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Over 50,000 homebuyers to finally get their homes in Noida after government  clears draft notification

In a major relief to over 50,000 homebuyers, the government has curtailed the eco-sensitive zone around the Okhla Bird sanctuary near Noida to 100 metres on three sides instead of the earlier 10 km, a move that will now enable builders to finish their projects and hand over the apartments to the buyers.
The eco-sensitive zone will now be applicable to an area of up to 100 metres from the eastern, western and southern boundaries of the sanctuary. From the northern side the buffer zone will extend to 1.27 km, environment ministry sources say.

The decision to notify the eco-sensitive zone was taken up at the meeting of the standing committee of National Board for Wildlife,  chaired by the union environment minister and forests minister Prakash Javadekar.

The final notification regarding the eco-sensitive zone is expected to be out in a week’s time. This will enable Noida Authority to start giving completion certificates to builders who will  then start delivery of apartments to buyers.

“It is a big relief for homebuyers who had booked flats. Some of them are already paying EMI. Hard-earned money of people had been invested there. They will get relief. The confusion has ended. The final notification will be done in a week. The orders of the NGT have been fully followed,” Javadekar has said.

“This will have a positive impact on the real estate and construction sector in the National Capital Region. All projects that had been stalled in Noida can now resume. The location will also see more housing sales along with office occupier and retail space leasing in forthcoming months. Hopefully, with the real estate market opening up once more in the area, homebuyer demand will pick up as well. Especially with interest rates going down and the government focusing on infrastructure development, this might spell good news for the realty market in Noida,” says Anshuman Magazine, chairman & MD, CBRE South Asia Pvt Ltd.
"The decision of the ministry of environment and forests to notify certain areas as eco-sensitive zone around Okhla Bird Sanctuary is a welcome move. It was a long pending issue, resolution of which will give relief to customers as well as developers,” says RK Arora chairman, Supertech Group.

“The decision of the government is a welcome step and provides the much-needed clarity on the issue. Ambiguity regarding the eco-sensitive zone around Okhla Bird sanctuary has already cost the local economy more than Rs 2000 crore,” says Amit Modi, vice president, Credai Western UP and whole-time director, ABA CORP.

“While this will bring in the much-needed revenue to the local exchequer, we request the state stamp and registration departments to provide some relief and concessions on stamp duty charges,” he added. 

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Realty Trends

Home prices near most-affordable levels in over 30 years: HDFC

Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, shows data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over Rs. 45 lakh in the 2012-13 fiscal year -- marking the fourth consecutive year of uptrend from about Rs. 25 lakh in the year 2008-09, HDFC has said in a presentation.

However, factors like an even greater surge in the personal income levels, tax incentives and lower interest rates, have resulted into houses becoming more affordable to purchase, it said.



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India Property Investment Gyan

Major schemes for affordable housing to be modified: Girija Vyas

NEW DELHI: Major schemes meant for providing affordable housing to urban poor will soon be modified to make them more people-friendly, the government said today and invited the private sector to contribute more actively in this area. 

Speaking to reporters here, Housing and Urban Poverty Alleviation (HUPA) ministerGirija Vyas today said her ministry is modifying all the major schemes including the Rajiv Awas Yojana (RAY), Rajiv Rinn Yojana and the, Affordable Housing in Partnership scheme and added enormous budgetary support has been earmarked during the current plan period. 

Secretary HUPA Arun Kumar Misra told reporters that a fund of Rs 35,000 crore had been allocated to the ministry for the implementation of three major schemes, including RAY, which was being run in as a pilot project earlier under 12th five- year plan. 

He said the ministry would require approval from the cabinet for the implementation of these schemes and efforts would be made that through these funds 2 million affordable houses are encouraged. 

He said that in addition to the central government funds, banks and credit institutions would be providing funds for construction of affordable houses. 

Vyas said that with urbanisation, the number of urban homeless and area under slums had grown. 

Vyas said there was a need for private developers to develop economic models to foster affordable housing for economically weaker sections and lower income group households in urban areas as government efforts in this direction needed to be supplemented. 

Vyas also said a technical group, set up by her ministry, had shown that out of 18.78 million housing shortage in the country, 96 percent shortage is in EWS and LIG category and for this huge investments and private sector participation were required. 

Misra said the group set up by the ministry has suggested incentives for the affordable housing sector included concessions to development-related charges and service taxexemptions. 

It also sought direct tax rebates for affordable housing projects and inclusion of the sector in the 'infrastructure facility' he said and added the task force had felt that governments need to still provide direct capital grant support to affordable housing projects. 

Misra said that in the symposium held today where states, experts and private sector representatives were present, there was unanimity on many of the suggestions.

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Green Property- Eco Homes

Reclaim your city space: Projects in Delhi, Mumbai and Kolkata aim to transform lives

Three projects in three cities aim to transform the lives of people who live close by. The one in Mumbai hopes to transform a congested area into a green precinct; the one in Delhi converted an open drain into a walkway, while Kolkata hopes to bring the crowds back...