Potential of Property in Noida May Be Unlocked by International Airport in Jewar
If the Jewar Airport is built, those who own property in Noida will benefit. Noida is one the most important technology and business centers in the country yet growth here has not kept abreast with growth in other important regions of the country. A large international airport in Noida's backyard could very well change the fortunes of the city and add to the fortunes of those who invest in real estate in this suburb of New Delhi.
The Winds of Change
Uttar Pradesh may very well be on it's way to becoming Uttam Pradesh. The recently elected government has directed the Uttar Pradesh authorities to begin seeking approvals from the Civil Aviation Ministry for the construction of an Airport at Jewar.
Leaders expect that once the airport is operational it will be a fantastic blessing to numerous industries in Western Uttar Pradesh. Industries such as Tourism, Trade, and of course Real Estate are expected to be the biggest beneficiaries of an international airport at Jewar. The operational international airport is expected to create more economic growth in Western Uttar Pradesh.
The Story Thus Far
Greater Noida and Noida are the preferred regions to buy a home for buyers with a limited budget. However while residential projects in Noida remained popular, commercial realty was not able to gain the momentum that commercial realty in other parts of the NCR close to the international airport had gained. Thus experts believe that the revival of the Jewar International Airport will unlock all the hidden potential in Noida and Greater Noida.
Where is Jewar Located?
Jewar is located along the highway that connects Noida with Agra. The Yamuna Expressway as the highway connecting Noida and Agra is known, is a popular highway upon which a large number of vehicles pass every day.
Why NCR Needs a New Airport?
NCR is a large urban metropolitan region where tens of thousands of people arrive everyday by air. Yet the infrastructure that has been built to accommodate tens of thousands of visitors, who arrive from all corners of the globe on flights to the Indira Gandhi International Airport, is insufficient to meet the demands placed on it from increasing number of travelers. Hence not only will an International Airport at Jewar unlock the hidden potential of many existing commercial and luxury properties in Noida, it will also ease the burden on the Indira Gandhi International Airport.
5 Things That Can Help Gurgaon Earn Smart City Tag
In rapidly urbanizing nations, every city is in the race of becoming smart city. This is not just to look beautiful but also to generate wealth. Urbanizing societies draw attention of people from all across the world and contribute in urban expansion with better infrastructure, new projects etc.
One of the areas with high potential to become a smart city is Gurgaon. The ‘millennium city’ contributes big in Haryana’s revenues but doesn’t even get a quarter of its contribution for own development. This is just because of the list of top builders in Gurgaon and MNCs the city is getting popularity.
Primarily, there are five things that need to be fixed to make Gurgaon a smart city.
- Sewerage:
When it comes to public sewage system, the city lacks the facility in every part. Though privately provided sewerage facility is efficient, not everyone in the city is able to afford these services. The city can do much better if more focus is given to public sewage system connected to official sewerage lines.
- Electricity:
The city has both government and private power supply, but none of them are able to meet the requirements. Further, private production of electricity leads to excessive pollution. New projects in Gurgaon with more focus on private electricity production options are examples of the private producers polluting the city.
- Water supply
The average cost per person for water in Gurgaon is high due to its limited availability. Further, the quality of piped water supply is also poor creating many health issues. By building water mains to Gurgaon, the government can make unlocked land useful and valuable. Further, it will also increase options of affordable homes for those planning to buy property in Gurgaon.
- Law and order
Law and order in Gurgaon needs a lot of improvement to increase confidence of the people in its legal system. Wealthy residents find easy solution to their problems by hiring private security personnel, but not all can afford them. To make Gurgaon smart city, the authorities should focus on improving the security in the city.
- Transportation
Though there has been a lot of improvement in city’s transportation system over years, it still has a lot of scope. With almost every family having at least one care, the transportation system here needs to be better. However, real estate website in Gurgaon boast of unmatched transportation system in the city via buses, wide roads, metro trains etc.
By tackling these issues, Gurgaon can really be made ‘Singapore of India’.
PM Awas Yojana allocation has been raised to Rs 23,000
http://www.propchill.com/segment-search/noida/affordable-apartments
Focusing on the housing in rural and urban sector, Finance Minister Arun Jaitley on Wednesday stated that the us government has proposed to construct 1 crore houses for the homeless by 2019. The PM Awas Yojana allocation has been raised to Rs 23,000 crore, from Rs 15,000 crore.The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18.
To market affordable homes in Noida , the us government also proposed to amend the Section 80-IBA, relaxing the problem of period of completion of the project for claiming deduction from the present three years to 5 years.The finance minister also said, “Mission Antyodaya will bring 1 crore households out of poverty and will make 50,000 Gram Panchayats poverty-free.
With surplus liquidity developed by demonetisation, he said the banks have already started reducing their lending rates, including those for housing. Interest subvention for housing loans has been announced by the Prime Minister.
