Top 5 Trending News - Rising Housing Demands in Noida Real Estate Market
Property Prices shoot up in Noida.
Real estate experts have spotted the sudden boom in areas like Noida and have predicted it to become the new hotspot for investments opening the window to the global market. The forthcoming Noida International Airport in Jewar will significantly impact real estate development in the NCR, mainly in Noida, Greater Noida, and Faridabad.
The laying of the foundation stone for Asia's largest airport, Noida International Airport, Jewar, would usher in a new era in India's ability to successfully conceptualize and implement large infrastructure projects that have a significant multiplier effect on the economy. The Noida International Airport will boost residential, commercial, and hospitality activity in the region, but Faridabad, a city halfway between Delhi, Gurgaon, and Noida/Greater Noida would benefit the most.
The international airport will offer the region's economy a massive industrial and commercial development boost, luring investors. The Jewar airport is one such mega-infrastructural project in Uttar Pradesh that can alter the dynamics of the NCR real estate market. This will boost the state's economy through increased tourism traffic, employment generation, and business prospects, among other things. Noida's office space market has been functioning well for the last couple of quarters, even surpassing Gurugram, which is already a manufacturing centre and the top pick of various multinational firms.
Furthermore, the Jewar airport would be a game-changer for Noida's Grade-A office space market, attracting investors from various businesses
New metro rail a major catalyst for high property prices
According to real estate developers and analysts, the inauguration of a new metro connecting Noida and Greater Noida in western Uttar Pradesh may increase housing demand and prices.
The new Aqua line metro connects Noida and Greater Noida and covers a distance of 29.7 km. The improvement of infrastructure owing to metro connectivity is likely to help stimulate demand for residential units in the region. It is also predicted to positively impact the business and retail sectors.
Metro lines have always played a key role in raising the real estate prominence of the areas they connect in the past. Commuting from places like Noida Extension will also be accessible. Along with the increase in sales, the opening of the Aqua Line Metro will raise the rates of units in the neighbourhood by 20%.
Homebuyers in this neighbourhood have been greatly relieved by the new metro line. The advantages of the metro will be enjoyed by both citizens and the real estate industry. Indeed a big day for the real estate sector in Noida.
Builders and developers can no more charge service tax
Hundreds and hundreds of homebuyers who have reserved under-construction flats will likely be relieved by a recent Delhi High Court decision. The decision followed a plea filed by two buyers who had purchased flats from Sethi Buildwell Pvt. Ltd in Noida's Sector 76's Max Royal group housing project.
The ruling affects flats purchased before July 1, 2012. The HC further stated that if the developer has already received service tax, the revenue department will reimburse customers with a 6% interest rate. Though the builders or developers cannot charge service tax to home buyers for under-construction homes, according to the HC, they can, however, demand more under "Preferential Location Charges" (PLC).
An exit plan or alternate allocation
The Noida authorities have instructed builders to prepare an exit strategy or provide other accommodation for thousands of house buyers in Noida's sector 107, which could bring a sigh of relief to them.
Buyers in Noida Sector 107 had complained to the Noida administration about the project's long delay in being delivered. The residences that were reserved in 2009-10 are still being built. The project was supposed to be finished in 2012, according to the builders.
The real estate sector has been experiencing a severe slowdown for the past three to four years, resulting in project delays of up to 7-8 years.
Charges on property transfers halved.
A resale property's transfer charges are assessed at the property's registration. Previously, buyers were required to pay a 5% transfer fee. This means that if a buyer pays Rs 10 lakh for a property, the buyer would be charged Rs 50,000 in transfer fees.
According to the most recent adjustment of the levies, buyers will have to pay 2.5 per cent of the property price in transfer fees. Transfer expenses would now be reduced to Rs 25,000 in the case mentioned above.
The reduction in registration transfer fees will make purchasing resale flats and plots cheaper than ever.
Is it the right time to buy or invest in a property with all the ongoing trends? DEFINITELY.