Avoid Falling For These Home-Selling Myths

Selling a home? You must have been advised by other sellers or read online about certain things about home selling. While these are told as a hard truth, many are just a myth. Ready to sell your property? MakaaniQ shares six home-selling myths you should stop believing:

Myth 1: The price you set is right

The price a seller sets may not always be right. While you think your property is worth a sum but that could not be the case. The price of the property is defined by certain parameters including, circle rates, market rates, location, the age of the property, among others. Do not be under the impression that your property is going to fetch you huge money even before you begin to evaluate it. It will only lead you to disappointment.

Myth 2: Overpricing can help negotiate

A friend of yours sold a property and advised you to overprice your property if you want to fetch the desired price, in case the buyer negotiates. Do you think of it as a reasonable plan? It might just backfire. How? What if your property is priced higher than similar properties on sale in the vicinity? Your property will not be even noticed in the competition around, even if you are offering certain special facilities.

Myth 3: Quick offer. Is my property priced low?

Many think that if the property is sold soon as it goes up for sale it indicates that it is priced lower than it should be. This is a myth. If your property is sold as soon as it hits the market, you have hit the bull’s eye by pricing it right.

Myth 4: It’s okay to sell the property as it is

Selling a property without a home inspection could be a bad idea. Selling a property as it is can bring down the value of your property and certain discrepancies can even repel buyers. While you should not go out of the way and invest heavily in making the property saleable but ensuring that the basics including, fixtures, paint and other visible areas are well-maintained can do the work.

Myth 5: Your property is just right; it will sell itself

You must have been told this time and again by people around. Do not believe in all they say. A property cannot sell on its own. It is you as a seller along with your agent that will have to ensure that everything is in place to make the property saleable. So, what is important? Price of the property, listing on the leading sites, marketing pitch, photos, well-maintained and also, well-managed property visits, among other factors together ensure that the property is right and saleable.

Also readDoes A Widow Who Remarries Have A Right In Her Former Husband’s Property?

Are Sale Deed and Title Deed The Same Thing?

While the two terms are often used interchangeably in the world of real estate, sale deed and title deed are not the same things. In this article, we would talk about how is one different from the other.  

In form: Title is a concept, deed is a document

There are no specific documents known as title deed, as it the case with sale deeds. Title is simply a concept. A sale deed, which always has a documentary form, is a legal statement that confers this title on the owner. After you purchase a property and the registration is carried out, the buyer would receive a sale deed in a documentary form, which would confer upon him the tile of the said property.

Legal difference: Sale deed is an agreement; title deed is a statement.

In legal parlance, a sale deed is an agreement to sell a property to a buyer.  As it typical of all agreements, at least two parties are involved in the transaction ─ at least one buyer and one seller. This is why the details of both the parties are mentioned in this document. Both the buyer and the seller have to sign on each page of the sale deed at the time of property registration for the same reason.

A title deed on the other hand is not an agreement, but a statement. It only talks about the rightful ownership of a person over a particular property. Apart from the ownership, title deed also speaks of rights, obligations and mortgage obligations of the owner. Do note here that sale deed becomes a title deed as soon as it is registered. A registered sale deed is a proof that a particular person now holds the ownership over a particular property.

In details:  Sale deed traces titles

To register a property, the seller has to produce all past records related to a property, based on which a sale deed is created. This is to say, there should be a chain of documentary proof tracking the original ownership if a property and the change in the ownership thereof. Ultimately, a sale deed becomes a link in the chain, taking the form of a title document.

 

Feng Shui: Get Lucky By Using Elephant As Part Of Your Home Décor

In Feng Shui, elephants have a great significance in home décor.  A Chinese practice of positioning things in your surroundings, Feng Shui balances the yin and yang and maintains the flow of chi.

An elephant symbolises Buddha and the Lord Ganesha to bring home strength, good luck, and harmony in family bonds. However, all of this could be achieved only if an elephant’s statue or pictures are used in a certain way at certain places.

Also, a common belief is that every form of this animal you use should have its trunk facing upwards for positive results.

