An Inquiry into the Rental Property Market of East Delhi and Noida

Posted by Shailendra Kumar Posted on Friday, May 30, 2014 with No comments
The rental property market of Delhi/NCR has a multitude of options. End users can choose from a plethora of projects that come under several categories. The following post takes a quick look at the rental property market of Delhi/NCR with special reference to Noida. Read on to know more. 

Introduction

As the Indian real estate sector waits with bated breath so as to witness certain new changes to be brought in by the new government, the usual transactions within the property market continue to grow. The country’s capital, Delhi needless to say has robust property market that has been riding high over the last few years. In a recent survey, it was also revealed that the Delhi property prices recorded the highest within the overall property market of India. 

Along with its satellite cities of Noida and Gurgaon, the overall property market of NCR has loads of options available. Today, the region is known as one of the leading real estate destinations of the country. From residential to commercial with a substantial share of the retail market - the NCR property market is worth investing in. The region is also known for its robust rental market and the market has been ensuring substantial returns from its rental market as well. Within the last one decade, the property market of Delhi/NCR has grown at a rapid pace. Today, cities like Noida and Gurgaon also boast of an equally strong rental market, and sometimes even better than that of main Delhi. 

East Delhi Property Market

With the government allowing Foreign Direct Investment (FDI) opening its doors for the Indian real estate sector, NRI investments have increased considerably. Moreover, NCR has huge migratory population that has given a fillip to the rental property market of Delhi. Alongside, this kind of cosmopolitan demographics of the city has also bolstered the rental property market of Noida. Thousands of individuals employed in the IT sector choose to stay in rental properties across Noida and Delhi. Some of the best possible micro markets for the Delhi/Noida property markets are MayurVihar Phases I, II and III, New Ashok Nagar, Noida Sector 19, 20, 29, 25 and Sector 21.  These regions offer a multitude of residential properties for families and individuals alike. One cha choose from 1BHK, 2BHK apartments to bigger flats or even builder floors. These area largely favoured by single professionals who are employed in the IT sector as infrastructure and most importantly connectivity to workplace very good; the table given below gives a good insight into the price trends of some of the neighbourhoods of the region. 

        Location
   Buy Price Trends
Rental Price Trends
MayurVihar I
     11000 -13000
    12000 -30000
MayurVihar III
     9000 - 12000
    12000 -25000
New Ashok Nagar
     5000 - 6000
    10000 -18000

Noida Rental Property Market

Just like these localities in east Delhi, several sectors in Noida also take away the laurels while it comes to rental property market. Sector 18 Noida is one of the major Central Business Districts of the satellite city. Due to this, a large number of the populace resides here. Prominent residential localities across the region comprise sectors 19, 20, 21, 25 and 29.  These sectors offer excellent connectivity not only to Delhi but also to other parts of Noida through an intense network of metro railways, roadways and flyovers. Apart from these, presence of a sound retail realty market – shopping malls like Great India Place, Spice, CSM and the Sector 18 market has been largely responsible for bolstering the rental market of the area. Just like its counterparts in eastern Delhi, the sectors 19, 20, 21, 25 and 29 offer good options in terms of rental properties. Apart from these areas, some other locations when rental properties in Noida are quite easily available are Sector 63, Sector 12, Sector 15 and Sector 22. Here also you can find a host of residential properties that are come fitted with some of the most basic requirements that a renter would look for. 

                  Location
            Rental Price Trends
              Sector 11  
         INR 12000 –INR 16000
             Sector 19
         INR 8000 – INR 15000
             Sector 20
         INR 7000 – INR 20000
              Sector 22
         INR 9000 – INR 14000

Benefits of Renting a Property in Delhi/NCR

Two major benefits of Renting a Property in Delhi NCR are explained below:

Mortgage Expenses: A property that has already been given out on lease, provides the owner an opportunity clear off all his mortgage debts; the monthly income available for rent can be easily used to meet mortgage expenses. 