Stating that real estate in Noida is one of many thrust section of tax proposals, he said: “Within my budget proposals a year ago, I'd announced a scheme for profit-linked income tax exemption for promoters of affordable housing scheme which includes received a very good reponse.
Affordable housing will now get infrastructure status, that will enable these luxury property in Noida projects to avail the associated benefits,” Jaitley said.
With grant of infrastructure status, a long standing demand of realtors, builders in noida would now be eligible for all government incentives, subsidies, tax sops and institutional funding for low priced homes, real-estate industry said, while hailing this move.
Highlights of Gurgaon and Noida Realty Market
The primary purpose of investing in a property is to fetch maximum returns out of it in future. So, one has to be very careful investing in any property and analyze each and every aspect very carefully before taking any final call.
Important factors that should be considered while buying a property
Location
Location is the most important factor in property investment. Good location always ensures you with higher returns. Location that boasts of a good social and physical infrastructure is not only good for end users but also investors who are buying the property for re sale. It is also good to invest in a growing area with tremendous development potential.
Affordability
It is always advisable to check your budget and do a thorough analysis of all the additional costs involved in investment along with the base payment amount. It is better not to stretch your budget or to burn a hole in pocket in order to purchase a property.
Property in Gurgaon and Noida has emerged as two lucrative destinations in National Capital Region for real estate investment. A good number of developers and prospective buyers are showcasing their keen interest in both the satellite cities. This report aims to capture the highlights of both the cities.
While Noida hosts a plethora of Indian and international IT and manufacturing companies, Gurgaon has emerged as one of the preferred destinations for at least half the Fortune 500 companies by October 2013.
Infrastructure Developments
Both the satellite cities have seen massive growth in both residential and commercial infrastructure. There was never an instance when demand has beaten the supply.
Real Estate Trends in Gurgaon has significantly came up the curve with thousands of residential skyscrapers with state of the art infrastructure and ultra modern look. But what makes Gurgaon less attractive is the lack of maintenance with poor and broken roads that often results in traffic woes. On the contrary, Noida boasts of a robust infrastructure with proper and wide roads, better water treatment facilities, better public transport and most importantly the basic residential facilities in sectors. The city is well planned and offers excellent living conditions
Infrastructure and connectivity
Noida holds an upper hand when it comes to infrastructure and connectivity. The major highlight of both the cities it is close proximity to Delhi. Both the satellite cities are well connected to Delhi which increases the attractiveness of both. The major difference between the two is Noida has various exits for Delhi, while Gurgaon is connected to Delhi by one straight approach. The significant reason behind this difference is Noida running parallel to Delhi and Gurgaon being comparatively far from the capital.
Future Implications of an Uptick in Demand for Commercial Property in Gurgaon
It looks like things may be slowly turning around for property in Gurgaon according to experts who claim that the recent uptick in the demand for commercial space in Gurgaon is likely to bode well for rentals in Gurgaon and may also result in greater demand for flats in Gurgaon. Actually an increase in demand for commercial property in Gurgaon is good news not just for Gurgaon but for the entire NCR at large. Increased demand for commercial space indicates a likely increase in employment opportunities, the news may be particularly beneficial as commercial space in Gurgaon is among the most expensive in the NCR and an increased demand for the same likely means larger than average capital inflows into Gurgaon with the end result that many such organizations which are opening new offices are likely to pay employees greater than average salaries.
As many employees prefer to live near where they work such news augurs well for those with properties in residential projects in Gurgaon as more than likely they can expect greater demand for their homes from renters. The demand for more commercial property in Gurgaon may also be good news for those who earn money selling upcoming projects in Gurgaon as the new workers who shall now work at Gurgaon may desire to own their own property in the future to ease their daily commute. Such news is likely to be well received by builders in Gurgaon as well who may see signs of a revival in the city’s real estate market as demand from new migrant’s increases alongside the increased demand for commercial space in the city.
Perhaps a subtler outcome of the increased demand for commercial property in Gurgaon could very well be that much of the residential property Gurgaon is likely to appreciate due to greater overall demand, if a city experiences an increase in population than it is axiomatic that demand for homes in the city too shall increase. That such an increase in demand is congregated in an increase in demand for luxury apartments or luxury villas in Gurgaon is however unlikely, most such new employees who will begin to work at Gurgaon are likely to be well paid, the most highly remunerated of these workers may well be able to afford luxury villas or luxury apartments in Gurgaon however the bulk of these new workers are likely to be just that, workers, who will reside at affordable housing in Gurgaon.
Almost certainly some of those who shall in the future work in Gurgaon are likely to be well paid as those working in the Millennium City are accustomed to and the money they earn will most likely be spent in Gurgaon on things such as groceries, entertainment, household goods and services, such expenses shall be disbursed among those who work in Gurgaon and the domino effect of such expenses from multiple households is likely to result in the purchase of less expensive flats and perhaps even mid segment apartments in Gurgaon.
