How to handle the non sub lease agreement?

The real estate sector in Noida is again in news. This time for a reason that is hard to think. Nearly 600 apartment buyers in Noida aren't getting possession rights even after they have paid for the property in Omaxe Grand woods project.

Property in Noida

This is not a new thing. Properties in Noida have always been under scanner for some or the other reason. The to-be residents of this project expected a sub-lease deed in lieu of ownership of apartments. However, they were shocked when the developer asked for affidavit declaring that these would be residents will be taking temporary possession to carry out home improvement work. The developer didn't allow the buyers to enter the home premises. This was because the developer didn't pay the requisite dues to get sub-lease rights from Noida Authority.

This news has resulted in demoralizing the end-user’s confidence in housing sector. Legal experts have suggested some better options to help consumers get their rights:- Handing the allotment of land to solvent promoter- The allotment of land must be cancelled by the Noida Authority and it should be offered to a solvent promoter at open rates having strict completion cause. The compensation given to original allot-tees must include the total difference in cost of land and 20% of the refund deducted as penalty to the original promoter.

Direct issue of sub-lease agreement- The authority can provide the sub-lease in favor of allot-tees as they have the possession letter as well as 100% proof of payment. Direct possession of sale deed- Another option is to divide the total land cost on pro-rate basis against sale able built up area. In this way, the authority will take direct possession of sale deed in favor of every allot tee through collection of proportional land cost from promoter as well as allot-tees to penalize the promoter.

Thus, it is very essential to look up to the every matter when considering purchasing a property in Noida.

Noida’s apartments- An affordable yet luxurious living option

Paras Dews Gurgaon Sector 106

Living in Noida has never ever been so much stylish and comfortable affair. With lots of green spaces around and easy connectivity to Delhi and NCR region, Noida boasts of the most happening city life that anyone can ever witness.

With huge amount of investment in IT sector in this city and set of several MNC’s, Noida is drawing the attention of many people looking to reside near their offices. As a result there has been a significant growth in the demand for apartments in Noida.

Fueled by economic growth, liberated FDI regime and rise in disposable incomes of people, the real estate sector in India has seen a significant growth especially in NCR region. Noida, makes on top of the charts when it comes to real estate development. With coming of several institutions and multinational culture, settling in Noida as a resident is being seen as topmost priority among people throughout the country.

Most of the residential properties are in the forms of plots, autonomous houses, luxury villas, apartments, flats as well as group housing. Real estate agents like Jaypee, Paras Buildtech, Logix Group, Saha group and many more are trying their best to provide world class accommodation options to residents of Noida.

Investing in Noida’s property segment is the safest option as the prices of Apartments in Noida are rising steadily and the city has lots to offer. Shopping malls, restaurants, schools, universities, hospitals can be accessed easily without any hassle.

Due to growth of business and industry in the city, the residential sector is growing by leaps and bounds. The sale of apartments in Noida have helped absorb the otherwise barren land left as it is.

Thus, if you feel interested in having a dream apartment of your own where you can relax and spend luxurious time after a hectic day’s work schedule, you must start looking for residential segment here in Noida.

Apartments in Noida

Today the city of Noida has actually become a great reservoir of residential flats and apartments offering range of options. Though the city has witnessed development in all forms of real estate like residential, commercial and industrial, the demand for residential apartments in Noida is huge - especially because Noida, in the last decade, has grown as a hub for the IT industry and other MNCs where the professionals are always looking for residential apartments near to their offices.

The professionals in the IT or ITes sector, mainly search for the 2 BHK apartments in Noida or the serviced studio apartments in Noida  - as most of them are either single or couples, so a 2 BHK apartment is simply enough for them to live in – and that too with a small investment along with a sense of security.  Some of these apartments in Noida are semi-furnished whereas some are fully furnished with top notch facilities. Seeing the state-of-the-art infrastructure of Noida and also its excellent connectivity with other regions including the capital city, more and more IT and MNCs are heading towards Noida which has further enhanced the demand for residential apartments in the city.

These days’ builders in Noida are coming up with more and more residential projects with apartments offering a variety of floor plans ranging from 1 BHK to 5 BHK. The projects also come with a variety ranging from budget residential apartments to luxury apartments so as to make the city liveable for every section of the society. For those who look for a lavish lifestyle can go for the luxury apartments and those who want have a proper house but with a small investment can go for the budget residential apartments – and best part is that the budget friendly apartments are equally luxurious.

The real estate giants like Jaypee Greens, Logix, Supertech and others have recently come up with many 2, 3 and 4 BHK residential apartments in Noida – some of them are Jaypee Orchards, Jaypee Garden Isles, Logix Blossom Zest, Jaypee Greens Kalypso Court etc. These projects in Noida are mostly golf-centric and eco-friendly and they offer a life full of fun and luxury. Starting from Joggers Park for the early risers, these complexes also include bank branches and ATMs within the premises. Moreover Noida is one of those cities which have the maximum property price appreciation. So what you buy today is definitely going to become a valuable asset for your future.

For further information on apartments in Noida and the price trends, get in touch with our experts at Renrealty, a leading real estate consultant in Noida.