YEIDA, to act against 100 erring Greater Noida builders

The Greater Noida and Yamuna Highway Authorities are deliberately taking action against erring builders who have failed to abide by the deadlines to deliver possession to homebuyers, and are yet payoff the outstanding dues, which amounts to more than Rs 10,000 crore, to both the Regulators.

While a committee was established last week to look into the concerns being faced by the homebuyers and the realty sector; the legal departments of the 2 Regulators were consulted by the committee on Monday to discuss if criminal proceedings can be initiated against more than 100 building contractors in the two areas.

Based on the officials, the four-member is constituted by Meerut commissioner Dr Prabhat Kumar, who also retains charge as the chairperson of Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA), has recently been tasked to learn all options available to retrieve dues from the defaulting developers.

The commissioner further added that they have recently been asked by the panel to also study the parts of the Indian Penal Code under which criminal proceedings can be initiated against this defaulter real estate developers in Noida.  An official also said that the committee is concentrated on sorting out the difficulties being faced by the homebuyers including delayed ownership. The committee is expected to submit the report to Kumar in a week.

A meeting was held to discuss the project settlement policy, which started in October last year to provide some relief to the homebuyers, by Amit Mohan Prasad, CEO of Noida and Greater Noida Regulators on April 24. The goal was to come up with a workable solution to break the impasse between customers and builders in all the three areas of Gautam Budh Nagar. A report of the meeting revealed a possible solution shall be presented to senior officials in Lucknow on April 26.

Meanwhile, a group of homebuyers who have invested residential property in  Noida area's Chi-5 also met Kumar on April 24. According to a homebuyer he has apprised the chairperson of your problems including away devoid of been given ownership of our homes booked way back in 2011. The contractor was going to deliver 700 residential units in August 2015, however, until now only 20% construction has been carried out. Several builders said that they do not have money to complete the project, but what should the 350 people do who are stuck in this situation do?

This move reflects that the coming days will surely bring some good news for the home buyers and market of propertyin Noida.

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5 tips to find right tenant in Noida

Noida is one of the largest industrial hubs in Asia. The city has the largest number of manufacturing units, MNCs and corporate houses of many companies. This gives rise to migrated population in the city. People coming to Noida for employment usually live in rented houses. This is the reason property investors in India buy second and third homes just to use them as a rental property.  But just buying an extra residential apartment is not enough to earn rental income.

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Apart from largest industrial hubs, Noida is also a city with a high number of crimes. This makes really important for the landlords to carefully choose tenants and rent their flats. One mistake in the selection of a tenant not just causes them financial loss but can also pose risk for other residents in the society. If you have extra propertyin Noida and want to use it as rental home, read below some tips to find a reliable and right tenant

Research: Before starting a discussion with the tenants, you must be aware of the ongoing rent in the society. Tenants usually talk to many landlords and have complete knowledge of trending rents. So you should quote a price that is in sync. Though you can also demand more rent, but this is possible only when you are offering some extra features like a fully furnished apartment or more area than other flats in the society.

Police verification: In this time, when crimes by tenants are increasing, you should never rent out your home without proper police verification. Fill the form and submit it at the local police station with all valid identity proofs of the tenant. Police will further verify the background and details provided by the tenant to provide you approval.

Advertisement: In today’s digital world, you have many options to let people know about a vacant home. You can either paste a notice on your society’s gate or can update local brokers. If you don’t want to share your money with the brokers, you can list your residential property in Noida on different real estate websites.

Rent agreement: Usually, the brokers get rent agreement with clear mention of all the points including due date of rent, mode of payment, duration of lease and consequences of canceling the lease before 11 months.

Register the agreement: Getting the rent agreement registered can be helpful in many situations. A registered rent agreement makes a more valid document in court as compared to a notarized agreement. Usually, landlords have to bear the stamp duty charges, but if you want you can also share it with the tenant. If you have invested in Noida Expressway projects and want to use them as rental property, you must get rent agreements registered as this area has more fraud cases.

5 Must Research Factors When Buying Property in Noida

Living in a rented home can just be a temporary way. You cannot spend complete life on rented home and that too when living in cities like Noida and Gurgaon, where rent is too high. Moreover, everyone has a dream of owning a house. When one looks at high rents in metro cities, the decision of owning a home and paying the money for EMI seems a better option.