MakaaniQ shares ways in which adding elephant to your home décor could bring positivity to your home:

  • Welcome home the good luck by placing a statue of an elephant or a pair at your front door. You can buy large pieces if your home has a wide entrance. While placing them, ensure that they face inwards for positive results.
  • Elephants are also known as the protectors or guardians. So, for those looking at protecting your home from evil or negative impact, place this pair of elephants facing outwards. This would help prevent the loss of chi and, thus, maintain balance.

Elephant Entrance(Dreamstime)

  • For a harmonious relationship between a couple, place a pair of elephants in a form of statue, painting or even cushion covers.

Elephant Cushions(Dreamstime)

  • For a stronger mother and child relationship, place a mother and child duo of elephants. These in the form of a statue or a painting could be placed in parents’ or children’s room.

Mother child elephant(Dreamstime)

  • You could also place elephant symbols in the form of toys, statue, wallpaper, cushion covers or others in your children’s room to strengthen their knowledge and help them do better in academics. Make sure that it is placed on your child’s study table.

Elephant study(Dreamstime)

  • To bring positive growth in your career, place an elephant on the front door of your office and also at the workstation at your home, if you have any. An elephant, which symbolises wisdom and power, is known to energise your career, in case planning to change a job or even enhancing your current job. Moreover, an elephant with a face on your work diary or in other work stationery would help you enhance your leadership qualities, and help you perform under pressure.

Elephant workstation(Dreamstime)

  • To bring balance into your life, opt for an elephant picture or statue that is holding something, for instance, a crystal ball or any other such element. This form of elephant balances all the elements in your life.

Elephant career(Dreamstime)

  • For Indian homes, Lord Ganesha plays a significance role and is considered to be the first god to be worshipped when starting something new. So, what better than having an idol of Lord Ganesha at home to bring in peace and prosperity.

7 Vastu Tips To Welcome Positive Energy Into Your Home

Also Read: Vastu Tips For Placing Elephant Paintings & Statues

Tips To Make Your Home Healthy

The prerequisite to a happy and healthy life, is a clean environment, which can only be achieved when your home is healthy.

To ensure that your home is healthy and promotes well-being, PropGuide lists certain aspects you should take care of, when building a home. 

Natural air & light

The first step towards a healthy home is to have ample natural light and ventilation to ensure clean and fresh air. The right kind of home will not require any electric light during daytime. A home should be designed with enough doors and windows to ensure ventilation. 
A home with good amount of sunlight plays a good part in keeping away termites and other pests, providing natural disinfection, as well.

Hygiene & sanitation
For a healthy home, maintaining hygiene and clear sewage and waste outlets is important. To ensure this, piping and plumbing of homes that are being constructed should be cross-checked to make sure that none of them have a possibility of becoming a breeding ground for pests, giving rise to diseases. Bathrooms should be designed to ensure that water drains do not clog. Use easy to maintain and clean tiles in the bathroom. 

Potted plants

It is tough to get a breath of fresh air in a busy city. So, why not create a healthy environment in our homes itself. Install potted plants around the house. These plants clean the air, thus, freshening the home. You can also install fragrant plants like jasmine and roses, plants with medicinal qualities like tulsi or even plants, which can be used for cooking purposes like bay leaves and mint. In fact, a number of enterprising home makers also plant spices in the kitchen for flavour and utility purposes.

Quality-check construction material

The excessive use of chemicals during construction can cause immediate as well as long-standing allergies to its residents. Always check the quality of wood, fabric, and other construction material being used. Care should be taken to avoid products which can be allergic. Also, avoid mass produced synthetic construction material, which are likely to contain more hazards.

Solar installation

Reducing the use of electricity and using solar-based installations are also key to building healthy homes. These energy-efficient technologies can make sure that pollution is lowered and contribute to your general health. It’s for larger good. 

Work On Jewar Airport Set To Start As PM Modi Lays Foundation Stone

Construction work on the Jewar Airport would finally start, as prime minister Narendra Modi, on November 25, 2021, laid the foundation stone of the much-touted airport project in Greater Noida area of Uttar Pradesh. If all goes according to plan, operations on phase-1 of the airport project could start by 2024. Zurich Airport International AG, the developer of the Jewar Airport, is eyeing September 30, 2024, as the deadline for completion of work for phase-1.

