Tag Archives: Noida Extension property

Is price point only attraction of Noida Extension?

Posted on by Track2Realty
Track2Realty Exclusive

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

Valencia Homes exceeds conventional affordable housing

Posted on by Track2Realty
Track2Realty Exclusive

News Point: Hawelia Valencia Homes defies the conventional wisdom of roof over the head in affordable housing market of Greater Noida West.

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 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, “What’s New”. 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 buyers’ 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 Highlights 

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 buyers’ 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 builders’ 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 ‘Stable2Positive’ Outlook Track2Realty assigns Hawelia Valencia Homes as ‘Grade A’ 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 ‘Grade A+’ with ‘Positive Outlook’. But then ‘ifs’ and ‘buts’ do not define the housing market and each project is a learning curve for the serious developers. 

By: Ravi Sinha 

Amrapali La Residentia starts possession of 1400 flats

Posted on by Track2Realty

Amrapali La Residentia in Noida Extension is a 1200 crore property built across 20 acres of land with 39 towers and 3265 flats with 70% of green cover within the project.

Amrapali La Residentia Noida Extension Possession , Amrapali Group, Dr Anil Kumar Sharma, La Residential, Noida Extension property, NRI investment, India real estate news, Indian property market, Track2Realty, Delayed Possession in Delhi-NCRLa Residentia in association with Amrapali developers have provided possession of 408 flats in their 6 towers as the first installment of possession. Flats built around 880-1705 sq. ft are handed over to its residents in a musical evening at the site where over 2400 residents gathered to participate in this success story.

The possession of Phase – 1 (comprising of 18 towers) of this property will be complete by July 2016 which will have 1400 flats, the formal mail for which is already shared with the buyers.

The property has unique parks with separate walking tracks for everyone like senior citizens, kids and adults will have their own tracks as per their need, temperature controlled swimming pool, 500meter connectivity to metro, schools and hospitals within the vicinity.

Every flat is 3 side open and towers have only 4 flats per floor along with 2 working lifts with touch control system. Keeping the green objective in mind the central area of the project is a vehicle free zone.

According to Pankaj Jain, Director, La Residentia, “This being our first project we have put our best of the efforts and used quality products in construction to make it our landmark project. Top branded fittings, fixtures, Lifts are used in each and every tower to give it a more urban feel at an affordable cost which starts from 28lacs.”

On this occasion Anil Kumar Sharma, CMD, Amrapali Group shared, “The amount of commitment shown by Mr. Jain and his team is commendable, we are very pleased with the final product and are looking forward to be associated with them for future projects.”

Sanjeev Kumar Director –La Residentia added, “This project is a very good example of time bound delivery in the market as there has been so much of negativity in the market related to the possessions. We committed possession in July 2016 and we have already started giving possession and would like to do the same in the coming years.”