Tag Archives: Greater Noida West Property

Is price point only attraction of Noida Extension?

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Bottom Line: Affordability is the only magnet to attract invest in Noida Extension and the location is yet not infrastructure ready to attract homebuyers otherwise.

Hawelia Valencia Homes, Valencia Homes, Hawelia Group, Nikhil Hawelia, Rattan Hawelia, Valengova Park, Best project in Noida Extension, Best project in Greater Noida West, Affordable housing in Delhi NCR, Affordable housing case study, India real estate news, Indian realty news, Real estate news India, Indian property market news, Track2Realty, Investment in Noida Extension, Investment in Greater Noida West Property“I am living closer to capital Delhi but this vicinity at Noida Extension is no less than a capital punishment. Everyday while going to office in the morning and coming back in the evening I have to get into traffic bottleneck at Kisaan Chowk (entry point roundabout). I feel the temptation to buy a house in one of the most affordable housing markets has landed me in a real lifelong soup,” says Sonali Pradhan, a bank employee.

Her grouse is not without the merit. Even today after nearly a decade of Noida Extension being carved out and planned by the government agency, the civic apathy has been quite challenging. One has to weather a number of challenges from bad condition of roads to traffic bottlenecks and overall infrastructure deficit. It seems the USP of most affordable market has already taken a hit.

This also raises a fundamental question as to whether affordability is the only USP of Noida Extension? Is the market lacking behind on all other indicators of livability index, including physical and social infrastructure. For how long the tag of affordable market drive the huge inventory in this locality?

Rajeev Dayal, a local property agent admits that Noida Extesnion has not grown beyond the tag of affordable housing market. According to him, all the prospective homebuyers come to him precisely for the reasons of cheaper homes, compared to any other parts of Noida, Greater Noida or Ghaziabad.

“Out of around 3 lakh apartments that are planned in this market, not even one third has been delivered. And you have traffic nightmares all through the day. Just imagine the scenario when around 3-4 lakh cars would be on roads. I think the Greater Noida Authority is killing the golden goose by not implementing the planned infrastructure developments in this micro market,” says Dayal.

Developers who have projects in Noida Extension nevertheless have reasons to be offended with the locality being dubbed as just cheap home destination. Nikhil Hawelia, Managing Director of Hawelia Group questions whether the critics have done the price index evaluation in the right sense. According to him, the market has just started shaping up and it can not be dismissed as just another affordable housing destination.

“Around 6-7 years back when the first set of projects were launched the price point was around INR 1800 per sq feet. Today, the average price point is INR 3600 per sq feet with quality projects at INR 4000 over sq feet and above. It is an appreciation of more than 100 per cent when the market is just getting habitation ready. More importantly, the property market during this period has been subdued across the country. The pricing in the next few years would definitely be competitive with the rest of Noida,” says Hawelia.

However, beyond the optimism of the developers in the market, the fact remains that even when only one third of the planned inventory is ready in Noida Extension there are infrastructure issues. This is one of the reasons why a large share of these ready apartments is vacant, even if these have been sold out.

The buyers who bought an apartment in Noida Extension do not wish to shift to this locality, as the livability index is less than desirable. The ground realities clearly suggest that Noida Extension has not outgrown the affordability magnet.

Facts speak for themselves:

The price point of Noida Extension could not breach INR 4000 per sq feet

Most of the projects are around INR 3000-3200 per sq feet

There has been no price appreciation in the last over a year

JLL in a report had earlier declared Noida Extension as high-risk zone and advised the homebuyers to stay away

JLL report had said that with around 2 lakh apartments coming up the market is not likely to appreciate

Local transport facilities from authorities and state government are still not functional

Noida Extension has higher FSI & density norms than Noida

Physical infrastructure projects are pending and social life is missing

There is no clarity of underpass to ease out traffic bottlenecks

There is no clarity of proposed metro in Noida Extension

Most of the office spaces, IT buildings and SEZs are way behind schedule

The moot point in Noida Extension today is whether the locality would be able to cope up with the influx of 3 lakh plus families. Most of the urban planning experts in this part of the world maintain that unless the Greater Noida Authority gets into a fast forward mode to execute the planned infrastructure projects living in Noida Extension would be challenging in the days to come.