Being developed at an estimated cost of Rs 15,754 crores by the Swiss company, the Jewar Airport will be developed in four phases and will have the capacity to handle 70 million passengers per annum when it is fully developed. Planned to decongest the Indira Gandhi International Airport in national capital Delhi, the Jewar Airport will also help UP in a variety of ways. Apart from providing a boost to the local economy (the airport is expected to yield investments worth Rs 10,000 crores for adjoining areas in the initial years) and generating employment opportunities for millions of people, the Jewar Airport will also create an intricate connectivity network within the region – metro networks and road projects have been proposed, to make the airport more accessible to the people of the NCR. 

Located 72 kms from the IGI airport, the Noida International Airport will also provide Uttar Pradesh the distinction of being the only state in India to have five international airports while also generating over ‘one lakh’ jobs for the adjoining regions. 

 

Should You Invest In Property Near Jewar?

As the Jewar International Airport become operational by 2024, industry experts expect things to slowly start looking up for Noida’s real estate market that has been under tremendous stress for about seven years now because of an ongoing slowdown locally after the ground-breaking ceremony for the national capital region’s second airport, which would also be the country’s biggest airport by size, takes place. How could homebuyers/investors use this opportunity to the best of their advantage?

If you are an investor

Those who have already invested in property markets around the area — the proposed site runs along the 165-km Yamuna Expressway — have little reason to be cheerful if we speak of the present. Instances of project delays and developers going insolvent have severely damaged buyer sentiment which has resulted in record low home sales. Declining sales have further resulted in the downfall of the Noida property market, which includes Greater Noida and Yamuna Expressway, gathering the highest inventory stock in the whole of NCR, data available with Makaan.com show.

In a housing market where developers are struggling to sell the existing stock, does it make any monetary sense to make a fresh investment? If you are there to make a quick buck, it may not. If you are in the property market to earn handsome returns in the long run, it certainly does!

How so? 

Real estate experts are of the opinion that land prices near the Jewar airport will double in a couple of years while not less than 50% hike is also expected in the rates of flats and apartments in along the areas. 

The fact that rates have slowly begun to move upwards in Jewar on hopes of the village getting an airport notwithstanding — as against Rs 4-5 lakh a bigha in 2015, rates have gone up to Rs 25 lakh a bigha now — property here is still quite affordable here if you compared it with similar properties in Haryana or Rajasthan.  For a plot measuring the same, investors will have to keep over a crore in Manesar and Bhiwadi.

This is indicative of the growth potential land in this region has — the arrival of the airport would start pushing the rates upwards. The affordable land here may cease to be that after 2023.  A little diligence, planning and patience would mean an investor can make a windfall on their investment here, even if they plan to flip.

Those ready for a longer commitment can expect to make impressive rental income. The airport would create millions of jobs. Those working here would need to live close by. Those looking for smaller investments would purchase from the existing housing stock that realtors are willing to sell cheaper. These would also have high chances of becoming rent-generating machines in the future. While investing in land and building independent homes makes sense, planning an entire project may not be viable, considering the region already has a huge unsold inventory.

If you are a buyer

This is possibly the only area in the NCR where a homebuyer can purchase land at affordable rates and build a spacious independent home. Those aspiring for community living would also get the same benefit.

Data available with Makaan.com show property in Greater Noida is among the most affordable in the NCR—a square foot of space here is available for Rs 3,000. Between 2013 and now, prices have also remained almost unchanged at the Yamuna Expressway, at Rs 3,800 psf.

The image of Noida realty might have taken a beating owing to a multitude of issues, but rough days have certainly turned it into a buyer’s market. Developers are open to cutting you a better deal now than they were before.

However, infrastructure in the region is still in developing stage — construction activity would run high in the times to come since building work is likely to simultaneously start on various projects, including Jewar Metro — it may take a while before the hustle bustle around your homes stop.

In developing areas, land-related frauds become common. Check out the paperwork diligently in case you are buying land in Jewar.

Jewar Airport: Key Facts

Jewar airport builder

Zurich Airport International AG won the bid for developing the Jewar airport in December 2020.