But buying a home in India is not a cup of tea. Be it the location, price, reputation of the builder or the quality of construction, every factor makes a lot of impact on the home buying decision. Further, news of so many frauds by builders, buying property in Noida has got further difficult. To ensure that you get right project, you need to keep an eye on various aspects of the residential projects. Here are five must research factors when buying a home in the largest industrial hubs of India.

Location: A place where you buy a home should be comfortable for every family member. Some of the important factors to keep in the mind when checking the location of the project are connectivity, safety and access to the public utilities like hospitals, schools, malls etc.

Amenities: Gone are the days when just owning a brick and mortar structure was enough to say that you own a house. Modern home buyers look for a project that is equipped with all the amenities like swimming pool, clubhouse, lifts in high-rise apartments, gym etc. Most of the upcoming projects in Noida have all these facilities to ensure a convenient life for contemporary homebuyers.

Maintenance: If you live in a rented home, you might not be aware of the maintenance cost associated with the own home. The only benefit in this apartment culture is that you can just pay the cost to the building owner and relax about regular maintenance. But sometimes builders charge a lot more than the average maintenance cost just because home owners are not interested in taking any pain for it. So pay attention to every penny charged in the name of maintenance such as parking, security, garbage cleaning etc.

Security: In today’s time, when the number of crimes is increasing rapidly, security is the biggest concern when buying a house. When looking for a home, ask the builder about the security measures used to ensure the safety of the residents. Now you cannot just rely on a security guard standing outside the building. Give preference to a project with high-tech security measures like CCTV camera, card entry, and boom barriers.

Durability: If you are investing in a resell building, do check age of the structure. If it is too old, avoid buying it as it might not be able to survive natural calamities like an earthquake. If you are looking forward to buying luxury flats in Noida, make sure it has been made on earthquake resistant structure.

Every penny you pay for your home is valuable for you and your family. So use your capital wisely and research well before investing in any housing project in Noida.

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Why is Gurgaon turning from green jungles to concrete jungles?

Gurgaon or now converted to Gurugram is one of the oldest cities. The city had a long journey of converting from green jungles with wild animals to concrete jungles with some of the best MNCs and top residential projects. The process of evolving from a jungle to a well-developed city of this ancient city is interesting to the core. But have you ever thought about the reasons behind this drastic change and quick development?

The city is so old that people even tell stories of epic “Mahabharata” here. Some say that Dronacharya was from Gurgaon and this is one of the reasons it is also called ‘Gurugram’. There was a time when city’s condition was far from a place worth living. But the situation started to change after the establishment of automobile company Maruti Suzuki’s plant in Manesar. Realestate in Gurgaon started to change after this and gradually it became one of the largest IT hubs not just in India but in the world.

But the just entry of Maruti Suzuki is not the only reason behind the development of Gurgaon from a jungle with ‘blue cows’ to one of the best places to own a home in India. Here are some more factors that played a vital role in city’s growth and helped it become the ‘Millennium City’.

Shortage of space in Delhi: When builders and budding organizations stopped finding suitable and affordable land in the national capital Delhi, they shifted their attention to the less explored area Gurgaon. To accommodate the huge population in Delhi, residential property in Gurgaon was developed. Proximity to Delhi was one of the reasons people find it a suitable location to live.

Entry of MNCs: Almost every leading IT company today has its office in Gurgaon, which helped in the growth of city’s real estate market. Multinational companies like Wipro, GE, IBP, Genpact etc. started coming to the city. Today Gurgaon has one of the largest “cyber hubs” in India working as a jewel for the city.

Infrastructural development: Infrastructural development of Gurgaon was way faster and better than other cities sharing a border with Delhi. This also contributed to city’s growth as people always like to live at a place with smooth connectivity and social infrastructure like educational institutions, hospitals, markets etc. The government proposed wide roads to ensure smooth connectivity to Delhi and to reduce traffic on roads.

World-class projects: Leading builders launched some of the best residential projects with state-of-the-art amenities. Today luxury flats in Gurgaon can give competition to many international housing projects just because of amazing design and advanced features. Ireo is one of the developers that launched a technically advanced home where everything from opening doors to dimming light and setting curtains, everything happens on a touch of a button.

These are some of the reasons behind the exceptional development of Gurgaon. Today the city has become one of the most sought after locations in India to live, work and study. People from all across the world come here to invest money in real estate and work.