After resuming the construction work in Noida Extension so many buyers have been feeling the smile on their faces, as well as driving prices upwards in the realty market once again.
With the approval of the revised Master Plan 2021 of Greater Noida by the NCR Planning Board, Noida Extension properties have become costlier in anticipation of the resumption of construction.
Very clear indications from developers that they would go for a price revision with some having already revised prices.
Before the land acquisition row a couple of years ago, the average residential rates in Noida Extension were in the range of Rs 1,800-2,000 per square feet. Currently, they average at Rs 2,800-3,200 per square feet.
Apart from the green flag to the resumption of construction, the other reasons for price escalation are the inflationary pressures and the rising cost of raw materials. The builders have gone ahead and raised the cost per unit in order to be able to pay the stipulated compensation as demanded by authorities; but all the developers have assured existing customers that the new prices would be applicable only to prospective buyers.
Rama Raman, CEO of Greater Noida Industrial Development Authority (GNIDA), says: “The NCR Planning Board reviewed Greater Noida’s Master Plan 2021 following the order of the Allahabad high court in October 2011.To compensate builders who were forced to pay farmers the enhanced rate of compensation, GNIDA has set up a committee to finalize the relief through a decrease in the interest rates or zeroing the installment time for all projects that have remained stalled due to the land row.”
Most of the projects like Antriksh’s Golf Link in Sector 1, Amrapali’s La Residentia, Leisure Valley, Centurian Valley and Golf Homes, Gaursons’ Gaur City, Supertech’s Eco Village, Mahagun’s Mywoods, Earth Infrastructures’ Earth Towne, Ajnara’s Ajnara Homes and Le Garden, Gulshan’s I Homz, etc, were launched at affordable rates – that is, ranging from Rs 1,400 per sq ft onwards.
Anil Sharma, the chairman and managing director of Amrapali Group, says: “With the increase in construction costs and additional burden from the development authority, we are bound to raise the prices, but not on existing buyers. After receiving the final orders from GNIDA, we will resume the construction and will raise prices for new customers to help us deliver the projects on time.”
Manoj Gaur, the managing director of Gaursons Ltd, says: “The recent development is a positive signal, the first in a long time. According to the agreement signed with existing buyers, we can charge more, but the increased rates will only be charged on new buyers.”
Rakesh Yadav, managing director, Antriksh Group, says, “We have not decided yet on the quantum of the increase in rates, as we are still calculating the cumulative burden upon us including from the increase in the input costs – however, the raise will be marginal.”
Ashok Gupta, the managing director of Ajnara India Ltd, says: “The recent developments are a positive sign. The buyers, at last, are a relieved lot as the construction work in Noida Extension is set to resume soon. After we receive the final orders from GNIDA, we will resume construction; we will raise rates marginally to deliver the projects on time.”
R K Arora, the chairman and managing director of Supertech Ltd, says: “We are already gearing up to resume construction at Noida Extension. Any change in price will be based on the increase in construction cost and the burden passed on to us by GNIDA.”
There are nearly 2.5 lakh house under construction in Noida Extension, with nearly 1.5 lakh already sold. The developers had flocked to this area in 2009 when GNIDA had enhanced the floor area ratio from 1.75 to 2.75 and increased the density from 800 people per hectare to 1,600 people per hectare. Thus, developers could build 140 apartments per acre compared to 70 earlier. The authority had later increased the FAR to 3.5.Projects in the area, which are about 20-25 % built, had to be stopped midway due to the court orders.”Noida Extension will prove to be a tough contender to other localities in the NCR, primarily in terms of pricing and location.
“This has also spurred commercial and corporate activity in the area, as commercial property rates are also far more competitive when compared to those in the developed sectors of Greater Noida and Noida, “Deepak Kapoor, the director of Gulshan Homz, says.
Another area which has seen good growth and development is the Crossing Republik, an integrated township on the NH-24 in Ghaziabad. With the presence of prominent developers like Ajnara, Supertech, Assotech, Paramount, Mahagun, Panchsheel, Prateek Group, etc, the townships today boast of world-class amenities and facilities. Prices that were around Rs 2,000-2,200 per sq ft a year ago are now quoting at Rs 2,600-2,800 per sq ft.
Sanjiv Srivastava, the managing director of Assotech Ltd, says: “Crossings Republik will have all the social and lifestyle infrastructure within the campus like huge commercial and retail centers to schools and colleges to a beautiful golf club. In recent times, we have seen an upsurge in the demand and hence the pricing. With a large population already shifting base here, we expect a lot more demand for Crossings in the near future.”
Ashok Gupta, the managing director of Ajnara India Ltd, says: “Crossings Republik has been developed as a world-class integrated township where residents won’t need to go out for any of their daily needs, apart for their jobs, of course!”
“Crossing Republik has seen a major increase in demand as more and more people are making a beeline for such integrated townships. We have already given the possession of our project, The Royal Cliff, and feel satisfied to see our customers happy, “Prashant Tiwari, the managing director of Prateek Group, said.
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THE BUILDERS HAVE GONE AHEAD AND RAISED THE COST PER UNIT IN ORDER TO BE ABLE TO PAY THE STIPULATED COMPENSATION AS DEMANDED BY AUTHORITIES; BUT ALL THE DEVELOPERS HAVE ASSURED EXISTING CUSTOMERS THAT THE NEW PRICES WOULD BE APPLICABLE ONLY TO PROSPECTIVE BUYERS