Jewar airport timeline

The proposal for an airport in Jewar was made in 2001 when Rajnath Singh was the chief minister of Uttar Pradesh. His successor Mayawati also backed the plan, and her government acquired more than 2,000 acre for the project.

It was in December 2018, however, that the UP Cabinet, headed by Chief Minister Yogi Adityanath, gave its approval for the development of the airport.  The Union government had also given site clearance approval for the project in July last year.

Jewar airport phases

The Noida International Airport will be developed in four phases.

Jewar airport runways

The Jewar airport will have two runways initially. This number could later be increased to five.  

Jewar airport logo

The Jewar airport will have a flying crane bird, known as saras in Hindi, as its logo. Recall here that the saras is the state bird of UP.

Jewar airport estimated cost

Nearly 5,000 hectare of land would be needed for the development of this international airport that would be developed in four phases. The estimated cost of the project, which will be carried out by the Yamuna Expressway Industrial Development Authority, is pegged at Rs 20,000 crore. This cost does not include connectivity plans.

Jewar airport capacity

According to PwC, the agency that has prepared the techno-economic feasibility report for the project, the Jewar Airport is expected to handle 60 lakh passengers by 2022-23, when the first phase of the project is slated to be ready. It would cater to handle over 10 crore passengers by 2050, the agency says.

Jewar airport  connectivity

Passengers could take flights from the Jewar Airport to international destinations such as London, Abu Dhabi, Doha, Dubai, Kathmandu and Bangkok, apart from flying to key domestic destinations.

Jewar airport impact on real estate

The civil aviation ministry expects this airport to give a boost to connectivity in the whole of western Uttar Pradesh, which will, in turn, bolster tourism and economic potential of the region. This airport will not only address the aviation needs of the Delhi airport but also cities such as Agra, Mathura, Bulandshahr and Meerut. The arrival of the new airport would significantly improve the prospects of property in the region.  A high-speed network would only further the momentum.

Jewar airport impact on environment

The Noida administration has also signed a pact with private entities to develop a 92-acre land parcel for its afforestation programme. This would mean buyers would remain close a vast green area.

Jewar airport news

Jewar Airport Construction May Start Before August 2021-End

August 19, 2021: The construction work on the Jewar Airport may start in a matter of a week, after the Yamuna Expressway Industrial Development Authority (YEIDA) gave its approval to the master plan for the airport project. The approval by the development agency came soon after the Noida International Airport Limited (NIAL) gave its go-ahead to the Jewar Airport master plan. Before the NIAL approval, the Jewar Airport master plan was also approved by the Airports Ministry, the Airports Authority of India and the Directorate-General of Civil Aviation. 

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PM May Lay Foundation Stone for Jewar Airport In August 2021

August 12, 2021: Prime Minister Narendra Modi might lay the foundation stone for the second airport in the NCR soon, with the executing agency for the Jewar Airport, Yamuna International Airport Pvt Ltd (YIAPL), completing the financial closure for the project on August 11, 2021, after receiving Rs 3,725 crores in debt from government-run State Bank of India (SBI).

On July 17, 2021, the Yamuna International Airport was also handed over 1,334 hectares of the Jewar Airport land by the Noida International Airport Limited, the nodal agency set up by the Uttar Pradesh government to monitor the project, touted to be India’s biggest airport upon completion.

“YIAPL has raised Rs 3,725 crores in debt from SBI, to be repaid over a period of 20 years with one-year moratorium post completion of the project. This is one of the largest financing in an Indian greenfield airport. The financial close marks another crucial milestone for the project, bringing it closer to the start of construction works,” an official statement by Yamuna International Airport said, on August 11, 2021.

Recall here that the Jewar Airport project is being funded on a debt-to-equity ratio of 65:35. Zurich International Airport, a fully-owned subsidiary of Flughafen Zurich AG, is infusing Rs 2,005 crores as equity into the Jewar Airport project. Yamuna International Airport is a 100% subsidiary of Zurich International Airport.

