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.

Own a house in Noida- Let your dreams fulfill

Wave One - Commercial Office Space

With the advent of new and comfortable means of living and world class infrastructure, Noida properties have shot up to fame in recent years. Be it commercial or residential, properties in this city
are alluring more and more buyers than any other part of country. In fact, property prices in this city are all time low when compared with the facilities that it provides. Recently, one of my friends came all the way from Chennai to settle in Noida. He approached me and I told him about Renaissance Realty agency that helps in purchase and sale of Properties in Noida. He was too keen to contact this agency that he didn’t wait for even a single day and called them up.

After a detailed discussion, he settled on an apartment in Paras Tierea towers
which are spread over 30 acres of land at Sector 137 Noida expressway. Since the location is close to various malls, schools, hospitals and flyways, it was a natural choice for him. I was so impressed by the prompt service of Renaissance realty employees that my friend found it easy to check the authenticity of property papers and had to face no problem as the entire process took place within a short duration. The price of the apartment was also not high and my friend found it within his budget.

Vatika Sovereign Park

Both me and my friend have promised ourselves that whenever any friend, relative or colleague is looking for any property in Noida, we shall definitely put forward Renaissance Realty’s name and its hassle free property search approach.

Renaissance Realty is the best agency to look upto when a person is searching to invest in a good Property in Noida be it residential or commercial as the agency helps narrow down the search by providing the best of the options before the customer.

Investment in Noida Real Estate - A secure and safe opportunity

The property sector in Noida has grown as one of the biggest markets for investment, and among all the various property types, residential units are ruling the market these days. The rate at which IT and ITes industries are growing in the city, it is quite obvious for the residential properties to grow in value. With more and more investment on the IT industry, there has been rise in the population followed by quick rise in the commercial and residential sectors.

Owing to the modern infrastructure and facilities, wide uncongested roads, large number of companies and an eco-friendly environment, Investmentin Noida Real Estate is considered to be a safe and secure option. Price appreciation of 30% is noticed each year for the residential properties in Noida.

With the entry of major developers in the city and the resultant increase in the number of real estate properties, there has also been a considerable increase in the number of real estate consultants in noida. These real estate consultants are well equipped with latest knowledge about the property industry of Noida. If you can get in touch with a genuine real estate agent in Noida, then half your homework is done.

Residential real estate Properties in Noida are usually launched in the form of flats and apartments, studio apartments, duplex, plots, luxury villas and penthouses, condominiums or integrated communities. The major builders in Noida are Jaypee Group, Logix Group, Supertech, Eldeco, Unitech and others.

Now why should you choose Noida for real estate investment?

Most important factor is the proximity of this well-planned residential destination to the capital city. With DND flyover, it’s just a matter of minutes to reach South Delhi. The region’s closeness to Delhi, still far away from the pollution and dirt of the capital city, makes the NRIs invest in Noida without even a second thought. They mainly get inclined to the luxury homes in the city.

Another reason which we have already discussed is the increasing number of IT companies and other corporate houses which are attracting people from Delhi and other regions of NCR to invest in flats and apartments in Noida and settle down in the city. Every year hundreds of professionals enter the city in search of work and resultantly, the demand for residential real estate is rising very fast. This has encouraged the builders to develop more number of luxury housing projects so as to accommodate the rising population.

Property prices are appreciating in Noida and this is attracting home buyers and investors to make investments in residential as well as commercial properties as they can expect good returns in the near future.

What you are looking for might be your future asset and you will always want it to be the best one. So, before you choose to invest in any real estate property in Noida, it is always advisable to do so with the consultation of a good real estate agent.