Investing in Noida/Greater Noida property? Some things you should know

By: |
Updated: June 06, 2016 1:54 PM

Noida has emerged as a major destination for home buyers over the last few years. We compile a list of key things that a home buyer should know about.

Investors want timely delivery along with what was promised, and basic amenities in place. Lakhs have been spent on dream homes but the wait is endless for getting possession.Investors want timely delivery along with what was promised, and basic amenities in place. Lakhs have been spent on dream homes but the wait is endless for getting possession.

Noida has emerged as a major destination for home buyers over the last few years. Noida and Greater Noida, along with Yamuna Expressway and Noida Extension, provide affordable alternatives to middle class buyers in the national capital region. Average home prices in these regions are said to be lower. But before finalising Noida as your final destination to buy a home, here are certain things that you should be aware of. According to three reports in The Indian Express, we compile a list of key things that a home buyer should know about.

a) What homebuyers claim:

1) Delivery time: Investors want timely delivery along with what was promised, and basic amenities in place. Lakhs have been spent on dream homes but the wait is endless for getting possession.

2) Lack of basic ammenities: An investor approached the Noida Authority complaining about being charged an exorbitant amount of money for power and water supply. There are no street lights along the internal roads in group housing complexes. Most residents have to depend on own backups and tap ground water. The authority has assured these concerns will be looked into,” said Annu Khan, a member of the Noida Estate Flat Owners Main Association, according to an Indian Express report.

3) Quality of construction: The quality of construction is so poor that waterlogging is a frequent phenomenon, manholes have not been covered, the swimming pool has not been functioning. The facilities promised to us are completely lacking. It has not even been two years since the society has come up, but the roofs have already started leaking, said a resident of Supertech’s Czar Society in Greater Noida.

b) What builders are saying:

1) However builders deny these allegations. They say, “We held meetings with both GNIDA and Noida Authority heads last month during which steps were taken to ensure that there is no delay in handing over of flats to investors,” according to The Indian Express report.

2) According to CREDAI, following meetings with the authorities, the process of issuing completion certificates has been streamlined. Builders had requested that the process be streamlined and we have been assured this is being done. Another step taken by the authorities is that instead of waiting for a final completion certificate for a group housing project, partial completion certificates are being issued for phases of construction which have taken place. This ensures that home buyers whose flats are ready for possession do not need to wait for the entire project to be completed before moving into their flats,” Gaur added.

c) What administration has to say:

Greater Noida Industrial Development Authority (GNIDA), and Noida Authority are working on a mechanism to address the issues. The measures include uploading the list of group housing projects on their websites with the status of their completion, conducting more inspection rounds and even holding meetings with both parties.

To ensure norms are followed, we are considering conducting mid-term reviews. Instead of inspection taking place when the builder approaches us for completion certificates, we are looking at carrying out such checks mid-term,” says PC Gupta, Additional CEO, GNIDA.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RBI’s MPC meet: With all eyes on Omicron’s impact, status quo likely on key rates for now
2Indian economy shows strong signs of recovery, upswing in 19 of 22 economic indicators
3Led by urea, fertiliser subsidies to soar 62 pc this fiscal on rising input costs: Report