“We are committed to developing the aviation ecosystem in India, with an investment of Rs 5,700 crores for Phase-I of the Jewar Airport development. The Noida International Airport will hold strategic importance and will be an economic engine for growth in Uttar Pradesh and India,” Yamuna International Airport Pvt CEO, Christoph Schnellmann had said, in July 2021.

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Jewar Airport Gets Clarence From Aviation Ministry Arm

April 15, 2021:  The Bureau of Civil Aviation Security (BCAS) of the Civil Aviation Ministry, has cleared the Jewar International Airport project, said SP Goyal, the additional chief secretary to UP chief minister, in a tweet.

“A great news! The security clearance and vetting for Phase I of the Noida International Airport has been received from BCAS also, and has already been received from the other regulating authorities,” Goyal said in his tweet on April 14, 2021.

The move by the BCAS, the regulatory authority for civil aviation security in India, comes a day after Yamuna International Airport Private Limited (YIAPL) floated tenders to start construction work for the airport project. YIAPL is a subsidiary of Zurich AG, the Swiss developer that has been appointed to build the airport in Greater Noida’s Jewar.

 

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Jewar Airport: UP Allots Rs 2,890 Cr For Phase-II Land Purchase

In a move that would increase the chances of timely completion of the much-touted infrastructure project, the Uttar Pradesh cabinet, on March 16, 2021, approved Rs 2,890 crores for the second phase of the Jewar International Airport. The money allocated will be used for land acquisition for the second phase and to resettle the people displaced due to this exercise.

A total of 1,365 hectares land of land will be acquired by the government, to develop the second phase of the Jewar Airport. Land acquisition for the first phase, which is likely to be operational by 2023, has already been completed.

Earlier in March 2021, a state support pact was also signed between Zurich International, the Swiss builder that has won the bid to construct the project and the Yamuna Expressway Authority, to initiate the work on phase-I. The government is also planning to conduct a bhumi pujan ceremony for the same, on April 15, 2021.

“The country’s largest state had only two international airports earlier – in Lucknow and in Varanasi. However, it will soon have five international airports, including the upcoming ones in Jewar, Ayodhya and Kushinagar, near Gorakhpur,” UP chief minister Yogi Adityanath said, at the signing of the support agreement on March 1, 2021.

While presenting its Budget in February 2021, the state government had also allocated Rs 2,000 crores for the mega project, a ‘priority’ for the UP government. “A budget of Rs 2,000 crores has been proposed for the Noida International greenfield airport in Gautam Buddh Nagar’s Jewar,” UP finance minister Suresh Khanna said, while presenting the Budget in February.  

Jewar Airport Master Plan Sent To Aviation Ministry For Technical Vetting

Noida International Airport Limited (NIAL), the special purpose vehicle set up to develop an international airport in Noida, on December 8, 2020, sent the Jewar Airport mater plan to the Civil Aviation ministry, for technical inspection. Last week, the NIAL received the master plan from Zurich AG, which won the bid to develop the second airport in the National Capital Region (NCR). The Ministry is likely to take nearly a month, for the technical screening of the document, which talks about developing the Delhi-Varanasi High Speed ​​Rail Station within the terminal building. The master plan talks about a four-phased development of the airport. 

Swiss operator Zurich AG, which won the bid to develop the Jewar Airport project in October 2020, submitted its master plan for the mega project on December 3, 2020, to the Noida International Airport Limited (NIAL), the special purpose vehicle established to oversee the work of the second airport project in the National Capital Region. The company was given time till December 7, 2020, to submit the master plan that will act as the blueprint for the future development of the Jewar Airport.

Apart from NIAL, the union Civil Aviation Ministry, the Uttar Pradesh government and other regulatory bodies will vet the master plan, which outlines the development plan of the project over the next 40 years, before its gets unveiled next year.

Earlier, amid projections that the construction work on the Jewar Airport project is likely to start in another six months, private lender HDFC Bank has reportedly entered into an agreement with the Yamuna Expressway Industrial Development Authority (YEIDA), to offer financial assistance to the Jewar Airport project, by way of a Rs 500-crore loan. The fund thus procured would be used for land acquisition and development of the second airport project in the national capital region.