Increased Value of Property: Since the overall NCR property market has been riding high on its property prices, renting out a house would make it easier for property owners to get good returns. 

What the Experts are saying?

According to Jones Lang La Salle, some of the micro markets within the Delhi/NCR property market are bound to witness a substantial growth in the coming months. Rental prices are also expected to grow up thereby ensuring good monetary returns. Therefore, those who have properties in Delhi/NCR, if they want to make some extra money, renting out their residential property can actually turn out to be a good option.

About Author: Sampurna Majumder is a professional writer who enjoys creativity and challenges. Barely a year into new media, she has written several posts, articles and blogs for prominent websites. The above article throws light on the rental property market of Delhi/NCR.
 

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Location: New Delhi, Delhi, India

Find the Best Properties in Delhi

Posted by Ravi Chauhan Posted on Monday, July 22, 2013 with No comments
Delhi has long been one of the areas that offer great residential sites in the country. This city is known to be the hub of business and economic activity on the country. But aside from the hustles and bustles that the city offers, Delhi also has that quaint and charming ambience that has drawn homeowners to the city. And as more and more people flock to the area, residential sites have become increasingly harder and more expensive to find. That is why most people now turn to property finders in Delhi to help them find the best residential areas in the city.

Property finders in Delhi help house hunters find available properties that are for rent or for sale. But just like any other business, there are other agents that may not always get you the latest available properties and you could end up renting or much worse, buying a 2 bhk flats in delhi that is not worth the price you pay! That is exactly why when it comes to property hunting, you should settle for nothing but the best and the most updated finders in Delhi. And where can you find that? They are all here at IPZ property finder. Want to know more? Read on to learn more about the company and the services that they offer!

The outlook for house prices across Delhi and the suburbs is still uncertain with many commentators unsure if house prices can continue to rise or whether the market is due for a wobble. I expect much depends on what is happening with the current financial crisis in the National level and whether or not it can be resolved before it goes into meltdown. The only good news is that interest rates look as though they will stay at historically low levels. We can't imagine what would happen if interest rates were to start going up as many homeowners are already up against it. We are all hoping that the economy is going to sort itself out soon but only time will tell. Some people will also argue that many more international investors will be looking to Delhi a safe haven and will buy property here in what is the greatest capital in the world. I operate in a specific area of the market which is regulated tenancies and let me tell you that this market is still very active.


You can look for good flats in Delhi; buy properties in Delhi online which can save you a lot of running around. Another way to go about it is to contact a good lettings agent in Delhi. These real estate agents are well informed about every area of Delhi and can help you find a dwelling of your choice.
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Real Estate Delhi

Posted by Ravi Chauhan Posted on Saturday, June 15, 2013 with No comments
As the price of the property is rising high and the affordability of residential real estate in Delhi NCR has become the major concern. Because the Union Budget of year 2013 -14 approaches, the real estate companies in Delhi have fastened their aspiration on this budget for the reasonable housing to select in the capital city.

As per the India's Census of 2011 -2012 report, the company faces an intense scarcity of 18.78 million residential units, most of that are in the reasonable segment. As the shortage is extremely outstanding in the Delhi NCR. The overall shortage of reasonable residential housing in the country id 20 to 25% exists in Delhi NCR as stated by the MD of Assotech group Mr. Sanjeev Srivastava.

There aren't any reasonable regions left in Delhi NCR except than Ghaziabad and few other localities beyond it. As to achieve the affordability in Delhi there is an urgent requirement to boost tax relief to developers. The earlier income tax deduction under the section 80-IB that allowed the real estate companies to construct reasonable residential housing projects approved.

As real estate builder constructing smaller residential units of less than 1000 sq ft area, as covered from paying tax. The provision date has not extended since. Such schemes ought to reintroduce so as to encourage the real estate developer in Delhi to build reasonable housing. The single window clearance, a very important criterion for reasonable real estate in Delhi to take off, is additionally expected to be a part of the budget discussions.