The Next Best Thing to Owning Property in Gurgaon
Prospective homebuyers who are keen to own property in Gurgaon but find the prices in the locality to be a hurdle to homeownership may now have an alternative. Sohna Road is becoming an increasingly viable option for those who would like to own good quality real estate in Gurgaon or the surrounding region but are deterred by the high prices of real estate in the suburb. As apartments in many residential projects in Gurgaon are today priced upwards of 1 crore, the dream of homeownership in the Millennium city for many today may remain just that, a dream. However with close proximity to the suburb and an upcoming infrastructure, Sohna Road is well poised to become the next real estate hot spot in the NCR. With affordable housing in Gurgaon highly coveted by many buyers and the stock of such properties in relatively short supply, buyers may increasingly consider Sohna Road to be the next destination for a home in the NCR.
Sohna, a town towards the south of Gurgaon is well connected with the rest of Gurgaon via the Sohna Road. Those who buy property at Sohna would find themselves the owners of a home which has in its vicinity numerous offices of multinational corporations, such offices located at Sohna Road are occupied by some the biggest names in IT and ITES. With many large IT parks within a short driving distance from Sohna, this town right beside Gurgaon, offers exciting opportunities to homebuyers who may have a small budget but at the same time wish to invest in property around the NCR that is well connected with surrounding regions and offers good employment opportunities nearby.
Homebuyers keeping a lookout for luxury flats in Gurgaon almost certainly will not find property located at Sohna Road to be suitable, however for buyers keen to invest in their first home and wish to gain a foothold in the capitals property market Sohna Road many be ideal. Many big name builders in Gurgaon too are seeing great appeal in undertaking the construction of developments on Sohna Road, and though the region is well connected with Gurgaon the price of even a three bedroom apartment at Sohna Road is well below one crore. In Gurgaon a similar three bedroom flat would almost certainly cost more than one crore and possibly more.
In addition to being a destination with affordable housing other advantages of owning a home at Sohna Road are its close proximity to bustling centers of activity in Gurgaon, a drive from Sohna Road to the plush Golf Course Road should not take more than half an hour in normal driving conditions. Such great connectivity with important regions of Gurgaon is a huge plus and augur well the locality and will likely to ensure its maturation as an important destination for residential homes. Furthermore, the planned Rapid Metro project in Gurgaon is to be constructed up till Sohna Road, the completion of the project is likely to greatly benefit property in Gurgaon and at Sohna Road as residents of Sohna Road shall find themselves able to commute with ease not just within Gurgaon via the metro, but also have much easier commute to Delhi and other parts of the NCR as well.
Monsoon Rain Angst against Owners of Real Estate in Gurgaon
As Gurgaon matures as a residential destination, those who own real estate in Gurgaon shall desire civic amenities which are taken for granted by residents of cities in the developed world. As the recent monsoon rains have proven, the state of the physical infrastructure in Gurgaon is woefully inadequate to the demands placed upon it. At a time when there are widely held talks regarding the creation of smart cities, basic civic amenities are crumbling. Those who live in residential projects in Gurgaon likely work with and at some of the best and most creative individuals in their industry, however they drive to Monsoon Rain Angst against Owners of Real Estate in Gurgaon work on some the most dilapidated roads in the country if not in the world. A city which is unable to provide clean and well maintained roads equipped to adequately remove water after a heavy downpour has little right to proclaim itself as a city of the future. Even as some of the real estate in Gurgaon tends to be among the most expensive and luxurious in the world, the appeal of owning property in Gurgaon is made dimmer by the quality of its roads.
In a city which has offices occupied by big global brands such Microsoft, Google and BMW, the quality of the roads it seems is not better than those found in Zaire or Kenya. For Gurgaon to be seriously considered a global innovation hub, high quality roads are certainly a prerequisite. The next step taken by the government will most likely be to repair some sections of the road in a hesitant manner with little thought given to the impact of the next monsoon and the subsequent further eroding of the city’s streets. The wait and watch mentality of the civic authorities may over time continue to erode the high equity Gurgaon has garnered over the past decades and which leads to new projects in Gurgaon to be considered excellent investment vehicles.
Many residents of Gurgaon who have paid handsomely to live in some of the best luxury apartments in Gurgaon found themselves stuck in traffic while driving or being driven in their luxury car. A car which likely cost upwards of forty lakhs was rendered immobile by waterlogged streets which could have an effective drainage system for a fraction of the combined cost of all the luxury cars in the NCR suburb. As the builders in Gurgaon tout themselves as the best in the country and launch new projects in Gurgaon with great pomp and celebration, however the same builders however turn a blind eye to remarking upon the crumbling infrastructure in the city when advertising the sale of their properties.
Callous attitudes by civic authorities are likely to damage the sentiments of those who regard owning apartments in Gurgaon a great investment for the future. Furthermore as is well known among top bureaucrats, Gurgaon may face an acute water shortage within a decade or two, rather than have water remain stagnant on the streets efforts directed towards rain water harvesting may be required to ensure that a low ground water table does not bring the Gurgaon growth story to an abrupt end.