Zurich AG and NIAL signed a concession agreement with the Uttar Pradesh government on October 7, 2020. According to Zurich Airport, the Swiss firm, construction work on phase-I is likely to be over by early 2024. Once completed, the airport will serve 12 million passengers under its first phase.

Recall here that the Uttar Pradesh government, on December 16, 2019, handed over the conditional letter of award to the Swiss company’s CEO, Daniel Bircher, while the union home affairs ministry granted it the security clearance for building the airport in May 2020. To provide the much-needed liquidity boost, the Uttar Pradesh Budget in February 2020, allocated Rs 2,000 crores for the mega project.

Zurich Airport AG was selected from among four bidders, including Adani Enterprises, Delhi International Airport Limited, and Anchorage Infrastructure Investments Holdings Limited, to work on the airport project. 

The Gautam Buddh District Administration has also transferred the 1,334 hectares of land required for Phase-I of the project to the Yamuna Expressway Industrial Development Authority (YEIDA). 

Jewar Airport: PM Modi Lays Foundation Stone; Boost Expected For Noida Housing Market

Prime minister Narendra Modi, on November 25, 2021, laid the foundation stone for the Jewar Airport in a mega event. Formally known as the Noida International Airport, the upcoming airport is expected to boost the fortunes for a high potential real estate region that has so far been impacted by a multi-year slowdown.  

The much-publicised event that would initiate the process to build the Noida International Airport at Jewar had in attendance high-profile attendees like Uttar Pradesh chief minister Yogi Adityanath.

According to Zurich Airport International Asia, phase-I of the Noida airport project is expected to be completed by September 30, 2024. On completion, the Jewar Airport will cater to 12 million passengers under phase-I. An area of 1,334 hectares has been earmarked for development of phase-1 of the airport project.

The Jewar Airport project, which was first conceived in 2001 and received approval only over a decade-and-a-half later, will entail the development of 2,200 acres of land. With the Jewar Airport becoming operational, the national capital region will get the distinction of hosting two international airports within a 100-kilometre radius.

Jewar Airport And The Connectivity Net

From the broader perspective, the Jewar airport will connect several key cities of UP, including Agra, Mathura and Gautam Buddh Nagar, to the world’s aviation network. It will also provide the western UP region with a highly robust connectivity net – the travel time to and from the Jewar Airport is expected to be one of the major determinants for passenger’s airport preference.

As it is, the Jewar Airport site is about 30 kms from the state highway (SH-22A) that connects Palwal and Aligarh. It is also 700 metres from the Yamuna Expressway. The arrival of the airport would bless this property market with several other infrastructural developments, too. The Jewar Airport will have an Aerocity on the lines of the one at the IGI Airport. Plans are also in the works to link the $-3.1 billion Jewar Airport with Delhi’s Metro’s Aqua Line by 2025. The government is also considering the possibility of linking the airport with Sarai Kale Khan, a major bus transit station in the national capital, through a dedicated Rapid Rail Transit System (RRTS). At a later stage, the Jewar Airport could be connected with the Eastern Peripheral Expressway that joins Haryana’s Palwal with Kundli, bypassing the national capital.

Jewar Airport Project Cost

To be developed in four phases, the Jewar airport project would require capital expenditure of around Rs 15,754 crores. Jewar Airport phase-1 will require around Rs 3,745 crores, phase-2 Rs 3,537 crores, phase-3 Rs 4,079 crores and phase-4 Rs 4,384 crores.

Jewar Airport Traffic Handling Capacity

Designed for a capacity of 70 million passengers per annum, the Jewar Airport may serve a total annual passenger demand of around 5 million, which may go up to 16 million by 2029-30, 71 million by 2043-44 and continue to operate at around 77 million till end of the concession.

Where is Jewar?

Located in Gautam Buddh Nagar district of Uttar Pradesh, Jewar is about 72 kms from the IGI Airport and 40 kms from Noida. On its south-west is the old city of Aligarh that lies at a distance of 45 kms. The Yamuna Expressway is 700 metres from here while the world famous tourist centre Agra is 130 kms from the upcoming airport.

