Why do you buy a house in Noida, Noida Extension, Ghaziabad, Faridabad or even non-descript & hard-to-commute locations of NCR when you work in Delhi? If affordability is not the issue, won’t you prefer to live in the capital Delhi and not the satellite cities of NCR?
Experts recommend certain safeguards a homebuyer should take to evade getting into dicey deals:
Reputation: The buyer should invariably consider the reputation of the builder and their development history and form a fair idea of the credibility of the developer both in terms of timely completion of work and the quality of their construction.
Track2Realty view on project delays The lack of regulations is…
Gaurav Kapoor booked a flat in one of the newly launched projects of Delhi-NCR in early 2007. He was promised the flat would be ready for possession within three years with a grace period of six months. To play safe Gaurav even opted for a construction linked payment plan to the developer but six years have gone and he is yet to get his flat and every time he has approached the developer, various reasons for delay have been cited from macro economic conditions to funding woes and approval delays on part of the government agencies.
“How long can a sector survive which is borrowing at 48 per cent from private lenders to serve the interest of previous debt raised at much lower rate,” asks a banker. His concern is not without valid reasons. Developers experimented with all funding options but still many of them are now being forced to seek other sources of funding which not only comes at a significantly higher cost but also where the source of fund is unregulated.
In the evaluation of sustainability of a housing market, the absorption of office space is the prime indicator across the world. After all, it is the economic activity and the job magnet that fuels the demand for new houses. The city of Mumbai has always been blessed on that count due to demand and supply dynamics.
When Roshan Abbas, a property broker operating out of Mira Road of Western Suburb, claimed that the region would be the catalyst of housing revival in the Mumbai Metropolitan Region (MMR), many thought this to be claims of a broker glorifying his catchment area. Some of the critics even dismissed it as another marketing stunt on the eve of the festive season of Navratra.
No other residential micro market of India has arguably weathered as many challenges and controversies as Noida Extension. Its inception as a separate zone, other than Noida & Greater Noida, did lend credence to conspiracy theories against the farmers that culminated into land acquisition litigation. Since then it has been a sordid saga of project delivery uncertainties and homebuyers endless wait; not to speak of the additional charges levied as against the compensation amount hiked to the farmers.
Track2Realty Investment Magnet Report 2015 tries to decode the alphabets of India’s housing market. The editorial team has not invented these alphabetic connotations and everyone in the sector is well aware of the alphabetic practices as well, yet we simplify it for the average investors and homebuyers who often forget the basics that make their fortunes vary. Familiarity with the given A to Z is often the difference between a skilled homebuyer and a novice.
The meteoric growth of e-commerce in India in recent years was broadly seen as a threat to physical retail. Seemingly bearing this out, ASSOCHAM states that e-commerce has grown at a compounded annual growth rate (CAGR) of ~30%, while retail sector growth has been at 15% CAGR over the last five years.