Cash Strapped Authorities Announce There Will Be No Major New Projects in Noida

There will be a fall in the number of New project in Noida and greater Noida, projects related to infrastructure will be fewer in number because the Noida and Greater Noida Authorities have both stated that they have insufficient funds to undertake large scale development. Both authorities have stated that they are owed dues amounting to twenty thousand crores from realtors in both regions of Noida. The authority CEO has stated that projects that had been planned, including a heliport and a Convention Center will be difficult to undertake because of a shortage of funds.

The CEO of the Noida Authority had earlier put two proposed metro projects in the Twin Cities on hold last week because he had insufficient funds to complete the projects. Rather than taking on even more projects in Noida, the authorities goal, according to the CEO will be to ensure the timely completion of ongoing projects.

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A Severe Lack of Bandwidth

The resources of the Noida and Greater Noida Authorities are stretched, according to senior officials from both authorities. A primary reason for this lack of bandwidth is the sum owned to the authorities amounting to 20,000 crores by realtors who have projects in the Twin Cities. Explaining how dire the circumstance are, officials from both authorities stated that in case they are unable to recover the dues from realtors, there will be nothing short of a crisis in the near future. The situation is all the more dire because both authorities have let realtors borrow funds in the form of loans from the city authorities.

Unable to Finish What's Started

Officials from both Noida Authorities have stated that they do not wish to begin projects that they know they will be unable to finish because they may run out of funds. The CEO of the authorities has stated that until more funding is available, the authority will not commence work on any new projects. How the authority will collect their outstanding dues and loans from Realestate developers in Noida is a matter of different concern

Projects On Which Work Will Continue

While it's true that Noida Authorities will not begin any large major projects, work will continue on two major projects, namely one metro link that will connect Noida with Greater Noida. The length of this Metrolink is just shy of thirty kilometers. Work will also continue on another 6.8 kilometer long link that will connect the City Center to Sector 62. The best property in Noida, in the vicinity of the metro stations along the mentioned and yet to be completed links, might yet continue unmolested its appreciation in value.

5 Must Research Factors When Buying Property in Noida

Living in a rented home can just be a temporary way. You cannot spend complete life on rented home and that too when living in cities like Noida and Gurgaon, where rent is too high. Moreover, everyone has a dream of owning a house. When one looks at high rents in metro cities, the decision of owning a home and paying the money for EMI seems a better option.

But buying a home in India is not a cup of tea. Be it the location, price, reputation of the builder or the quality of construction, every factor makes a lot of impact on the home buying decision. Further, news of so many frauds by builders, buying property in Noida has got further difficult. To ensure that you get right project, you need to keep an eye on various aspects of the residential projects. Here are five must research factors when buying a home in the largest industrial hubs of India.

Location: A place where you buy a home should be comfortable for every family member. Some of the important factors to keep in the mind when checking the location of the project are connectivity, safety and access to the public utilities like hospitals, schools, malls etc.

Amenities: Gone are the days when just owning a brick and mortar structure was enough to say that you own a house. Modern home buyers look for a project that is equipped with all the amenities like swimming pool, clubhouse, lifts in high-rise apartments, gym etc. Most of the upcoming projects in Noida have all these facilities to ensure a convenient life for contemporary homebuyers.

Maintenance: If you live in a rented home, you might not be aware of the maintenance cost associated with the own home. The only benefit in this apartment culture is that you can just pay the cost to the building owner and relax about regular maintenance. But sometimes builders charge a lot more than the average maintenance cost just because home owners are not interested in taking any pain for it. So pay attention to every penny charged in the name of maintenance such as parking, security, garbage cleaning etc.

Security: In today’s time, when the number of crimes is increasing rapidly, security is the biggest concern when buying a house. When looking for a home, ask the builder about the security measures used to ensure the safety of the residents. Now you cannot just rely on a security guard standing outside the building. Give preference to a project with high-tech security measures like CCTV camera, card entry, and boom barriers.

Durability: If you are investing in a resell building, do check age of the structure. If it is too old, avoid buying it as it might not be able to survive natural calamities like an earthquake. If you are looking forward to buying luxury flats in Noida, make sure it has been made on earthquake resistant structure.

Every penny you pay for your home is valuable for you and your family. So use your capital wisely and research well before investing in any housing project in Noida.

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