 

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PM Modi To Lay Jewar Airport Foundation Stone On Nov 25

November 21, 2021: Prime Minister Narendra Modi will be the chief guest at the Jewar Airport bhumi poojan (foundation-laying) ceremony that is set to be conducted on November 25, 2021. The much-publicized event that would initiate the process to build the Noida International Airport at Jewar about is likely to be attended by more than one lakh people, aside from all the high-profile attendees like Uttar Pradesh Chief Minister Yogi Adityanath.

“A site in Rohi village has been finalised, where the foundation stone for the Airport will be laid. We had earlier shortlisted four sites. Several factors had been taken into account while deciding the location. We are expecting between 1 lakh and 1.25 lakh people to attend the ceremony. Further preparations are underway to make the event a success,” said Arun Vir Singh, CEO, Yamuna Expressway Industrial Authority (YEIDA).

According to Zurich Airport International Asia, phase-I of the Noida airport project is expected to be completed September 30, 2024. On completion, the Jewar airport will cater to 12 million passengers under phase-I.

The foundation stone for the airport project, which was first conceived in 2001 and received approval only over a decade-and-half later, will entail the development of 2,200 acres of land. With the Jewar airport becoming operational, the national capital region will get the distinction of hosting two international airports within a 100-kilometre radius.

Jewar airport and the connectivity net

That is not all. The arrival of the airport would bless this property market with several other infrastructural developments. The Jewar Airport will have an Aerocity on the lines of the one at the IGI airport. Plans are also in the works to link the $-3.1 billion Jewar airport with the Delhi’s Metro’s Aqua Line by 2025. The government is also considering the possibility of linking the airport with Sarai Kale Khan, a major bus transit station in the national capital, through a dedicated Rapid Rail Transit System (RRTS). At a later stage, the Jewar airport could be connected with the Eastern Peripheral Expressway that joins Haryana’s Palwal with Kundli, bypassing the national capital.

How will the Jewar airport impact Noida housing market?

If we analyse the current state of affairs, property markets around Noida are reeling under immense pressure ─ according to the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), there are over 100 stuck projects in the region; private estimates peg this number at 1.5 lakh units.

That is just part of a much bigger problem Noida realty is currently dealing with. Some of the biggest developers of the region are close to insolvency – cases are pending against Amrapali, Jaypee and Unitech. The uncertainty involving these cases ─ After over two years of these cases popping up, no solution is in sight despite the fact that the Supreme Court has sworn to resolve these issues in a timely manner ─ is hindering concerted efforts made by sector stakeholder in achieving their desired target.

In an atmosphere such as this, the Jewar airport is the very thing NCR realty is in the need of. The project would touch lives and get back the positivism Noida currently needs more than anything.   

According to PwC, the agency that has prepared the techno-economic feasibility report for the project, the Jewar Airport is expected to handle over 10 crore passengers by 2050, serving 37 domestic and 31 international destinations.

Currently, people living in many cities of western UP and some cities of Rajasthan have to travel to Delhi — a journey of at least two hours — if they plan air travel. An airport in Jewar will be a great help for these people. This airport will not only address the aviation needs of Delhi but also of cities such as Agra, Mathura, Bulandshahr and Meerut. The Union civil aviation ministry expects this airport to give bolster tourism and economic potential of the region.

As it takes shape physically, the project, which is expected to generate millions of job opportunities, would improve investor sentiment and usher in that positive vibe Noida needs, all in due course.

How so?

Well, Jewar has already seen a status update, from being a part of the Bulandshahr district to being a nagar panchayat under the Gautam Buddh Nagar district now. Due to the ongoing developments, rates of the property along the area have grown substantially, too.

According to sector experts, land prices near the Jewar airport could appreciate by up to 100% while prices of flats and apartments in the areas along the proposed airport site are also likely to increase by up to 50% over the next five to seven years. As it is, landowners can see the difference. While a bigha of land was sold for Rs 4-5 lakh in the past, rates have now touched Rs 20-25 lakh a bigha. A bigha of land measures 843 square metre. Farmers whose land is being acquired for the project are being offered three times the circle rate. While the prevalent land rate in the area is Rs 900 per square metre (psm), the government is offering villagers Rs 2,300 psm.

