Monthly Archives: Sep 2019

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Possession Starts at Wave City Center

Sep 27,2019 / By / No Comment
Occupancy Certificate for Wave City Center

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  • Offers Possession of its Commercial – High Street Shop Condominiums (HSSC)
  • Delivery of premium residences AMORE to commence soon 

Noida, Sept 23rd, 2019: Wave City Center, a mega residential-and-commercial project developing in the heart of the city, in Sector 32 Noida, has begun delivering and giving possessions of its products. With construction at a brisk pace, Wave City Center is delivering its first commercial development, High Street Shop Condominiums (HSSC).

Understanding, that the traditional retail developments are soon to be passé, and the sector needs something more immersive, Wave City Center ventured into a unique kind of retail concept with High Street. The retail sector is evolving as per changing consumer patterns and HSSC has the necessary innovation of providing better consumer engagement for retailers and ease of access for the consumers.

With Occupancy Certificate received for over 4 lacs sq. ft. of area, Wave City Center is set to cater to its patrons with its high street retail, which gives its customers the best of retail experience than conventional malls. It is built on G+2 structure, with dedicated pedestrian-friendly pathways, convenient underground parking, impressive frontages, open landscaped areas and sidewalk cafes.

This high street retail is unique in many ways, starting from its space efficiency. In a mall setting, there is always the issue related to the saleable area and the area a shop owner can actually use (covered area). In such cases, shops are left with only 50% or even less of space efficiency; what sets this development apart is around 90% of its space efficiency, which gives shoppers a clutter-free shopping experience and retailers more covered (usable) area. Apart from space efficiency, here, investors get freedom from paying heavy CAM charges. In a mall, CAM charges may range from Rs. 35-40 per sq. ft., but here, the Common Area Maintenance (CAM) charges are expected to be around Rs. 10 per sq. ft. thus reducing the burden on the retailer.

Wave City Center’s high street retail provides all the facilities of a mall, yet it stands apart, as it not only gives its patrons a unique shopping experience but also keeps in mind their convenience. Parking is the most pressing issue nowadays, and generally, high street locations do not have sufficient parking spaces. The high street here has a 3 level basement parking; all that a customer has to do is park conveniently and get easy access to the shopping arcade.

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Speaking on this occasion, Mr. CJ Singh, COO, Wave City Center said, “We are delighted to receive the Occupancy Certificate for HSSC. We are delivering our first retail product, which is set to change the retail scenario in Noida. We are giving our customers a destination with a different shopping experience. It is developed keeping in mind the convenience of both the investors and the patrons.”

Connectivity and location are the key factors for a successful retail establishment and HSSC at Wave City Center, is set in one of the best locations in Noida. It is well connected to all arterial locations of the city like sector 18, Noida Golf Course, DND and is adjacent to Wave City Center Metro Station.

Talking on Wave Infratech’s commitment to delivering, Mr. Rajiv Gupta, CEO Wave Infratech said,“ With a couple of financial institutions already on board, our construction is at full pace. We, at Wave, remain committed to offering a world-class luxury experience to our customers at Wave City Center.”

About Wave City Center

 Wave City Center offers a luxurious mix of residential and commercial options, developed as per the aspirations, dreams, and hopes of the customers. The project complies with IGBC Green Homes (Gold Rated) and offers premium serviced residences, premium offices, and high street shop condominiums. Homes at Amore, Trucia, Vasilia, Livork Multi-use Studios and Irenia, are created keeping in mind minutest details and give the customers a luxury haven. Each facility at Wave City Center is at par with the international standards. These living spaces reflect the principle of contemporary and innovative development.

The project offers a perfect blend of retail shops and commercial properties. It is envisaged to attract shoppers, diners and moviegoers, from all over the city. High Street Shop Condominiums (HSSC), Livork Skyworks and MetroMart, are three promising commercial projects offered here. With a unique concept of high street shopping & commercial spaces, Wave City Center is sure to add to the ever-growing charm of Noida.

Data & Image Sources: Wave City Center

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2019 Festive Offers & Deals on Housing in NCR

Sep 26,2019 / By / No Comment
Festive deal & offers on NCR properties

 The festive season is deemed to be a favorable time for many of the Indian homebuyers, which developers and builders look to benefit on. It is the time of the year when people want to make new investments and purchases. To catch the sentiment, property developers come up with attractive offers & discounts. These offers & discounts during festive seasons are unique, competitive so that it could suit the target market. From a homebuyer’s viewpoint, this is one of the best periods to look out for their ideal homes, as most of the developers would be competing for their attention through these offers & discounts. Even property experts say that the festive season is the best time to invest in property.