The property that is being sold today is mainly because of affordability factor. This is also inviting the investors who are mostly retail investors since organized segment of investors is not ready to bet on this market yet.

A ghost town is hence in the making in Noida Extension. The attraction of affordable destination that should have ideally been icing on the cake has actually dented this market. Noida Extension is today evolving as a case study in how only the affordability could not be the investment magnet for any location.

By: Ravi Sinha

Supertech 1st developer to face its Victims’ Forum

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News Point: In an unprecedented move, Outlook for Social Change (OSC), a collective of citizens, has launched a platform to unite home buyers in projects of Delhi NCR’s real estate giant Supertech Limited.

Supertech Sports Village. Sports Republik, Greater Noida West Property, Noida Extension property market, Greno West Real estate, RK Arora, Sports-themed housing projects, Indian real estate market, Indian property market, India real estate news, Track2Media Research, Track2RealtyIn order to bring the home buyer victims of Supertech Limited under a common umbrella, OSC has launched www.supertechvictimsforum.in which would be managed by volunteers of the Supertech Victims Forum.

Dedicating Supertech Victims Forum (SVF) to the public at large, the National Convenor of SVF said, “Real Estate Developers like Supertech have been blatantly victimizing hundreds of homebuyers in multiple ways. A customer is a king for real estate developers till signing of the agreement. After signing of the agreement and making payments, a customer is treated like a beggar. Our objective is to ensure that a home buyer is not shortchanged, oppressed and victimized by the powerful builders who more often than not enjoy dictatorial powers because individual customers in the same project have no structured way to unite till they are handed over possession and a Resident Welfare Association is formed”.

Based on numerous complaints and instances of blatant high handedness that have come to the notice of the now formed Supertech

Victims Forum, the largest number of complaints is of delayed possession. While a builder makes promise of delivery of goods (residential dwelling) in the agreement, they include clauses that virtually allow them to keep delaying the possession endlessly.

According to information received by Supertech Victims Forum, customers of Delhi NCR based builders like Supertech, Amrapali, Jaypee and Unitech form the largest number of home buyer victims. OSC during the course of coming months will launch forums for victims of Amrapali and Jaypee real estate projects.

“The launch of www.supertechvictimsforum.in is just the beginning. We will soon launch similar forums for homebuyer victims of other real estate developers like Amrapali and Jaypee so that the voices of homebuyer victims results in time-bound and expeditious resolutions”, said Professor Tripathi.

“All online advocacy platforms launched by OSC will solely before purpose of ensuring progressive changes in conduct of builders and in interest of public at large. At no given point of time we will allow any factually incorrect complaint or case to be highlighted”, he added.

OSC further said that the first recourse that would be attempted is to engage into a constructive dialogue with the real estate developer, like Supertech. In case, Supertech does not provide a reasonable resolution within 14 days of the case being shared with them, we will not waste any more time and seek redressal as deemed appropriate on a case-to-case basis.

The second most common complaint that has come to the information of OSC is lack of promised facilities and quality at the time of handing over possession.

“No builder can go scot-free after indulging into anti-consumer and unethical practices by greasing palms of government officials to get approvals or certificates. We will ensure that strictest of criminal action is taken on erring builders and government officials for conspiring against the interest of homebuyers, i.e. in public interest,” said a press release issued by the OSC.

OSC further added that many properties acquired by builders from Development Authority through an auction process smell of collusive bidding and cartelization. OSC has come across cases where auction of land parcels have been held by a Development Authority for a particular sector on the same day.

For example, auction of 5 residential housing plots were held by a prominent State Government authority on 12th March 2010. The 5 winning bidders had placed their winning bids which were a few hundred rupees over the reserve price. All the builders were allotted these prime plots barely a couple of hundred rupees more than the reserve price, with all winning bids of the 5 land parcels being in close proximity of each other.

“Should there be a probe in such cases? Or should such land parcels be auctioned in phases so that the government can maximize its earnings, or at least get a fair share of windfall gains made by private builders? These are pertinent points that have to be discussed, debated and decided upon by lawmakers. OSC would raise such issues in appropriate forums so that national, public and consumer interest do not get compromised in order to serve private interests of a chosen few,” Professor Abhilash Tripathi said.

