News Point: Hawelia Valencia Homes defies the conventional wisdom of roof over the head in affordable housing market of Greater Noida West.
It is not easy for a real estate journalist to review an affordable housing project with no grandeur or big brand theory behind it. After all, we are used to enjoy and evaluate the other extreme end of property pyramid. Each of the luxury and ultra luxury projects has some unique elements to carry home the point, and of course, memories as well as aspirations.
In a way, housing market review is as good as being the custodians of the taste and aura, if not interests, of rich and powerful. We are, more often than not, so much in awe and reverence with the ultra luxury, its international brand associations and its celebrity connect that we tend to forget a house is primarily meant for roof over the head and not bragging of the elite.
What is then so great about an affordable housing project spread over a relatively smaller plot size of 6.5 acres? It is one of the many projects spread across the Greater Noida West (Noida Extension). There are only 870 odd apartments with mid-income professionals as its social profile. As a matter of fact, the road along the Hawelia Valencia Homes is dotted with affordable housing projects, much larger in size, scale and also brand value of the developer.
So, when I was invited to review Hawelia Valencia Homes, it could have been easier to dismiss it with a shrug off gesture that could suggest, âWhatâs Newâ. After all, it is the first project of the developer as far as high-rise apartment is concerned. It takes at least a couple of projects for the developer to prove his stamp of recognition.
But then in a market like Delhi-NCR in general and Noida-Greater Noida in particular that lacks the professional practices and buyersâ trust, any decent delivery is worth a closer look. It has been with this thought that the inquisitive journalist in me decided to take a closer look of the project.
And I was not disappointed, to say the least. The real estate critic writer in me just could not dismiss Hawelia Valencia Homes as one of the many affordable housing projects in the vicinity. Keeping in mind the first multi-storied project of the developer, its launch2sales ratio, the price point, its value proposition, and overall investment to occupation cycle, it is a value for money project.
Hawelia Valencia Homes HighlightsÂ
First multi-storied housing project of the developer but ahead of competitive market curve
Least consumer grievances and more appreciation for the developer to adopt best practices
Value for money project in the affordable housing segment
Track2Realty assigns it with A (Stable to Positive) Rating
Most of the offerings claimed in the marketing brochure by the developer have been met. In a market with high density projects scattered all around, this is among the lowest density projects of the region. As a matter of fact, the developer has not availed the additional density granted in lieu of extra compensation to the farmers.
The developer seems to have been grounded and there is not much bragging about Hawelia Valencia Homes, even if the grey issues and buyersâ complaints are comparatively least with this project. It is no mean feat in a market known for builder-buyer conflict out in the open, widespread protest and bad blood during the construction life cycle of the project itself.
Of course, there a few grey zones with this project as well. Hawelia Valencia Homes has been delayed for over a year. It is a different matter that the average delay in this market has been no less than three years, thanks to the buildersâ lack of market depth, execution capability, diverting funds and greed for land bank. The problem has also been compounded due to red tape and rampant corruption in the developing authority called Greater Noida Authority.
Unlike many other developers in the given market, Hawelia Group has been upfront to offer the delayed penalty as per the builder-buyer agreement. I am conscious of the fact that most of the projects in this micro market were launched at relatively lower price point, and since then the cost escalation has led to many builders not honouring their own builder-buyer agreement.
While the builders are asking the buyers to pay penalty, escalation charges and many other hidden charges, they are not ready to compensate the buyers for the delay in delivery of project. And it is here that Hawelia Valencia Homes buyers are a testimony to the professional conduct of the developer.
In the course of my interaction with the homebuyers, I am told that the Hawelia Group has resisted the temptations, and unlike the fellow developers in the micro market asking for INR 50-60 per sq feet, has not demanded the buyers to pay additional charges, like Farmer Compensation and other such charges. The buyers also appreciate the developer for reducing the balance payment post the GST.
As you reach the destination Noida Extension at the entry point of Kisaan Chowk, a right turn for nearly two kms and then on the further right hand side you have Hawelia Valencia Homes. In the first look, the project appears to be sandwiched between larger projects and gives the impression of looking for an identity.
However, when my eyes for detailing is on the lookout for deficiency with the project, I do realize that the aesthetic value of the project is just been shaping up. Right from the entry to lobby, there seems to be thoughtfulness in its future functionality. And mind you, the average price of the project is just around INR 3800 per sq feet. The project has only got part OC (Occupancy Certificate) and the aesthetics of the project is actually work in progress.
Hawelia Valencia Homes is definitely not a bad choice for investment; only if you are an end user. The competitive neighbourhood market and demand-supply ratio definitely deters the short to medium term investors or those looking to invest for rental returns. With the Hawelia Valencia Homes is costing between INR 37-72 lakh, the project is anyway not meant for the investors.
With a âStable2Positiveâ Outlook Track2Realty assigns Hawelia Valencia Homes as âGrade Aâ Rate project. Probably some more amenities & USPs would have lent the project to cutting edge market differentiation (beyond the standpoint of Greater Noida West) and it would have then qualified Hawelia Valencia Homes as âGrade A+â with âPositive Outlookâ. But then âifsâ and âbutsâ do not define the housing market and each project is a learning curve for the serious developers.Â
By: Ravi SinhaÂ