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Article on Sector Pi Greater Noida real estate published in expressestates.in
When the prices of apartments do not change over a span of one year, this means that the sales have dropped. But the new apartments have come at the project site and that trend also speaks highly about the project. One such project where the prices of various apartments haven’t changed over the last one year is Green Meadows at sector Pi of Greater Noida. The year 2007 was a period of slowdown. But despite the slowdown, sales did not flag in Greater Noida in a big way. Currently on sale in this project are two- and three-bedroom apartments in various categories: Castle, Citadel, and Riviera. There are in all around 950 dwelling units in this project.
Sector Pi, in comparison to sectors Beta and Alpha, has good number of housing societies. Some names include Parvnath’s Palacia and Privilege, Unitech’s Horizon. All these projects offer housing to the middle class and the upper-middle class. But as Rajendra Kapasia, a property consultant and owner of R M Real Estate says, “Sale and purchase are not happening as the owners now ask for a high price.” Another consultant says that the high EMIs and interest rates have kept the short-term investors away. He adds, “There are more end-users than investors in Greater Noida.”
Should you buy?
As of now then, prices are stable in Greater Noida. Sanjay Khanna, property consultant of Dial and Deal says, “The secondary market rate of apartments in Greater Noida is Rs 2,500-2,800 per sq ft, while the builder rate is Rs 2,800-3,500 per sq ft. The builder rate at Green Meadows is Rs 3,200 per sq ft.” Also, the rates in the nearby Noida and areas parallel to the Expressway are more than those prevalent in sector Pi.
Prices in Greater Noida are 30-50 per cent lower than in Noida. At Rs 4,000-5,000 per sq ft, builder apartments in Noida have become far too expensive. And with the uncertainty looming large in the market, only long-term investors will survive and should invest.
Plot prices in sector Pi is around Rs 25,000 per sq m. Although there is not enough land available in this sector.
The prices of commercial spaces at sector Pi range between Rs 14,000-15,000 per sq ft. But usually the owners look for high rentals. Green Meadows has a small shopping centre, called Arcadia. The complex has around 45 shops of almost similar size. But very few shops are functional here. One such shop is a grocery store owned by Rajender Singh. He says, “I bought the shop some four years back for Rs 13 lakh. The current value of the shop is between Rs 30 to 35 lakh.”
However, others like Singh who bought shops are still waiting for a tenant who can pay the high rents. Kapasia of R M Real Estate adds, “Most of the owners look for a high rent or high capital value for their shops. The owners are still waiting for a price hike.”
People like Singh are optimistic about occupancy. It is expected that by April this year, 40% of the shops will be functioning. Interestingly, the Arcadia has a separate entry for outsiders.
The rental for these commercial spaces currently ranges between Rs 6,500 to 7,500 per month. The owners expect around Rs 10,000 to 11,000 per month. The rentals for the apartments are usually high. A two-bedroom apartment commands a rent of Rs 7,500 per month. A three-bedroom apartment comes for Rs 8,500 per month. A flat or a duplex in the Green Meadows usually demand a rental of more than Rs 10,000 per month. It is worth mentioning that these rentals do not include the maintenance charges.
Apart from the basic price for these apartments (see table), Eldeco is charging a preferential location charges that add 3% to 5% to the basic price. In the Riviera and the Citadel units, the first floor units also have lawn areas priced at Rs 1,200 per sq ft. Apart from these, there are the monthly maintenance charges, external electrification charges, fire fighting charges, and power back-up charges. The car parking slots range from Rs 55,000 to Rs 2 lakh, but these are onetime charges. The developer has also given the provision of storage in the stilt and the basement at a rate of Rs 1,200 per sq ft and Rs 1,000 per sq ft, respectively.
Sector Pi is very well connected to Noida and Delhi. Gone are the days when there were no buses or transportation services in Greater Noida. One can now find good number of private- and government-run buses plying on routes to Greater Noida, Delhi, and Noida.
Pari Chowk, which is the entrance point to Greater Noida, is just 2.5 km from the Green Meadows. Sector 18 market of Noida is 25 km from here. Though Delhi is around 35 km away, it is quite approachable because of the Noida-Greater Noida Expressway. The Citadel apartments would be ready by July 2009. The developers plan to hand over the possession of Castle apartments by March 2008. So, investing or buying in these will be a good choice. It is expected that Riviera will also be ready by December 2008.
Almost 100 families are already living in the apartments and duplexes that were built in the first phase. Many of the apartments from previous societies here are in resale now. These are: the Amazona, Savana, Gardenia, and the Vardana. These have around 252 residential units.
In terms of appreciation, the units here will provide good value in resale. Various infrastructural developments that are taking place in Greater Noida, will add value to your property in sector Pi.
Proposed international airport at Jevar and the Formula One racing track are just the beginning. In future, sops like Monorail and Metro will definitely increase the price of your property.
RE is no more a Good Investment option at this point. If you are willing to stay for your self you can buy. And again I feel that you should wait for another 6-8 mknths. Either it may fall or keep stagnent. SO this way you can save some Interest as well as you can give more down payment. This will lead you to pay less as a whole. Think about this.
Let Builder to reduce the Margin and Come down to a Real Eastic price...
I had made a payment of 5 lacs as downpayment and as the real state market started falling I was not sure as to whether I ll be able to retain my job or nt so I cancelled the deal..I have nt signed any papers but Unitech is not returning the downpayment I am ready to pay the penalty but they are taking the whole amount