Professor Tripathi added, “One of the most important aspect is formation of a Consumer Protection Mechanism by making it mandatory for every real estate developer to provide a bank guarantee for refunding the payments made by homebuyers in case of the builder not meeting the contractual commitments in reasonable time frame. We will propose formation of such a mechanism to Narendra Modi, so that a homebuyer opting for this option can encash the bank guarantee, subject to certain conditions. We know it well that we will face tremendous resistance from the powerful builder lobby. But the collective and collaborative voice of individual home buyers is powerful enough to make platforms like www.supertechvictimsforum.in to usher in a social change”.

By: Ravi Sinha

Supertech saga of flouting norms, buyers’ harassment & media management

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News Point: Supertech is a case study in flouting norms in connivance with officials, taking home buyers for a ride and media management to cover up its malpractices. 

Supertech Sports Village. Sports Republik, Greater Noida West Property, Noida Extension property market, Greno West Real estate, RK Arora, Sports-themed housing projects, Indian real estate market, Indian property market, India real estate news, Track2Media Research, Track2RealtyThe news about the forgery by serial offender Supertech leading to cancellation of its Yamuna e-way township plan has not come as a surprise. As a matter of fact, this is the third major instance, besides many instances of buyers’ harassment and flouting of norms, in recent times where the real estate developer has taken both the government authorities and the buyers for a ride.

In the latest instance of forging the document, in 2015 when Supertech sought the completion certificate for the project, the two successive CEOs of YEIDA – Santosh Yadav and Anil Garg – pointed out that building plans had been modified on the basis of a forged document.

One of NCR’s biggest real estate players by market size that claims to have delivered 16,000 apartments this year, Supertech has once again landed its buyers in a big mess. The building plan for its 100-acre township – Upcountry – on the Yamuna Expressway has been cancelled after two successive CEOs of the Yamuna Expressway Industrial Development Authority (YEIDA) pointed out that the builder had got a revised plan sanctioned on the basis of a forged letter. Both recommended that an FIR be lodged against Supertech.

This letter from 2011 paved the way for Supertech to increase its ground coverage at the cost of open area in the township. Supertech thus sold an extra 730 plots and villas for an estimated Rs 343 crore.

Supertech Upcountry, with 28 towers, each housing 120 residential units, 948 villas and plots, is almost ‘sold-out, at least the builder claims it on the official website.

Supertech was allotted a 100-acre plot – TS-1 – in Sector 17A along the 165-km Yamuna Expressway on June 14, 2010. The plot was registered in August. The then Chairperson and CEO of YEIDA Mohinder Singh sanctioned the layout plan of the residential township on January 25, 2011 as per YEIDA’s building bylaws of September 2009.

However, YEIDA received a letter (no: 2153/77-3-10-01) dated September 13, 2011, purportedly signed by ‘Secretary to the Government of UP, Alok Kumar’. The letter referred to Supertech Ltd’s proposed township, saying that since no construction had been carried out on the said plot, Supertech should be allowed to construct on TS-1 as per YEIDA’s new bylaws, which came into force in December 2010.

On a specific inquiry initiated in 2015 by the then YEIDA CEO, Santosh Yadav, the joint secretary of the UP government confirmed in writing that it had issued no such letter, which meant the September 13, 2011 letter was forged.

A senior YEIDA official told TOI, “Supertech had produced a letter from the government, which gave the builder the benefit of extra ground coverage due to implementation of the building bylaws of 2010. In 2015, the then YEIDA CEO Santosh Yadav was informed about the letter being fake after which a verification was carried out and the government confirmed that no such letter had been issued and that it was a fake. Yadav had then directed that a show-cause notice be issued to the builder and an FIR be lodged.”

“In compliance with Yadav’s directions, the sanctioned plan of the township has been cancelled. As far as the FIR is concerned, legal advice is being sought in the matter. In the meantime, the developer has made a representation to Noida Authority Chairman Rama Raman (he is also the YEIDA Chairman) that he be heard as the sanctioned plan was cancelled without a fair hearing. We then told him to approach the UP Government as the matter involved a fake letter. The developer has now represented to the government that his sanctioned plan was wrongly cancelled and he has asked for his plan to be reinstated after imposing a financial penalty on him.”

Supertech CMD R K Arora told TOI he “was not aware of any letter between YEIDA and the government”. “The plan for the township was sanctioned in November 2011 as per applicable bylaws and condition of lease deed. Ground coverage is as per applicable bylaws.”