Additionally it is equally necessary to help in increasing the removal income of the consumers that successively can offer an impetus to residential housing demand. As expressing the concern in this regard Mr. RK Arora the CMD of Supertech Ltd, stated that, if the session provides the tax exemption on home loan it will facilitate patrons probing for residential real estate in Delhi.

They are hoping that the Rs. 1.5 Lakh limit on home loan costs will be expected to be depreciated and would be enhanced to a minimum of Rs. 3 Lakh post this budget.

The state government has taken its first step towards making the reasonable real estate in Delhi more possible for the real estate developers. The conclusion to extend the Floor Area Ratio for the low price housing by Delhi Development Authority is one such step taken towards achieving the affordability in the city. As the state government can't be ignorant in this regard, as they are doing their bit. For an example, the government of UP already has the separate policy for reasonable housing. What is needed is that the faster and higher implementation from the government.

Its not the sole business that has expectations from the Union Budget of 2013 -14. As patrons too have their hopes craved on this mega economic event. As the small survey was conducted to search out what lots expect from the government and they spoke to the experts of the industry to know what kind of Budget would be ideal for patrons.

Among the key issues that buyers highlighted are allocation of funds for infrastructural developments across the country, special rebates for smaller loans, low tax exemptions on housing loans and funds for EWS housing and a hike in the ceiling for subvention schemes. However, the priority common to most patrons happens to be the high interest rates of housing loans.
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DDA plan on Dwarka water bodies sought

Posted by Shailendra Kumar Posted on Monday, June 10, 2013 with No comments
The Delhi Parks and Gardens Society CEO has summoned officials from DDA on June 4 to ask about their plans for reviving and maintaining water bodies in Dwarka. The meeting has been called in response to a story published by TOI on May 22 which highlighted how the land-owning agency was undoing work put in by residents to revive a water body in Sector 23.

“I was informed that the residents didn’t receive a favourable response from DDA even after they met the official concerned. Having seen what is being done to this water body by the DDA, I have asked them to prepare an integrated plan on water management for Dwarka. If officials fail to act on this, a complaint against them can be made in the court for violation of its orders,” said S D Singh, CEO of the society and nodal officer for work on revival of water bodies in Delhi.

He added that DDA would have to submit a detailed plan with a time frame for revival of each water body in Dwarka. “The fact that the court has not set any deadline for the work has made the land-owning agencies lax. I have asked DDA to give a break-up of each phase under which they will carry out work.”

Dwarka is a parched area and groundwater recharge is possibly the only way to make the area self-sufficient. Diwan Singh from Natural Heritage First, who was part of the team that worked on the revival of the over 200-year-old water body in Dwarka said, “All water bodies should be preserved and revived as they offer an excellent platform to recharge ground water. This is especially true for area like Dwarka where there is barely any civic supply. Earlier, DDA was receptive to our proposal for involvement of residents in the pond revival exercise but for some reason, they back tracked and insisted on carrying out beautification work that has more or less killed the water body.”

The water body was revived through a community effort in 2012. Before that, the pond was dry for most part of the year or filled with sewage. Its ownership was transferred to DDA in 1984 at which point the water was still quite clear. After 1984, however, its condition deteriorated rapidly due to flow of sewage into it and its area shrunk considerably. This year, DDA decided to desilt the water body and in the process, it managed to put the silt back into the pond, close down rain water carrying channels created by residents and reduce its area.


http://timesofindia.indiatimes.com/city/delhi/DDA-plan-on-Dwarka-water-bodies-sought/articleshow/20255691.cms
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Proposal to connect Dwarka, Ring Road

Posted by Shailendra Kumar Posted on Monday, June 10, 2013 with No comments
Following regular traffic snarls in Dhaula Kuan, the Delhi traffic police have proposed an elevated road connecting Dwarka to Ring Road.

The five kilometre elevated road is expected to decongest NH8 and traffic bound for the airport. In a proposal submitted to planning body UTTIPEC recently, the police have suggested a four lane double carriageway road that will cut across defence land and a railway line. Cops claim that this would reduce distance between southwest and central Delhi by 10 km.