Like every festive season, this time too, the real estate developers of NCR are showering offers and discounts like no EMI until possession, cash discount, free registration and stamp duty, GST waivers, free modular kitchen, free car-parking, iPhones to cars, club membership, registration & stamp duty among others to attract homebuyers back to the market.

Now, if you are planning to buy your dream home or want to invest in property in the national capital region (NCR), we list for you some offers & discounts that you must like to grab this festive season. Let’s check out some of the offers:

Delhi-NCR

Builder’s Name

Offers & Discounts

Gaur Group

Free Registration of Property, Semi-modular Kitchen, Air-conditioning, LED TV, Gold Coin, Refrigerator, Air-purifier, Washing Machine, Armani Wrist Watch among others.

Saya Group

Possession-linked payment plans – 30:20:50

Mahagun Group

GST waiver, Free car parking, Modular kitchen, club membership, etc.

Gulshan Homz

Free covered car parking, Power backup, Club membership, and lease rent.

Bhutani Infra

iPhone, iPad, and LED TV

Urbania Spaces

Dinnerware and Samsung tabs on every booking of 100 sq ft and 200 sq ft at its commercial project.

SG Estates

Monthly rental till possession, Free club membership, LED TV, etc

Spectrum Metro

Assured gifts up to Rs 1 lakh on every purchase and a chance to win Mercedes Benz

What builders do normally to clear their inventories?

Instead of reducing the per square feet (PSF) rate, normally, builders give discounts & offers and freebies to potential buyers. And to attract home buyers, normally builders experiment with the all-inclusive price.

Are these offers and discounts trustworthy?

Sometimes Yes, Sometimes No!! It all depends on the buyer’s bargaining ability. There are a few points which homebuyers should keep in their mind while buying properties during festive season:

  • Do not hurry for freebies. Give priorities to your requirements.

  • Don’t fall for the misconception of festive sales. Properties in a specific market are already available at a reduced price. If the builder is promoting the deal as ‘limited offer’, be aware that after the festival season, the benefits would remain almost the same or will be turned into some other offer.

  • Make out whether you are really saving big with that deal. The overall cost of the freebie and gift is included in the cost of the home. It is the buyers who need to choose which deal or offer suits them the most.

  • Make sure that the cost of freebies has not been added to the basic cost of the unit and that there are no hidden charges which the builder will ask for later.

  • If the offers & discounts are appropriate for all units or only select units? Sometimes, non-premium or non-Vastu compliant units are sold at huge discounts.

  • Figure out the price of the units over the last few months. Sometimes seen value to actual value might differ effectively.

What are homebuyers exactly looking for this festive season?

Homebuyers want a little extra to make a fresh deal this season. They are looking for affordability with modernity. From amenities that match their modern lifestyles including modular kitchens, luxury bathroom fittings, etc. Buyers are more clever than before, and are willing to take 80-85% loan but won’t negotiate with amenities. Good location with entree to lifestyle options like clubs, gym, parking, and markets is important to deal with. This is special from the normal discounts, fee waivers and rent guarantees by builders for festive sale gifts.

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“Purva Cash” India’s First Virtual Real Estate Currency By Puravankara

Sep 25,2019 / By / No Comment
virtual currency ‘Purva Cash’

Highlights of India’s first real estate virtual currency “Purva Cash”

  • Homebuyers can earn 50,000 Purva Cash on registration
  • The offer is introduced for the brand’s flagship home fest – Big 72 home fest
  • Ongoing commitment to customer-centric efforts

Ahead of the festive season, Bengaluru-based Puravankara Ltd., One of India’s largest and most populous residential developers, yesterday announced a unique initiative ‘Purva Cash’- first virtual real estate currency for homebuyers planning to book housing units with attractive price and payment plans. The new idea is proposed for Puravankara’s flagship expo – BIG 72 Home Fest (started in 2017 and is a once a year event) to provide added benefits to the home buyers. Purva Cash can be redeemed against any Puravankara and Provident projects located in Bengaluru, Chennai, Kochi, Pune, Hyderabad, Goa, and Mangalore from September 27th-29th, 2019 at Lalit Ashok, Bengaluru.

