Announcement

Collapse
No announcement yet.

Noida Extension Buyers Unite Against Builders

Collapse
X
Collapse

Noida Extension Buyers Unite Against Builders

Last updated: August 29 2012
564 | Posts
  • Time
  • Show
Clear All
new posts
  • #81

    #81

    Re : Noida Extension Buyers Unite Against Builders

    Originally posted by fritolay_ps View Post
    This point is not logical sir… if you delay your home loan so does not mean that you are saving interest and you could add that amount in your saving… Because you again have to take loan for same period (10 years) after 2 year… so you can not consider “virtual money” in calculation..

    Second point… yes..if flat cost is increased by 10% in two years… still Mr. B is much good condition…He has to pay loan for 8 years and not for 10 years..and 10% appreciation (approx 1 lakh adjustment with bank loan interest)
    Hey Fritoley, Saurabh,

    I just posted a comment on this then I saw the comments by Fritolay and I am 100% with the Fritolay as the same I think...
    BR,
    P

    Comment

    • #82

      #82

      Re : Noida Extension Buyers Unite Against Builders

      Originally posted by Prabal_India View Post
      Hi Saurabh,

      Yes good calculation but I have one more point here to mention and need answer on that..

      Use Case :
      Home Cost :30 lac in 2011
      ROI : 10%
      Interest for 2 years: 600000

      Now if the rate od properties increased by 20% in this 2 year which is minimum according to the inflation and all

      Then, in 2013
      Home Cost: 36 lacs
      ROI: 10% or more
      Interest: NIL

      So what is the difference.

      Atleast in first case there is some chance of profit booking if rates increases more than 10% per year

      If someone wait for this principal amount then I think only .1 % people can buy properties at the age of 25-30.

      So which is better option 1 or option 2 (And option 2 is like first save the money and then purchase then I think that is not good beacuse noone wants to live in their own property at the age of 50 )

      Please comments on this !!! because this question comes in my mind always !!!!

      BR,
      P
      For own living it is always better to purchase property as soon as person can purchase and budget is allowed. While I am comparing home loan / FD kind of thinks, it doesn't means investment in property is not good, for long terms or for self use it is always good at least in NCR (5 main Cities) 100%. I only want to say that if we are looking NE / YEW market with very high risk then specially for NE (not for other areas like CR , RNE , Noida-xxx, Maneser , IP...) it will be better to purchase new flats in NE only after 2 years even if person face total 5-10% loss (after adjusting every thing) in 2 years. I think in 2 years (after UP election) situation of NE will be much clear, that where the future of NE is going on and in which direction or Time Frame.

      Most of the person purchase property for self living and such huge investment with lots of tension is not better for general public who is investing in his first home in NCR.

      Comment

      • #83

        #83

        Re : Noida Extension Buyers Unite Against Builders

        In this below case, Court ask to pay more amount.



        Pay more for acquired land

        A trial court has directed the Union government to pay higher compensation to three Delhi residents whose land was acquired to build a link road in the western periphery of the national capital.

        Additional district Judge Bhupesh Kumar directed the government to raise the compensation to Rs 21.37 lakh per acre from the current Rs 15.70 lakh per acre announced by the land acquisition collector.

        The courts orders came on three separate pleas by Rohini resident Raj and Mundka residents Sunita and Kartar Singh,challenging a May 2007 notification of the government fixing the compensation rate at Rs 15.70 lakh per acre for their Mind village land.The plea had sought directions to the Union government and the DDA to hike the compensation.

        The government had acquired their plot along with a total of over 200 bigha of land to build a 100-metre link road to connect National Highway-10 to Dwarka sub-city in Mundka- Bakkarwala and for other developmental plans.

        The ADJ hiked the rate of compensation,relying upon a 2010 order of his predecessor,who had raised the rate of compensation from Rs 15.7 lakh to Rs 21,37,017.75 per acre in a similar case for enhancement of compensation for a similarly placed piece of land acquired by the government.

        -TOI

        Comment

        • #84

          #84

          Re : Noida Extension Buyers Unite Against Builders

          Dear Nitinthakur,

          Are you even aware whether SC is deciding fate of all NE projects or just the land belonging to shahberi village?

          Do you think that if SC decides Shahberi village case in favour of farmers, other portions of land belonging to NE would also be handed over to farmers?

          If you think so, could you please explain the grounds?

          Have you read Shahberi Case ? Or Are you aware of the grounds on which HC has denotified the Shahberi village land?

          Do you have any idea of the section under which land has been acquired in other parts of NE?

          If you are not, then I would suggest that better get these informations and then predict anything.


          [QUOTE=nitinthakur100;203361]As much as all buyers want to belive all will be well eventually, unfortunately, it may not turn out to to be so.

          If SC also quashes acquisitions, and early signs indicate so, basis the vacation benches comments, then the farmers will take the land back. There will be a cooling off period, and then as per the new UP Land Acquisition policy, a new set of builders, or even the same builder will have to start the purchase process afresh.

