Noida: An Emerging Capital

There has been an up lift in the market after the arrival of the new government, especially after the budget has set the ball rolling for real estate sector. With allocation of more funds for affordable housing, easing of FDI norms, implementation of REITs and the special focus on infrastructure development, the government has made it clear that in order to push economic growth, a special focus on infrastructure and real estate development is required. In the foreseeable future, the real estate market in Delhi NCR is going to see considerable forward momentum.

As land is a prerequisite for any kind of development, Noida and Gurgaon are the logical answers to the increasing need for housing in Delhi NCR. In terms of inventory, Noida and Gurgaon have more options than any other city in the NCR. These two areas are consequently expanding and growing and expansion opens opportunities for further growth in real estate. It is for this reason that these two cities have now got mature real estate markets for different sets of buyers and investors. However, they have very individual returns potential. In the last few years, it appears that investments made into properties located in Gurgaon have reaped better returns than those secured from Noida property. Where as, on the other hand, various recent announcements and the infrastructure uplifts of the city have made Noida's real estate market increasingly attractive.

What favours investors entering Noida is the lower pricing factor, which now promises better appreciation and returns on investments. The realty market in Gurgaon has now crystallized into one most favourable for buyers in the premium segment. But the other side of the coin is that the high price points in Gurgaon suggest that properties there will no longer fetch high rates of appreciation.

With the fast-paced development in infrastructure in Noida and its vicinity, real estate growth has really picked up over the past few years. There have been announcements for many new such projects as well, which has had a positive effect on the real estate market.

The proposed extension of the Dwarka-Noida City Center to Pan Chowk wall give direct connectivity to Delhi and other NCR areas, and the project is expected to complete by 2021. The Noida Metro Rail Corporation (NMRC) has got the required approvals for the 29 kilometer-long Noida-Greater Noida Metro link from the state government, as well. Simultaneously, the Greater Noida Industrial Development Authority (GN I DA) has plans to set up its own power plant, which will provide uninterrupted power supply to the region.

Though Noida is known for its affordable housing projects, there are numerous luxury projects under ay as well as in the pipeline in Noida and its adjoining areas. Renowned developers like Supertech Ltd, 3C Company, Prateek Group, Lotus Greens and Wave Infratech have launched super-luxury projects with 3-5 BHK apartments of soon-4000 sq. ft. and priced in the range of Rs i crore to 3 crore for area with good infrasiructure, metro connectivity and good road network, real estate development in the Noida regions is picking up rapidly. This is important, since infrastructure development is the primary draw for buyers and investors into this area Upcoming major projects like the Export Promotion Zones and Taj Economic Zone along the Yamuna Expressway are likely to push the economic development of this region, consequently giving a further boost to real estate development. In fact, the positive response from buyers and investors in Noida has now made this the preferred destination for launching new projects and expediting existing ones. All in all, Noida is beginning to emerge as one of the brightest stars in Delhi NCR real estate.

Home Inspection

Home inspections are used to provide an opportunity for a buyer or seller to identify any major issues with a home prior to closing.

What is covered in a Home Inspection?

Home buyers and sellers may hire local inspectors to take an in-depth look through the home’s exterior and interior, checking the following:

1. Bathrooms: This will be inspected for leaks, ventilation and any other major issues. An absence of windows or fans could indicate mold or mildew problems.
2. Electrical: An inspector will check your home’s wiring, testing how the outlets and GFCI perform to prevent any shocks or potential electrocutions. They will check your electrical panel to make sure it doesn't present a fire hazard.
3. Foundation: While the inspector usually can’t look at the foundation (because it’s underground), he or she can identify secondary issues brought on by foundation problems, such as cracks or settling.
4. Grading: If your grading doesn't slope away from the house like it should, the inspector will let you know. Moisture seeping into your home as a result of poor grading presents a danger to your foundation and the structure itself.
5. Garage or carport: The inspector will look at your garage door to make sure that it’s operating correctly and that it’s well-ventilated (prevents carbon monoxide poisoning in the garage).
6. Heating, ventilation and air conditioning (HVAC): An inspector will check your HVAC system to see that it functions correctly. Exposed ducts will be checked for leaks or asbestos (in case of Centralize AC/ Heating).
7. Plumbing: The inspector will check plumbing, including all faucets, shower heads and visible pipes, for leaks. He will also test the water pressure and the state of the main water shutoff.
8. Roof: Inspectors will check the roof for any potential damage or leaks into your attic. He or she will also check the vents and gutters for damage.
9. Walls: The inspector will look at your siding and check for missing or damaged pieces, cracks, or signs of pests underneath.