History of default

This is not the first time that Supertech has been in trouble for flouting the norms. In April 2014, the Allahabad High Court directed two towers with 857 residential units at its Emerald Court project in Noida’s Sector 93A to be demolished for flouting building norms and violating provisions of the UP Apartments Act of 2010. The matter is pending before the Supreme Court.

In April this year, the Greater Noida Industrial Development Authority directed Supertech to seal 1,009 flats and villas at its Czar complex in Greater Noida for large-scale violation of the sanctioned layout plan.

In this case, the forged letter from 2011 paved the way for Supertech to increase its ground coverage at the cost of open area in the township. Supertech thus sold an extra 730 plots and villas for an estimated Rs 343 crore.

Many of the buyers of Supertech allege that the builder resorts to arm-twisting and pressure tactics to extract more money. In one such case (Track2Realty has recorded evidence of the discussion) the buyer was asked to pay Rs. 2 lakh as ‘facilitation fee’ or bribe to Noida Authority for property transfer even before the first buyer had got the registration done.

It is a common knowledge that Supertech has many such cases of default but is know to manage the media to the extent that the buyers’ grievances are often not heard.

The big question today is that whether the toothless industry body CREDAI with a holier-than-thou President, Geetamber Anand step in to take some action. Isn’t it a fit case to drop Supertech from industry body to improve the perception management of India’s dirtiest business?

By: Ravi Sinha

Supertech launches Sports Village at Noida Extension

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Superrich Sports Village. Sports Republik, Greater Noida West Property, Noida Extension property market, Greno West Real estate, RK Arora, Sports-themed housing projects, Indian real estate market, Indian property market, India real estate news, Track2Media Research, Track2Realty Under the UP Government’s scheme to develop sports-centric projects in the state, Supertech Limited has been allotted land to develop sports-centric development, Sports Village, in Knowledge Park, Greater Noida (West). The project is dedicated to the sports enthusiasts who want to learn sports while living there.

Supertech has partnered with sports stars to open up academies of different sports in the project – Tennis Academy by Sania Mirza, Cricket Academy by Shikhar Dhawan, Golf Academy by Jyoti Randhawa, Badminton Academy by Pullela Gopichand and Guns of Glory by Gagan Narang.

The academies will be set up as per the international standards providing world-class sports facilities, based on the global exposure of the players. The academies will be professionally run under the supervision of these players.

They will come on a time-to-time visit to the project to train the sports aspirants living in Sports Village. The quality management of these academies will be personally done by the players.

On this occasion, R.K. Arora, Chairman, Supertech Limited said, “We are extremely delighted to come up with an ultimate destination for sports lovers with our latest project Sports Village which aspire residents to learn and enjoy the opportunity to indulge in the games. Sports Village prides itself with a balance of contemporary styles, unique modern specifications and world-class infrastructure. The project offers world class sports academies, affordable units and luxury villas which bestow the breathtaking experience of healthy living”.

“The objective behind partnering with the best of the names in the sports is to promote sports in the area. There are many people who aspire to be great sports persons but lack of guidance confine them to shine. These academies will give an opportunity to such people to excel in the sports of their interest”, said Mohit Arora, Managing Director, Supertech Limited.

Sports Village is a part of Sports Republik, which is an integrated development spread across 175 acres of land. The township is 70% dedicated to sports activities and 30% to residential and commercial, which is very low density as compared to any other housing development.

The project comprises of low rise and high rise apartments, villas and sports academies. Sports Village has vast open spaces surrounded with greenery and all kinds of amenities.

The project boasts of an elegant and breathtaking living with lush green fields, world class sporting academies, modern sports amenities and infrastructure. This artistically designed venture is a tribute to sports determined and passionate customers. Sports Village is being designed world renowned architect, Hafeez Contractor.

Sports Village posses great connectivity as it is located on 130 meters wide expressway and just a few minutes walking distance from the last station of the under construction Metro Service Phase-III from Sector 71, NOIDA to Knowledge Park-V in Greater Noida.

The open space at Sports Village constitutes of a 9-hole golf course on approximate 20 acres of land, the landscaped area, lavish garden, pool, club, tennis court, shopping mall, banquet and plazas.