          Comment

          • #85

            #85

            Re : Noida Extension Buyers Unite Against Builders

            No relief for investors in noida extension.Its better for investors to invest in some very safe place and some place which is already approved and developed.I will suggest vasundhara the next hot location for property investment.MArket research nd trend shows vasundhara will be the major location fro property rates hike.

            Comment

            • #86

              #86

              Re : Noida Extension Buyers Unite Against Builders

              Originally posted by Dayalshobh View Post
              No relief for investors in noida extension.Its better for investors to invest in some very safe place and some place which is already approved and developed.I will suggest vasundhara the next hot location for property investment.MArket research nd trend shows vasundhara will be the major location fro property rates hike.
              Absolutely right, next Vasundhara GZB will see one of highest appreciation in whole NCR region . I also think the same because location of Vasundhara is super. In Vaishali / IP , land & flat Rates appreciation register hightest in any NCR areas during last 3 years. in IP good residential plot areas rates has been jumped to 80K PSY and in Vaishali it has jumped to 90K PSY. I know its surprising but true, most of the person are from Noida itself and can visit good residential locations of IP / Vaishali anytime and can take the rate idea of Land/RTM flats. I was myself surprises when I visited Vaishali for my friend last week.

              Now next best areas in terms of appreciation will be Vasundhara for sure, see below Hindustan times news posted by me GZB forum.

              https://www.indianrealestateforum.co...ney-ht?t=18769

              Comment

              • #87

                #87

                Re : Noida Extension Buyers Unite Against Builders

                It sucks for investors/end-users as they suffer the most in this kind of mess.
                People would be really skeptical about investing anywhere the issues are. Some people could go to Gurgaon and Delhi as it is a safe destination and have provided(still giving) good ROI. Some others that can't afford these places will go even farther like Dharuhera, Bhiwadi etc.


                Originally posted by Dayalshobh View Post
                No relief for investors in noida extension.Its better for investors to invest in some very safe place and some place which is already approved and developed.I will suggest vasundhara the next hot location for property investment.MArket research nd trend shows vasundhara will be the major location fro property rates hike.

                Comment

                • #88

                  #88

                  Re : Noida Extension Buyers Unite Against Builders

                  Great nervousness about Greater Noida

                  The ground beneath Rafiq Ahmad’s feet slipped when he switched on the television after he returned home from work on Monday evening. Sipping tea in his rented Chhatarpur Extension accommodation, he froze when he heard that the UP government had been warned by the Supreme Court against invoking the “urgency” clause to acquire agricultural land for construction of high-cost residential flats.

                  Ahmad (45) has booked a two-room house in an upcoming residential project in Bisrak village of Greater Noida.

                  “I have paid the developer Rs 10 lakh, for which I took a loan from a government bank. As soon as I heard the news, I got scared and rushed to the site,” he said. He was satisfied only after he saw the building work in progress.

                  Spooked by agitations over land acquisition and cases in courts, people who have invested their savings in projects beyond Noida have been making a beeline to the offices of developers to check if all is well on ground.

                  Their nervousness stems from the fact that petitions have been filed by the Greater Noida Industrial Development Authority and developers and builders challenging the Allahabad High Court order cancelling the notification for land acquisition in Greater Noida.

                  In fact, the Supreme Court was hearing these petitions on Monday when it told the UP government: “You take it (agricultural land) from one side and give it to the other. This has to go and if it does not go, this court will step in to ensure that”.

                  Ramesh Singh (35) who has booked a three-bedroom flat for Rs 40 lakh in the area, said he rushed to the site-office of the developer after he heard the news. “I have a loan. Though people told me not to panic, I was feeling uneasy,” he said. He works in Lucknow, but plans to move to his new home for “better prospects”.

                  A senior marketing official of the Supertech Ecovillage blamed the media for the “panic” among customers. “Since morning, we have received many calls and visits from those who have booked houses. It is obvious that when the customer has spent so much money, he or she will be tense about the property when such propaganda is spread,” he said.

                  The company staff, the official said, had been doing all they could to pacify agitated customers. “We have shown them all necessary documents, including lease papers. Investors have seen for themselves that our 1500-odd workers are at work,” he said.

                  Supertech Ecovillage will consist of 49 residential towers, comprising more than 6,000 LIG, MIG and HIG flats. “Of these, 5,000 have already been booked,” the official said.

                  Supertech claims that construction of Ecovillage will be completed by 2013 and the apartments will be ready for occupancy by 2014.

                  A senior sales official with Gaur City maintained that the “line is clear” as far as their project is concerned. “Since last evening, we have received about 50 calls, and around 50 walk-ins. Earlier, when the High Court order had come, the level of panic was greater. But we assured them that Gaur City was safe. It is only areas like Shahberi that are facing problems,” he said.

                  Gaur City proposes to build 22,000 flats in two phases. The official said 40 per cent of these have already been booked, mostly by the upper-middle class.

