Delhi to comfort property registration for buyers

The tedious procedure for registration of properties in the registrar authority complexes is expected to be overhauled by the end of FY 2013. So far, it usually takes two weeks for the preparation of attested documents and getting due appointments in the registrar offices for registering ones’ property. The government is planning to digitalize this process and put in place a steadfast method for the ease of home buyers and property occupants.

The existing system has been in operation since we attained independence and hence is redundant to the contemporary real estate commerce. Moreover, this registration process is attached with certain voids which render the buyer, vulnerable to deceit and ambiguity. It has been tough for a buyer to confirm the probity of developers and a specific property owned by them. Another impediment for buyers is the calculation of fee for registration and paying the stamp duties. Cashing upon the ignorance of laymen, the uncertified rotary clerks charge excessive fee from the buyers.  Delhi urban development authority aspires to rid its’ domiciles of the hardships by devising a safe podium where the process will be made easier and effective.

All 13 registrar offices will be linked online where it will be an intuitive process for the buyers to do their due diligence of the property, they are transacting for.   The online portal will have all the information’s of fee, charges and the documents required for registering one’s’ property. The online registration will provide its clients with an appointment date and number for the registrar‘s office. Entry of unconcerned people in registrar’s office at the appointed dates will be strictly prohibited. Such registration process has already been implemented in the outskirts of Delhi and has been welcomed with an overwhelming response by all stakeholders.

One of the most prominent features of this digitization process is that the certification will be made smooth and least cumbersome. The auditing and verification of transaction and properties with this portal will be made completely transparent and at click of the buyer. Practically, the services of registrar offices will be made to knock at the doors of buyers with ease and dependability. Another drive to rationalize the circle rates is going on in the judicial circle where efforts are being made to prevent the generation of illicit money being funneled into the real estate.

While digitalization facilitates buyers in the process of registration, it also empowers the developers and housing authorities against the miscreant defaulters. With all the transactions being recorded, a watchdog will be capacitated to keep check on payments and dues in the registration process. These judicious endeavors by Delhi government will surly control fraudulent practices in real estate sector while making the system more streamlined and legitimate.  

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Thriving realty along the metro link in Noida

The adjoining areas of Delhi NCR have been constantly feeding exodus of working class population that has habilitated in Noida. Already cluttered with multiplying population base, Noida has witnessed, sprawling commercial and residential real estate in past three years.  Being termed the media city of northern India, Noida hosts all the electronic channels in the northern zone. Moreover, with religious sites, amusements parks and Budha international circuit in Greater Noida, this part of Uttar Pradesh has become a sorted terminus to settle for.

Owing to skyrocketing prices in Gurgaon and exorbitant accommodation in Delhi, Noida, lately has been accommodating non-natives in large numbers.  A combination of all these factors has led to a number of developers to invest in residential realty sector.  Apparently, latest of all the lucrative zones for real estate in Noida has spurt along the metro – rail corridor, proposed from Noida till Greater Noida. As elaborated above, growing demand for housing has stretched the gap between demand and supply of residential spaces in few areas of Noida. The construction that has now started on a massive scale in this corridor will result in the gap getting mended and also solving a major requisite of homes. Some of developers are double timing the construction work to fulfill the urgent need of housing in this corridor. To the relief of developers, governments of Noida and Greater Noida have sanctioned the increase of floor area ratio (FAR) on both the sides of this metro link. The link will stretch to an expanse of 29 kilometers and the earnings from neighboring developments will be channelized to support the metro infrastructure. FAR is projected to increase by 0.5% on both the sides of metro link for a depth of 500 meters. Funded with INR 5000 crore, metro rail link and the increment of FAR along this route has brought cheer to the developers in Delhi NCR.

Earlier the FAR stood at 2.75 which is going to surge at a level of 3.5 now. The group accommodation ventures along many sectors will be substantially benefitted with 200 more residential units under increased FAR. Beside the growing number of units and habitants, infrastructural investments are subjected to receive a robust boost on this route. The metro link for a stretch of 29 kilometers will eventually invite more builders to not only construct condominiums along this route but  also in sectors demarcated in a radius of more than 15 kilometers of this region.

The real estate projects, planned at present will be privileged for the flexibility of adjusting the specifications and lay outs in tandem to the increased FAR.  Proposed JVs have started bidding for more partners to invest and many commercial and retail pockets are already developing in this division. It is evident that Noida is going to be stage for burgeoning realty sector in the coming future. It is swiftly catching up to pace of south Delhi and Gurgaon in terms of value chain for properties and investments.