Is there going to be Price Drop in NCR Real Estate?

As there is been a steady fall in demand in Real Estate sector of NCR and the experts say there is an urgent need for correction in property prices. In fact, according to them, a slight drop in property rates could be expected in the next few months. But, all of it really depends on how much focused builders are upon moving out their inventory. The real estate sector has been affected by declining sales due to high prices and low demand. Currently, NCR builders could be having anything between 35% and 45% of apartments in cold storage, with Noida alone accounting for as many as 40,000 unsold units.

Experts say the sale of property in NCR is currently witnessing an all-time low in the last three years and so price correction is the only way out. However, NCR builders say they are loaded with pending dues for leasing charges of existing land. With low demand and construction and input cost on a steady rise, the chances of rate cuts are low. Most of the builders are saying that they would like to wait a bit and watch how market goes and then come to conclusion.

Things to consider before making an offer for a Home

If you have seen enough houses and got your heart stuck in that one particular house and you think that’s the one, you would be quite excited about making an offer and get negotiations started. If you’re buying in a tight market where sellers have the upper hand you may even feel pressured to put in an offer the moment you see a house. But, before you write that check for your earnest money deposit, you should take a little time to investigate the house and the neighborhood so you have a better idea of what you’re buying. Your Realtor can be very valuable resource in gathering information for you and getting the answers to your questions from the seller’s agent. In the interim period, you can do some of your own research:

1. Search for neighborhood information online.
2. Check the crime report in the neighborhood online.
3. Check on the schools: Even if you don’t have kids, good schools in the neighborhood means that the house will maintain its value in future.
4. Check for local & neighborhood amenities: Like whats in the walking distance from your Home such as park, supermarket, repair shops, gym, etc. and if you are interest in some particulars facilities like tennis, swimming, then check the proximity to such facilities.
5. Visit the home at different times of day: In order to see how quite or active the area is in different times of a day or in different days of the week.
6. Schedule a home inspection: In order to know what repairs must be made and about how much they will cost. You may also be able to negotiate from the seller to pay for such home improvements
7. Test your commute: So that you would have an idea about the traffic pattern during rush hours.
8. Ask about taxes, homeowner association dues, homeowners insurance and utility bills.

Step by Step Guide Before Starting House Hunting for Your Dream Home

Step 1: Determine What You Can Truly Afford
Quite obvious, the first step is to find your budget as you do will taking any capital decision.
Here is our step by step guide for you to start determining your budget for a home or what truely you can afford:

1. Now that you've nailed down your numbers, it's time to start shopping for a mortgage lender with a reputation for good customer service and timely closings. You'll likely have a lot of questions—like how long the process will take and what the qualifying guidelines are—so choose a lender that answers them all satisfactorily.
2. There are plenty of different mortgage options to consider. Try choosing one from these common two: Fixed-Rate Mortgage, in which your interest rate remains steady for the duration of the loan, or Adjustable Rate Mortgage (ARM), in which your rate fluctuates to reflect market changes. ARMs can be a good if you plan to live in your home no longer than the original fixed period, otherwise, prefer Fixed Rate as if the interest rate rises, you could find yourself with a mortgage payment that's higher than you planned.
3. Prefer a 30-year term over 15—even if you think you can pay off your home faster. If you ever need to lower your payment in the future, you'll still have that option.
4. You'll also want to make sure you have enough savings left over to help pay for any home improvements, decorations or miscellaneous moving and maintenance costs that may pop up—in full. Meaning: You should not be using your emergency fund to cover these costs.