                  “We do try to cover people from all income grades. Around 95 per cent of our target customers take housing loans. Only 5 per cent self-finance,” the official said.

                  -Indian Express
                  Last edited June 29 2011, 01:37 PM.

                  Comment

                  • #89

                    #89

                    Re : Noida Extension Buyers Unite Against Builders

                    Illiterate media is indeed responsible for the panic

                    Originally posted by fritolay_ps View Post
                    Great nervousness about Greater Noida


                    A senior marketing official of the Supertech Ecovillage blamed the media for the “panic” among customers.
                    -Indian Express
                    Disclaimer: The purpose of this post is neither to encourage people to invest in NE nor predict that everything will be fine in NE projects. I have invested in NE project and I am also scared about the future of NE projects but I really do not like reports presenting incorrect facts.

                    I feel very aggrieved and frustrated the way news is presented by the media and the way people react to it without giving it due attention and thought. Primarily, it is responsibility of the media to present news with correct facts and in accurate manner. Reaction of people is understandable considering that it is not possible for a large bulk of people to understand news after analyzing its technical aspects.

                    If a channel presents a program on destruction of earth claiming that end of earth is near citing some collusion of planets, even a literate person may not be able to scrutinize the news taking into consideration its technical aspects. People are expected to be scared. (Though it is a different thing that people have stopped believing a news channel because it has lost its credibility for telecasting such news only.)

                    Some times, I think UP Police was right in recent treatment meted out to reporters. I personally feel regulating media is as important as fight against corruption.

                    Straight to the point:

                    The news telecast by a news channel yesterday and reports published on news site and in newspapers subsequently claimed Supreme Court is very strict on Noida Extension and future of NE is in grave danger.

                    I read the entire report and SC no where mentioned Noida Extension. The SC was discussing a particular case only (Shahberi Case) and it made general remark regarding the land acquisition done by States through emergency clause(Section 17 of Land Acquisition Act, 1894) depriving farmers to raise their objection under section 5A of Land Acquisition Act.


                    It is important to note that SC was passing remark in a case where land was acquired using emergency clause and where there was no such urgency though it is still open for authority to prove before SC that there was indeed a situation to invoke Section 17.

                    I am not sure under what section land was acquired in other parts of NE but if land in other parts of NE was not acquired using section 17, then facts will differ drastically from Shahberi acquisition case.

                    So it is very important to know that under what clause land was acquired in other parts of NE before making prediction about the future of NE and jumping to the conclusion.

                    Though I mentioned in one or two of my previous posts that future of all NE projects will be same. But after reading Shahberi case completely, I am giving a different opinion.

                    I came across following fact presented by Greater Noida Authority while reading Shahberi case.

                    “The Builders Residential Scheme-BRS-01/08-09 did not invoke appropriate response and thus considering, that the village Shahberi was contiguous to the land acquired in village Aimnabad by notification under Section 6 dated 12.12.2006, Village Bisrakh under Section 6 dated 30.6.2008 and village Patwari under Section 6 dated 30.6.2008; the land use of village Shahberi was changed in Master Plan 2021 after giving public notice and inviting objections.”

                    Thus I believe that land in Aimnabad, Bisrakh and Patwari was acquired under Section 6 and farmers were given an opportunity to raise their objections. Thus fate of projects launched on land belonging to above villages may be different.

                    The facts of Nandigram are also different from NE. SC has just made observation that it will not allow repeat of Nandigram in other states and SC has asked following questions.

                    “Did you give an opportunity to the farmers to raise their grievances before acquiring their land?

                    What are you offering them in return?

                    Are you going to give them a flat each in the multistoreyed residential complex?”

                    So if authority satisfies SC that they are compensating them enough, then SC may pass judgment in favor of authority.
                    Besides, SC has asked government in the form of suggestion to dump Land Acquisition Act and that’s for
                    entire country. And most important part of the observation made by SC is:

                    “The court said it would not deviate from the statutory principles. But at the same time, it expressed concern over the manner in which agricultural land was being acquired without surveying availability of barren land.”

                    Even SC has limitation. SC has clearly mentioned that it would not deviate from the statutory principles and thus it will review whether GNA acquired land in violation of any statutory principles laid down in Land Acquisition Act or not. It will review procedural compliance of the rules laid down in the Act.

                    I came across other facts also while reading shahberi judgement that I would like to share here. Many are claiming that farmers’ have been deprived of their land but few petitioners in Shahberi Case are:
                    Modern Public School
                    Arya Sahitya Prachar Trust
                    Radha Swami Satsang Beas

                    I have no idea how many petitioners are original tenure holders.

                    Further, SC has asked for detailed hearing that will take place on 5th July.

                    So let’s see what SC finally decides. But even if SC passes judgment against authority, don’t start pointing guns immediately before being aware of correct facts such as section under which land was acquired in different villages.

                    Comment

                    • #90

                      #90

                      Re : Noida Extension Buyers Unite Against Builders

                      Hi Can u please attach the document realted to that case or some link from where one can read that Supreme Court Case.

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X