“We have submitted the plan to UTTIPEC. They will decide further course of action,” said additional commissioner of police (traffic) Anil Shukla. Currently, only a dirt path exists where the elevated road is being proposed.

The plan envisions giving an alternate route to commuters who usually use NH8 and Station Road to commute between southwest and central Delhi. “It is anticipated that the elevated road would reduce travel time between Dwarka and Connaught Place by half an hour. It would give alternative access to other parts of southwest Delhi to central Delhi,” said a senior traffic police officer.

The road will also decongest Sardar Patel Marg, Loha Mandi, Upper Ridge Road and Patel Road. “Airport traffic will also benefit,” said a cop. Traffic load on NH8 will get reduced by 10-12%, cops said.

http://timesofindia.indiatimes.com/city/delhi/Proposal-to-connect-Dwarka-Ring-Road/articleshow/20219755.cms
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Illegal Colony Plan Hits Babu Hurdle

Posted by Shailendra Kumar Posted on Thursday, May 30, 2013 with No comments
The Delhi government’s bid to facilitate sale of property on “private” land in unauthorized colonies a critical aspect of the Congress strategy to woo an influential vote bank ahead of this year’s assembly polls has been red-flagged for not being in consonance with the law.

After regularization of 895 unauthorized colonies in September, the government’s March 2013 order permitting registration of sale deeds has been questioned by officials. Rights of gaon sabhas to lands on which construction has come up cannot be set aside, they say.

Senior officials have told the urban development department the March 12 order suffers from legal infirmities as there is no provision in the Delhi Land Reforms Act that allows transfer of land vested in gaon sabhas but in the possession of private owners by effecting “amendments in the revenue record”.
The canny redefinition of private land which will do away with the rights of village assemblies lies at the heart of the government’s attempt to give residents of these colonies a poll-eve gift. Many such colonies are thriving residential and commercial clusters.

Inspections by officials have only confirmed that the task of identifying plots and boundaries in many unauthorized colonies regularized in the September 4 notification is challenging as the current status does not match the layout maps prepared by government agencies which are often a superimposition of claims submitted by RWAs onto aerial surveys conducted in 2007.

The haste in allowing sale of land without first providing clear legal titles and delivering regular municipal services is raising eyebrows as this has led to speculative land deals with building lobbies looking to earn large profits in anticipation of the law being bent to facilitate the regularization.

Wary of loopholes in the rush to regularize colonies, senior officials, who feel relevant clauses and sections dealing with land reform and acquisition cannot be tamed to cater to political priorities, have objected to the March 12 order and raised concerns over gaps in the regularization process. The matter is said to have been communicated to chief secretary D M Spolia, who is yet to receive it.

Documents with TOI reveal revenue officials charged with opening registration of properties across 11 districts have said the UD department’s redefinition of private land will not wash with courts and also runs counter to the law department.

Even lieutenant governor Tejendra Khanna, while approving the order, had added a caveat that processes must be legally tenable. This has, however, been given a go-by as the government moves to seek legal ratification on an “as-is-where-is” basis from the Union UD ministry so that conflicting legal claims and mandatory municipal requirements such as fire safety norms and road width do not block regularization and sale of properties.

The state UD order says the LG permits the registration of sale in transfer of properties in private land of unauthorized colonies. It lays down the definition of private land across four categories, A, B, C & D. The category D deals with land vested with the gaon sabha (private land put to non-agricultural use being restored with the gaon sabha) under Section 81 of the land reforms Act where physical possession is with private owners or their successor. The order asserts that the registration of sale in transfer of properties will be allowed after “amendments in the revenue records by revenue department”.

A serious infirmity cited as per internal communications circulating among the top brass shows that the UD department tweaked the language of the order approved by LG and ignored the law department’s opinion that there is “no provision in the Act that authorizes the LG to pass such orders dehors the judicial order by the revenue court except in the appeal or revision”.