Jewar airport impact: What to expect in the future?

Investments in this property market should be done strictly keeping in mind certain facts. First, not many developers would be launching a new project here since they are already under tremendous pressure to sell off their existing housing stock and completing their stuck projects. Those looking to invest in property along Jewar will have to primarily in the land.

Absolute dexterity must be shown in checking the legality of the land in case one is interested in buying since thriving property markets also become a breeding ground of property-related frauds. Also, the investment must be made keeping in mind the fact that profits could be made only in the long term.

Jewar Airport Timeline

Year

Event

2016

April: Govt requests UP to develop a detailed project report for the proposed airport

2017

June: Civil aviation ministry clears plan for Jewar airport

2018

August: Govt forms Noida International Airport Company Limited (NIAL) to handle project management

November: UP govt approves the allocation of Rs 1,260 crore for land acquisition

December: District administration submits rehabilitation and resettlement document on land acquisition

2019

February: Up govt allocates Rs 800 crore for land acquisition in its annual Budget

April: Allahabad High Court dismisses petitions by farmers seeking higher compensation for their land, paving way for the land acquisition process

May: UP Cabinet approves bid document for the airport; sanctions 

Rs 894 crore for resettlement 

September: Noida administration acquires 923 hectare of the 1,235 hectare required for Phase-I 

*Noida administration inks MoU with pvt partners to develop a 92-acre forest in Jewar

November: Adani Enterprises, Delhi Airport International Limited, Zurich Airport International and Anchorage Infrastructure Investments bid for the airport

2020

January: An SPV, Yamuna International Airport Private Limited, is formed to develop the project.

May: Zurich Airport International AG receives the clearance to carry out the project work from the home affairs ministry.

October: Zurich Airport International AG and Yamuna International Airport Private Limited sign concession agreement.

November: HDFC Bank signs pact to provide Rs 500 crores as loan for the project.

December: Zurich AG submits master plan to NIAL

December 8: Master plan sent to civil aviation ministry 

Jewar Airport News Update Chronology

Jewar Airport Master Plan Gets YEIDA Approval

August 19, 2021: All official formalities to develop the national capital region’s second airport have been completed, after the Yamuna Expressway Industrial Development Authority (YEIDA) gave its nod to the Jewar Airport master plan. The master plan was sent for approval to the YEIDA, after it received a green signal from various authorities and agencies, including the Airports Ministry, the Airports Authority of India, the Directorate-General of Civil Aviation and the Noida International Airport Limited (NIAL). This development paves way for the start of construction work on the Jewar Airport within a week.

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PM May Lay Foundation Stone of Jewar Airport In August 2021

August 12, 2021: The foundation stone for the Jewar Airport project may be laid by Prime Minister Narendra Modi in August 2021, after the company responsible to develop the second airport in the National Capital Region completed the formalities involved in the financial closure for the development of Phase-1.

Yamuna International Airport, a fully-owned subsidiary of Zurich International Airport that will execute the project, on August 11, 2021, signed an agreement with State Bank of India (SBI) to receive a debt amounting to Rs 3,725 crores, to build the Jewar Airport.

“YIAPL has raised Rs 3,725 crores in debt from SBI, to be repaid over a period of 20 years with one-year moratorium post completion of the project. This is one of the largest financing in an Indian greenfield airport. The financial closure marks another crucial milestone for the project, bringing it closer to the start of construction works,” an official statement said.

In July 2021, Noida International Airport, the nodal agency incorporated by the Uttar Pradesh government to monitor the Jewar Airport, also handed over more than 1,334 hectares of land to Yamuna International Airport.

Spread across an area of 5,000 hectares, the Jewar Airport will be built by Swiss Airport company, Zurich International Airport AG, at an estimated cost of Rs 29,560 crores. Zurich International Airport AG won the bid to develop the Jewar Airport, touted to be the biggest airport in India after completion, in November 2019.

“We are pleased to confirm that over 1,300 hectares of land have been handed over to us today for the development of Noida International Airport. We have signed a site inventory memorandum, which gives us the right of way to the available part of the site to commence construction activities,” