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Back To Boom written by Sujeet Kumar Jha, published in Realty Plus. February 2, 2014

 

Greater Noida West, earlier known as Noida Extension, had given sleepless nights to home buyers, developers and policy-makers due to the prolonged land acquisition row. Post-resolution of the stalemate, the area is moving fast on the path of becoming the next hot realty destination in NCR

 

More than a year after the construction was resumed in Greater Noida West following the settlement of the prolonged land row culminating in the approval of the Greater Noida Master Plan 2021 by the NCR Planning Board, the area has witnessed major changes in its look, feel and appeal.

 

Once deserted by the potential home buyers, the area is now receiving abundance of queries pertaining to a large number of housing projects being developed at this location.

 

 "On every weekend, we arrange for sight visits for our clients since morning to late evening. During the two days, on an average, we entertain more than 200-300 customers, who wish to visit different project sites at this area," says Sunil Sharma of A2Z Properties, a property dealer active in this area.

 

At Noida's Sector 71 crossing—from where it takes only 10-15 minutes to reach Greater Noida West— one is surrounded by a number of property agents holding project brochures in their hands and offering free rides for site visits.

Planned over nearly 3,635 hectares of land, Greater Noida West is currently buzzing with construction activities. Every other day a new project is being launched in this area with more than 70 projects by well-known developers already under construction.

 

Leaving behind all the bad memories of almost a year-long construction stalemate, developers are putting in extra hours to complete their long-pending projects, as soon as possible.

 

Also, of late, many new joint venture developments have taken place in this area. For example, recently Gaursons and Saviour Builders have joined hands to develop over 25,000 housing units in the Gaur City Township.

Saviour Builders has one more joint venture project in the region. Together with New Way Homes, it is doing Greenarch, a project comprising 1200 apartments spread over 10 acres of land in the area. "Priced at Rs3600 psf, the entire project is eco friendly, facing 32,000 sq mtr green belt. Only 20 per cent of the total land would be used for construction at this project, leaving the rest for greenery and recreational activities," informs Sanjay Rastogi, Director, Saviour Builders. "We have targeted to deliver this project in the next 30 months," he adds.

 

There are many other developers, who have forayed into joint venture projects in the area, but unwilling to promote their less known associates. Some developers are also selling FSIs from the large land parcels that they are holding at this location to several new entrants in this area.

 

It is being claimed that they were forced to take this step as a primary measure to neutralise their losses that they incurred during the course of the prolonged deadlock, and then due to the increased compensation that was required to be paid to the agitating farmers.

 

Recently, besides group housing projects, the area has also started witnessing advent of small builder floor projects.  These projects are flourishing over the lands, acquisitions of which were quashed by the Supreme Court in its judgements. The farmers of the villages of Shahberi, Patwari, Yakubpur, Bishrakh, etc where land acquisitions were cancelled, are said to be either selling their lands to various small time players at good price, or collaborating with them for constructing builder floors on their abaadi land.

 

NEFOMA still cautious!

 

Even though the construction at this location is now running in top gear, Noida Extension Flat Owners And Members Association (NEFOMA), which fought a pitched battle with different authorities for the resumption of construction in this area, is still fuming. According to the Association, though developers stand to be benefitted as their stalled projects somehow saw the light of the day, for the flat buyers the struggle is still on.

 

Says Annu Khan, President, NEFOMA, "During those days, all these developers used to look to us with their request to help them in finding a way-out of this mess. We extended our full support, staged so many rallies, dharnas and stood by them wherever it was required. But now, when everything is running fine, we are feeling betrayed. The developers quickly changed their stance after receiving permission for construction."

 

 NEFOMA says that the developers took no time in increasing the prices of their unsold inventory, besides cancelling the bookings of a large number of flats buyers, just after they received a green signal from the NCR Planning Board for the resumption of construction into their projects.

 

 "Also, some developers are now cashing in on the huge chunk of land that they are holding in the area. They are selling smaller plots out of their lands to various unknown players, by getting their project map changed. This is the reason why every other day, a new player emerges in the area with a new project," Khan adds.

 

"This is in fact a scary scenario, as the buyers may at any moment fall into the trap of any fly-by-night developer, who might have entered the area with a fake project," he adds.

 

Sharma, worried over the mushrooming builder floor projects on the abaadi land in that area, has a word of advice for the people looking for buying properties into the area. "Beware of any such builder floor, or small group housing projects, price of which you find drastically lower than the average prevailing price in this area. Before buying into any such project, it is advisable to go through all the property documents twice before making a decision," he says.

 

Well-planned location

 

Greater Noida Authority in its Greater Noida Master Plan 2021 has proposed to set up a well-planned metropolis equipped with all modern facilities and amenities for the residents at this location.

 

According to the Master Plan, the area to be settled—amidst sprawling greenery—will encompass various hospitals, schools, industries, market complex, playgrounds and other world class facilities.

 

Provision for sewage lines, power station as well as a sports city of international standards spread over 17 acres have all been made in the master plan.

 

The plan states that the sector roads in this area will be sixty metres wide with service roads running side by side.

 

Further, on the connectivity front, the area which is already connected via DND and Noida expressway, will further receive a booster dose when metro connectivity between Noida City Centre and Greater Noida will be operational, probably by the year 2017, as per the plans.

 

 "The fact that the area is being developed as per the provisions of the Master Plan, is acting as a positive wave for the developers as well as the buyers. We are sure that the proposed developments will definitely add to the prospects of this location, boosting the morale of home owners and further taking the real estate of this area towards newer heights," says Dhiraj Jain, Director, Mahagun Group.  

 

Thanks to the provision of the master plan, various schools, hospitals and MNCs have plans to open their branches at Greater Noida West, as it is expected that over 30 lakh people, would be dependent upon this region, once it becomes bustling.

 

Festive offerings

 

After emerging out of the gloom that spanned more than a year, developers have all geared up to cash in on the opportunity that the ongoing festive season provides. In order to sell maximum inventory, developers at this area are offering a variety of freebies and payment schemes.For example, some of them are offering special payment schemes, like 10 per cent to 25 per cent to be paid at the time of booking and the balance on possession.  Similarly, for the bookings made during this time, most of the developers are offering gold coins, different kinds of home appliances, etc.

 

Mahagun Group is giving away 10 gram gold coins on every booking in their Mahagun Mywoods project being developed at this location. Similarly, Keltech Infrastructure is also offering a gold coin with every booking at their Kumar Imperial Greens project. Civitech is offering a discount on booking amount up to Rs10000, along with one LCD TV.

 

"Apparently, buyers are sentiment driven and offering freebies is a great marketing tool," says Aman Agarwal of KV Developers. This festive season, K V Developers is offering assured 25 gram Gold coin along with a chance to win car, bike, LED TV, laptop, tablet, and many more, besides club membership worth Rs100000, free car parking, all IDC/EDC/FFC/Lease/PLCs free.

 

The Amrapali Group is offering over 1 to 5 per cent discount on the total payable amount to its customers, who buy into any of its projects at Greater Noida West during the ongoing festive season. In addition to this, the company is also offering a surprise gift which can be any electronic gadgets, such as laptops, mobiles, etc, with every booking that is done during this festive period.

 

 Says Aman Gupta, Executive Director, RG Group. "We are offering gold coins with every new booking to celebrate new home buying and make it cherished."

 

Supertech Ltd is offering a scheme titled 'No Strings Attached – 40:60 Scheme' during this festive season to expedite the sale at their Greater Noida West projects. As per the scheme, the booking is done with 40 per cent advance payment and the balance 60 per cent is payable at the time of possession.

 

 "Currently, we are offering 40:60 payment schemes on all new bookings in Nirala Aspire & Greenshire," says Iftikhar Ahmed, Director, Nirala India.

 

Almost every developer in the area is expecting increase in the sales between 10 to 25 per cent during festive season.

 

Projects galore

 

The real estate profile of the area received a shot in the arm with the activation of Greater Noida Master Plan 2021. The location which was initially explored by just a few realty players, is now witnessing huge influx of real estate projects from a large number of developers.

 

"Because of its dynamic development plan, Greater Noida West has gradually turned into a hot spot for all the stakeholders of real estate, be it real estate developers, investors, or the end-users," says Rakesh Yadav, Managing Director, Antriksh Group, which has two residential projects—Antriksh Golf Links and Antriksh Valley— in this area..

 

Amrapali Group is one of the major developers at this location, which is doing several projects. These include Amrapali Golf Homes, Amrapali Kingswood, Amrapali Leisure Valley, Amrapali Leisure Park, Amrapali Verona Heights, Amrapali Centurion Park, Amrapali Terrace Homes, Amrapali Tropical Garden, Amrapali Dream Valley-1 &2.

 

Recently, the company has also announced the launch of a new project 'o2 Valley,' under its Amrapali Centurian Park, spread over 75 acres of land. The 2-3 BHK apartments being constructed under this project are priced Rs28.80 lakh onwards.

 

Subodh Goel, Managing Director, Civitech Group informs, "We have presence in the area with Valencia Homes that offers 2, 3 BHK apartments. We have targeted to deliver this project in 2015."

 

Promising to deliver their luxury homes project RG Residency by 2015 year-end, RG Group is offering 2-3 BHK luxury apartments at Rs3700 psf in its currently under construction project.

 

Supertech is also looking at delivering its residential projects Eco Village-I, II and III and Oxford Square by 2015 year-end. Besides these projects, the company is constructing its residential projects Eco Loft and Albaria at this location. Earth Infrastructure is also present here with its super luxury residential project Earth Gracia.