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The Homebuyers can be part of this initiative by registering on the company website, Facebook page or Instagram page of Puravanakra to earn 50,000 “Purva Cash”. Furthermore, a referral bonus of 10,000 Purva Cash will be given to homebuyers for every successful referral. Every individual can win back up to 5 lakhs* of “Purva Cash” depending on their choice of project. Purva Cash can be claimed against any Puravankara and Provident projects and 29th September 2019 is the last date to exchange the currency.

Speaking about the Purva Cash, Ashish R Puravankara, Managing Director- Puravankara Limited, said “Our approach and effort have always been on the line of customer-centricity. This new idea has been conceptualized to give extra benefits to the buyers separate from our usual offerings and interesting schemes. For the first time, virtual real estate cash has been introduced in the real estate market of India.”

“Buying a home is one of the biggest financial decisions in an individual’s life-time. Interested home buyers always look for projects which not only met their needs but also suit their wallet. This is where Purva Cash comes in by providing additional cash to the customers, just by enrolling for the scheme. The buyers can also add more cash to their wallet through referral. This initiative, by Puravankara, ensures loads of benefits to the customer along with the hassle-free home buying experience.” he added.

Upon registering on Puravankara’s company website, the buyer can yield the following benefits:

  • 50,000 of Purva Cash on successful registration
  • 10,000 Purva cash on each successful referral
  • You can also visit – Facebook and Instagram pages of Puravankara, click on the ads and register there to earn 50,000 additional Purva cash
  • The first transferable rewards system, where you can transfer your additional Purva Cash to your friends and relatives
  • Redemption of Purva Cash on purchase of a Puravankara or Provident home
  • Each buyer can redeem up to 5 lakhs* of Purva cash
  • Minimum 9% assured saving
  • Inspiring on spot booking offers
  • The last day to redeem Purva Cash is 29th September 2019

About Puravankara Limited:

Puravankara Limited is one of South India’s leading real estate organization, with pan India presence. In the last four decades (44 years) the company has set two different and successful brands. The flagship brand Puravankara provides to the luxury segment, while Provident Housing Ltd. is placed in the premium affordable segment. The company has 40 million sq.ft. of projects which are completed and delivered around 20 million sq.ft. of projects which are under construction. Down the line, the total land asset of the company is close to 70 million sq.ft.

Image Sources: Puravankara.com

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Noida May Allow Registry of Flats Without NOC to Accelerate Deliveries of Projects

Sep 24,2019 / By / No Comment
Under-construction properties in Noida

You might hear or read that Noida tops the list of cities having the most unsold inventory. As much as over 1 lakh units still unsold by Noida builders. The major reason for the buyer’s unwillingness to buy under-construction properties. In addition, the impact is also visible on ready-to-move-in properties which have not yet received Occupancy Certificate (OC) owing to developers failing to pay land dues to the authority. This has not only to give a hard time to the home buyers but also has to lead to disturbance and left liquidity crisis in the city.

However, there is a reason for cheer for both builders and buyers as the district administration is considering granting the registry of property even if the authority has not given NOC to the project through an “agreement to sub-lease” between the builder and buyer. The builder lobby has welcomed this move saying that this will help in improving the city’s image and will further be effective in bringing more investment in the city.

The plan was discussed in a meeting held on Saturday between officials of the district administration and the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA). The officials also evaluated changes in laws that now make it compulsory for the development authorities to allot Completion Certificates to builders within 8-days of applying for it.

I have explained above that in many cases it has been found that homes were ready, but the builder had not cleared the authority’s due and didn’t get a no-objection certificate (NOC). In such cases, the buyers are left in a stumble and would sometimes hang around into the homes they paid for but due to the unavailability of any valid documents for ownership.

As per district magistrate BN Singh, they can now charge the 5% stamp duty and register the flats on an agreement to sub-lease between the builder and the buyer”. He further explained that once the builder gets a NOC from the Noida Authority, it can finally sub-lease the property to the buyer. This would be a tripartite agreement between the builder, buyer, and the Noida Authority.

The DM further explained that once the Noida Authority provides NOC and Completion Certificate, we will then issue a final registry certificate with Rs 50 stamp duty.

As per the UP Urban Planning and Development Act, the Development Authority was supposed to respond within 3-months of application regarding issuing the completion certificate for a project. However, the law has now been revised to accelerate the delivery process with the increasing delays in the delivery of flats to homebuyers.

What is the new law saying?

As per the new law, the authority will grant NOC to developers according to the dues cleared. It means if a developer has paid 50% of the total dues then the authority will issue the NOC for 40% of the land area and keep 10% as a deposit. This will allow some of the buyers to get possession even if the developer has not paid the full dues to the authority.

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