“Since the orders were passed by the revenue court under section 81 of the Delhi Land Reforms Act, these orders can be varied only in appeal in accordance with the Act. It is also pointed out that the same has been reiterated by the division bench of the high court on April 10,” the government’s internal representation argues.

Glaring discrepancies also come to light in the directive to all deputy commissioners to carry out a walk-through survey in the 895 unauthorized colonies, which revealed how the government failed to do a thorough job prior to the notification. Officials found that areas denoted in maps on the UD department website are heavily built up and there are no reference points for identifying khasra (plot) numbers as per revenue records. As there is no superimposition of detailed satellite images on RWAs’ layout plans, identifying properties is a fraught task.

UD and revenue minister Arvinder Singh termed all allegations baseless. “Surveys just check nature of habitation. We want to ensure regularized colonies are residential and not commercial or industrial as we came across one or two such cases.” He added that it “is the prerogative of the state to decide on the definition (of private land) and we have approval for the same from the LG”.

Spolia said, “We have to enable the DC with the knowhow to carry out the job and the revenue department is readying a proposal to make available the maps and technology to help the process in two weeks.”
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एक साल बाद दिल्ली में होंगे ‘फ्लैट ही फ्लैट’

Posted by Shailendra Kumar Posted on Thursday, May 30, 2013 with No comments

दिल्ली में जो लोग घर खरीदने के लिए डीडीए की अफोर्डेबल हाउसिंग की उम्मीद कर रहे हैं, आने वाले एक-दो साल में उनका सपना पूरा हो सकता है। डीडीए करीब 26 हजार एलआईजी फ्लैट बना रही है। ये फ्लैट द्वारका, रोहिणी और नरेला में बनेंगे। इनके लिए काम भी अवॉर्ड कर दिया गया है। एक साल में इनका काम पूरा हो जाएगा। डीडीए यहां एमआईजी और एचआईजी फ्लैट भी बना रही है।

डीडीए के एक सीनियर अधिकारी के मुताबिक, कुछ दिन पहले ही 26 हजार एलआईजी और 4 हजार ईडब्लूएस फ्लैटों का काम अवॉर्ड किया गया है। जल्द ही इन पर काम शुरू हो जाएगा। ये फ्लैट प्री फैब टेक्नीक से बनाए जाएंगे। इसे 3एस तकनीक कहा जाता है। इसमें सेफ्टी, स्पीड और सस्टेनेबिलिटी (टिकाऊ) ज्यादा है। यह एनवायरनमेंट फ्रेंडली और दूसरी तकनीकों से सस्ती भी है, जिससे फ्लैटों की कीमत कम हो जाती है।

प्री-फैब टेक्नीक

एलआईजी फ्लैट 50 स्क्वेयर मीटर के होंगे। इनमें कवर्ड एरिया 42 स्क्वेयर मीटर होगा। ये सभी प्री फैब टेक्नीक से बनाए जाएंगे। इस तकनीक में दीवारें, कॉलम, बीम आदि पहले तैयार कर लिए जाते हैं। कंस्ट्रक्शन साइट पर इन्हें सिर्फ जोड़ने का काम रह जाता है। इस तकनीक से काम जल्दी पूरा हो जाता है और लागत भी कम आती है।

एमआईजी का काम भी जल्द शुरू होगा

एलआईजी के अलावा एमआईजी और एचआईजी फ्लैटों पर भी जल्द काम शुरू होने की उम्मीद है। द्वारका में 2,000 से ज्यादा एचआईजी फ्लैट बनने हैं। ये फ्लैट 9 से 14 मंजिला इमारतों में बनेंगे। करीब 1100 एमआईजी फ्लैट द्वारका और नरेला में बनेंगे। द्वारका में एमआईजी फ्लैटों पर काम जल्दी ही शुरू होगा, क्योंकि यहां काम का ठेका दे दिया गया है। नरेला में एक महीने में काम अवॉर्ड हो जाएगा। एमआईजी और एचआईजी फ्लैट कंवेंशनल टेक्नीक से ही बनेंगे।
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New Eight Lane Road to Connect South Delhi to Gurgaon