 

Panchsheel Buildtech has four projects — Panchsheel Greens, Panchsheel Greens II, Panchsheel Hynish and Panchsheel Villas at this location. The first three projects are priced between Rs3000-3500 psf, while Panchsheel Villas are priced Rs5500 psf onwards. Besides, Mathura-based Shri Group is currently developing Shri Radha Sky Gardens, a project of 2-3-4BHK apartments nestled in G+19 towers in this area. Also,  Adella Homes is constructing Raj Residency, a project of 2-3 BHK homes over 5.1 acres of land.

 

Recently, B S Buildtech has selected Gr. Noida West to mark its foray into NCR. The company has recently announced a residential project Vaibhav Heritage Height, spread over five acres of land in this area.

 

"We are highly bullish over the prospects of Gr. Noida West, as it is an end-user centric location," says Rakesh Ranjan, Director, B S Buildtech. The company plans to construct seven high-rise towers of G+22 floors under this luxurious residential development offering over 810 apartments.

 

KV Developers is  all set to unveil its first real estate project 'KVD WindPark' very soon. "We will be developing around 11 lakh sq ft of saleable area under this project, spread over five acres of land. We are planning to launch seven high-rise towers of 24 floors each, offering 800-900 apartments under this project, priced upwards of Rs3115 psf," informs Aman Agarwal, Director, KV Developers.

 

On the other hand, enthused by the success of its earlier project Morpheus Bluebell, the Morpheus Group is looking at launching its second residential project at this area soon. "We are all set to unveil Morpheus Pratiksha, our second residential project. Spread over more than 10 acres of land and priced over Rs3000 psf , the project will  have various affordable luxury features including an exclusive library," informs Prithvi Raj Kasana, Director, Morpheus Group.

Another project Arihant Arden comprises apartments of 2-4 BHKs. Kaushal Jain, CMD of Arihant Buildcon says that the area holds a promising future in terms of infrastructure growth and employment generation.

 

Moreover, the location is also readying to witness a host of corporate facilities with the launch of Premia Group's  mega project christened 'Premia Corporate City.' "Spread over 15 acres of land, the project offers a five star hotel, corporate offices, service studios, retail mall, golf course, an amusement park, theme based restaurants, cultural food courts, clubs and many more. The starting price of the office space ranges from Rs5 lakh," informs Tarun Shienh, CMD, Premia Group.

 

Similarly, Sarvottam Group has also recently launched 'NX One,' its first integrated project, spread over 25 acres. "The project offers mix of studio apartments, retail, IT and office spaces. "We have targeted to give possession under this project by July 2016," informs Vikas Jain, Director, Sarvottam Group.

 

Looking ahead

 

As per an estimate, the area is expected to cater to the housing needs of over 10 lakh people. Moreover, it is expected that in the next three years of time more than 2.5 lakh housing units will be delivered at this location.

"Almost every project coming, or in under construction stage is having 350 units on an average. As per our analysis, over 80 projects have been sanctioned so far, with many others in the pipeline at this area. These include almost 3 lakh units in the residential segment, besides mega commercial & retail developments," Says Manish Mehta, VP, Business Development, IndiaHomes.

 

The property prices of the area have  appreciated manifold. Once launched at the rate of Rs1,400-1,600 psf, the  prices of the residential properties have now touched  Rs3000-4200  psf level. Still this price bracket is quite affordable, if compared with the other surrounding areas of this location. Moreover, in the secondary market one can explore options starting from Rs2700 psf onwards. Average price of the available commercial properties are hovering around Rs8000 psf.

 

The area is on the Metro connectivity radar. As per the plans, the city centre metro station will be connected to sector 62, and this metro route will branch out at Sector 71 to take the line till Greater Noida West.

 

Says Anuj Chaudhary, Director, Panchsheel Buildtech, "The future of the area is bright as the buyers have already started reaping benefits in terms of price appreciation. The local authorities are swiftly laying down the necessary infrastructure . The metro connectivity, when operational, will take the prospects of this area to greater heights. "

 

"All stakeholders are bullish on this part of Noida. The issues which were affecting the growth of real estate market in area have either been resolved or will be amicably taken care of in couple of months. The future holds great promise for both individual buyers and investors," supports Anil Kumar Sharma, President, CREDAI-NCR and CMD, Amrapali Group.

 

"Great infrastructure, good road network and Metro connectivity to all key destinations are the prime reasons that are attracting end-users and investors to this area, and definitely it is going to be an ideal destination for all," says R.K. Arora, CMD, Supertech Ltd.

 

"However, all infrastructural developments should take wings and be completed in the next two-three years, by when the possessions of most of the projects would start and a not-so effective transportation system, or any kind of infrastructure bottlenecks would result into disappointment for all," cautions Sunil Mittal, MD, Addela Homes.

 

 All's well that ends well, and so is the case with Greater Noida West, as after rising from the land row issue, this location is showing  healthy signs of improvement in its real estate profile. And, as per projections, property prices at this location will take a giant leap when some of the developers  start delivering their projects in the next three years of time.

 

Meanwhile, the area is waiting on the threshold of a real boom and is the next hot realty destination of NCR.