                                                 (Source for figures: Tom Gilmour, a CFP® at LearnVest Planning Services)
Step 2: Figure out Which Mortgage is Right for You and Get Pre-Approved 

1. Now that you've nailed down your numbers, it's time to start shopping for a mortgage lender with a reputation for good customer service and timely closings. You'll likely have a lot of questions—like how long the process will take and what the qualifying guidelines are—so choose a lender that answers them all satisfactorily. 
2. There are plenty of different mortgage options to consider. Try choosing one from these common two: Fixed-Rate Mortgage, in which your interest rate remains steady for the duration of the loan, or Adjustable Rate Mortgage (ARM), in which your rate fluctuates to reflect market changes. ARMs can be a good if you plan to live in your home no longer than the original fixed period, otherwise, prefer Fixed Rate as if the interest rate rises, you could find yourself with a mortgage payment that's higher than you planned.
3. Prefer a 30-year term over 15—even if you think you can pay off your home faster. If you ever need to lower your payment in the future, you'll still have that option.
4. Apply for a pre-approval, the process in which a lender reviews your financial information and commits to giving you a mortgage for a specified interest rate. Keep that in mind that a bank may approve you for a larger loan than you've determined you can afford, so don't be seduced by their findings—and stick with the budget you landed in the earlier stage.

Step 3: Decide Must Haves & Nice to Haves Features

There are very few lucky people who gets there perfect home within there budget, so before you go house hunting, brainstorm a list of what you absolutely must have in a home—and which features are simply nice extras.

First thing to decide in this step is where you want to buy a flat or a plot/land. Other examples of must-haves might include the number of bedrooms and bathrooms, distance to work and other places you frequent and access to your preferred schools. Some people also have strong preference on the amount of outdoor space a house offers, balcony space, etc. Things that shouldn't have on your must-have list ? The way a house is decorated, well-manicured landscaping, a pool—or anything else you can easily fix or install yourself.

After going through all the above 3 steps, I think now you are ready for house hunting which you can start by yourself or you could hire an agent which is generally really helpful as an agent can provide access to more home options than you'll likely find yourself, as well as set up viewing appointments and since home-buying can be an emotional process, an agent can also act as a mediator between you and the seller.

 

Why a person should buy Property in Noida?

1. Lower Prices:  This is what attracts most of the buyers and in Noida you can get property at really affordable prices without compromising with the facilities and features. And for people looking for buying a house, there are various Housing Schemes & Housing Projects introduced by a number of developers almost every day which are exclusively focused on buyers with different requirements and budgets.
2. Future Urban Hub: Noida is upcoming with various projects to make it a complete Residential Hub, which includes number of Shopping Hubs, Malls in which where one can buy any product ranging from basics to leisure. Apart from this, there are some best schools like Amity International, DPS, Apeejay School, Lotus Valley International,etc. and Medical Centers like Kailash Hospital, Jaypee Hospital, Max Hospital, Fortis Hospital, etc. 
3. Connectivity: Connectivity is an important factor while purchasing a house/property for settling [in in it. There are number of transport facilities for inter city travel such as Metro, Govn Roadway Transportation services etc. This location not just ensure proper connectivity to Metro but also to other signicant locations as we have  DND Flyway, Noida-Greater Noida Expressway and Yamuna Expressway for fast connectivity in it.  The nearest airport is the Indira Gandhi International Airport.
4. Best for the purpose of Investment: With the Upcoming Government Projects for  development as per the Master Plan 2021 and 2031 includes Regional Rail Linkages, Regional Road Linkages, various power, water supply, sewerage, drainage projects and because of extraordinary of commercial sector in the city which is expected to grow in future too as there are smany big companies proposed to open there branches in Noida, it is best place to make investments for future prospects.
5. Modern Living Option at Affordable prices: The whole infrastructure of the city has been planned and executed well and with a modern approach. City has well constructed and wide roads. City also serves well in terms of Community facilities by providing better surrounding to the residents. Authories have created huge parks and sanctuaries such as The Okhla Bird Sanctuary, Noida's botanical garden,etc. City has some some of its own jems in sports such as Greater Noida Race Course, Noida Golf Course and a world class cricket stadium is under construction in Sector 21. Noida has some of the best shopping arcades in NCR like The Great India Place (GIP), Garden Galleria, The Mall of India, Centrestage Mall,etc.