Posted by Shailendra Kumar Posted on Thursday, May 30, 2013 with No comments
A new eight-lane road connecting south Delhi commuters to Gurgaon and Faridabad is expected to come up soon, with the lieutenant governor on Friday giving approval. The 9.05 kilometre long corridor is expected to help commuters from Mehrauli, Greater Kailash, Chhattarpur, Saket etc to avoid jams at NH-8 and NH-2. The decision to undertake the Rs 597-crore project was taken by the urban development ministry, which will also provide the funds for the project, said officials.

“The state public works department (PWD) is undertaking the construction of the double carriageway road from Mehrauli-Gurgaon road to Gurgaon-Faridabad road. The road, called Mandi Road, presently exists as a two-lane road riddled with potholes and is without a central verge. Widening this road will help commuters bypass the congested routes currently available,” said a senior PWD official.

The road will start at Mehrauli-Gurgaon road, go via Gwala Pahari, and terminate at Gurgaon-Faridabad road, proving to be the shortest connect to Faridabad from south Delhi, said officials.”There were some problems with the initial alignment, it has been decided now that the road will bypass Jaunpur village completely, ensuring minimal disturbance to the village. The road will start with 45 metres right of way (ROW), and widen to 60 metres ROW,” added the official.

Consultants, RITES, are conducting the topographic survey, along with soil and material testing and traffic survey.The decision to upgrade this road was taken in a meeting held on August 16 last year by the urban development ministry.”An estimate amounting to Rs 597 crore was forwarded by PWD to Delhi Development Authority on August 29. Of this, land acquisition alone is expected to require Rs 400 crore, while the rest will include civil, electric, horticulture, consultancy work etc,” added the official.

The width of the carriageway on each side is proposed to be 7.5 metres, with an additional service lane of 4.5 metres on each side.
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40,000 Low Cost Flats to be Built for Urban Poor: Delhi Government

Posted by Shailendra Kumar Posted on Thursday, May 30, 2013 with 2 comments
Delhi Government today approved a long-pending proposal to construct around 40,000 low cost flats in the city for distribution among people belonging to economically weaker sections.

The proposal was given a go ahead at a meeting of Delhi Urban Shelter Improvement Board (DUSIB) chaired by Chief Minister Sheila Dikshit.

The flats will be constructed at Savda Ghevra and Bhalswa area of Jahangirpuri. A 100 acre plot is lying vacant at Savda Ghevra while the size of the land at Bhalswa is around 102 acre.

“Around 40,000 flats for urban poor would be developed at these two sites,” said a senior DUSIB official. The DUSIB is the nodal agency for implementing the slum relocation policy.

The meeting also approved four more projects for construction of around 6,200 flats under Rajiv Awas Yojana and in-situ re-development scheme for Jhugi Jhopri clusters in various areas.

It also decided to distribute 14,000 low-cost flats to slum dwellers by September as their constructions have already been completed.

The flats were built by Delhi State Industrial Infrastructure Development Corporation ( DSIIDC) in Bawana, Narela and Bhorgah area with financial assistance from the Union Urban Development Ministry under the JNNURM scheme.

The meeting also gave its nod for construction of a working women hostel at Jhilmil Colony in East Delhi at an estimated cost of Rs 3.74 crore.

“The government is keen to accelerate the pace of allotment of already constructed flats at the earliest. The board has chalked out a schedule to organise camps for different Jhugi Jhopri clusters to determine eligibility of the beneficiaries,” said Dikshit.

In order to make the camps successful, the residents in selected clusters are being informed and educated well-in advance so that they can come prepared with necessary documents.

Officials said around 48,000 flats are under-construction at various sites.

A proposal to construct a commercial-cum-residential complex at Phool Mandi near Town Hall in Central Delhi was also discussed. The complex will come over a plot of around 3 acre which is under possession of the DUSIB.
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