Noida recently has emerged as one of the preferred destination for residential real estate in the NCR region. Several factors put together provide a sound justification for investment here namely: Good Infrastructure, Proximity to Delhi, comparatively low property rates to name a few. Noida, has always been the preferred destination of IT and ITES organizations and you will find several such companies in Sector 18, 60, 61,62,63 etc. Also it gives easy access to Faridabad, Gurgaon and S.Delhi. It was therefore quite obvious that investment in a property here will yield sound returns.
Lets have a closer look at the investment scenario here. Two prominent areas under rapid developments are the Noida -G Noida Expressway and the Noida Extension region. Lets explore the two regions independently.
Flats in Noida – G Noida Expressway provides options of high-rise at a price of about 3000 – 5000 Rs per sft. Hence, affordable and under construction projects are there everywhere here. However, here is the breaking news! Major portion of land in this area is actually agricultural land that builder acquires from the farmers. They then look to convert the land to commercial one by various means. This may take a few months and more depending on various factors. We do not want to comment on the legality of the process, however we recommend that buyers exercise caution. Before you go with a builder, please make sure the builder has taken all the formal clearance for the project. Many projects on the highway lunched in 2008 – 2009 are still not even started because of this reason. Do not just go by the features and amenities the project offers. Knowing the status of legal formalities of the project is your right, and you must exercise it.
Secondly, lets have a look at Noida Extension the Heart of all residential development in NCR !
Flats in Noida Extension provide the option of affordable housing in the range of 1800 – 2500 Rs per sft. All the projects as on date are either waiting for legal clearance, or just at the verge of starting construction. If all goes well then the projects will be nearing completion by 2015. Now here is the catch! All booking done on the land is as per the rates prevalent today. In five years time the infrastructure cost of the builder will double. And there will be a likely threat for the project to become unviable. Well, that’s a worse scenario, but a pretty likely scenario. The need is therefore to exercise caution. We advise a legal documentation check and also to go with financially sound builders. We cannot take names here, but a good check for the same is your banker. Ask your banker if he will give pre loan to the builder? If the answer is yes, then there is enough evidence for you to believe that the project is financially sound.
Remember, being informed is your right, and the builder is obliged to serve with you correct information. And if he cannot, then my friend, he is not the right one for you.
Look Before You Invest For Flats In Noida