will enhance connectivity to the adjacent cities and add to the momentum,” Mavi says.

·         NH-24

NH-24 that is running through Ghaziabad is fast emerging with the state-of-the-art infrastructure in place. In the present scenario, places like Indirapuram, Vaishali and Kaushambi have posh residential colonies that are offering premium living conditions.

·         Bhiwadi

Bhiwadi has emerged as a perfect combination of both with the town and nearby areas shaping up as commercial and industrial hubs.

Other hotspots: In addition to these, there are some other places which are fast emerging as hotspots in the Delhi NCR. These include Greater Faridabad, Dwarka Expressway and Yamuna Expressway. All these places are becoming the major real estate property for investors as well as builders. 

Investors want to invest in Residential Property in Noida

After the Noida Authority’s announcement that owners of institutional plots could sell portions of their land for residential use earlier this month, city-based industrialists have demanded that residential plots within sectors of industrial units be reserved for them.

The Authority had taken the decision to help increase housing projects in the region.

In a letter addressed to Authority chairman Rama Raman, the Noida Entrepreneurs’ Association (NEA) mentioned that the establishment of Noida was primarily meant to encourage industries. For the purpose, industrialists had been promised residential plots. “But even after so many years, the promise remains unfulfilled. We demand that the Authority roll out a scheme to reserve residential plots for industrialists at the earliest,” said Vipin Malhan president NEA.

Malhan further said that just like the Authority had recently sanctioned a percentage of land in institutional plots to be converted into residential areas, it should issue similar increase in the FAR (floor area ratio) of industrial units so that a certain percentage of land can be used to provide residential property.

The NEA also demanded that instead of allotting further plots to builders, the Noida Authority should first launch a scheme wherein residential plots for industrialists are reserved. ‘Until such a scheme is launched, we demand that the Authority allow a certain percentage of industrial units to be converted for residential use so that industrialists can carry out their business without any hindrance,” said Malhan.

Buy real estate property in Modi’s rule

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The real estate sector has been yearning for the industry status for long now. After facing disappointment time and again, the sector now expects this move from the new government, which in most probabilities is going to be the NDA-led government. 

Real estate market has suffered a lot, lately due to the uncertain political environment surfacing the country. However, after waiting much, Narendra Modi is emerging as the next prime minister of India after garnering majority votes. The advantage is that 2014’s NDA-led government is touted to be one of the most stable governments after almost two decades.

With the obvious election results yet to be announced, the industry has already started pouring in its expectations on considerable attention to be given to the real estate sector. Pradeep Jain, chairman, Parsvnath Developers Ltd says, “We expect the new government would ensure industry status to the real estate sector which will ease the inflow of funds.”

The benefits of industry status to the real estatesector are recognised as apart from availability and inflow of funds, the move will also ensure a better regulated framework and increased transparency in the business due to government’s intervention.

It is expected that Modi’s government would work towards country’s economic stability and would    reboot the regulatory framework surrounding real estate and put a mechanism for fast-tracking the process of developing projects. This is turn would boost the confidence of stakeholders in the real estate industry.

While the industry is pinning many hopes to the new government, it is ready to accept its own responsibility towards the sector’s growth.  With positivity and optimism pouring in from all directions, the real estate sector is definitely looking on to a change for the better. It’s for time to tell. Lets’ wait and watch!

Affordable Real Estate Property in Delhi/NCR

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Affordable real estate property prices, proximity to the national capital, fast-developing infrastructure and the availability of spacious and quality residential units are the key factors driving the growth of satellite towns and other suburbs of the NCR.

Also, rocketing property prices in Delhi, Gurgaon, and Noida combined with a shortage of housing units to accommodate the fast growing migrant population, has propelled the real estate market in these suburbs and satellite towns. These locations mature, saturate, and get established with the development of physical and social infrastructure, the affordability factor diminishes rapidly forcing the masses to move further away from the national capital in search of their dream home or for investment purpose.

Noida-Greater Noida Expressway: This location has already emerged as the best real estate property. However, what is little known is the fact that Noida-Greater Noida Expressway also has a tremendous potential for the growth of other asset classes like hotels, hospitals, and retail outlets, which are still at a very nascent stage of development.

“Rents and values of commercial properties in this region still continue to be low compared to other commercial districts in the NCR, making it an attractive proposition for corporates.

Improved connectivity through the extension of Noida Metro line is likely to provide the necessary momentum for this corridor. The operational Yamuna Expressway has already seen a leap in the traffic inflows from various neighbouring cities to the NCR.

“This will further enhance the connectivity of the major cities of the state to the national capital that will be routed through Noida-Greater Noida Expressway. FNG (Faridabad-Noida-Ghaziabad) Expressway will cut across Noida-Greater Noida Expressway and will enhance connectivity to the adjacent cities and add to the momentum.”

In addition to these, there are some other places which are fast emerging as hotspots in the Delhi NCR. Dwarka Expressway, for instance, is one such region. “Price correction in the secondary market of projects under construction is an attractive proposition for homebuyers; there is also hope that the land acquisition issues hampering the completion of the expressway will be sorted out this year.”  

Greater Faridabad is another place, which is developing into a mega hub for residential and commercial projects; the biggest draw is that property here is still available at affordable rates.

“Located midway between Noida and Gurgaon, Greater Faridabad is set to benefit from the completion of FNG corridor, well-planned infrastructure, and an affordable market.”

Mega projects like the F1 race track and other forthcoming ones like the Jaypee Sports City project and the night safari park, will push the next wave of development, which will expand the city boundaries further.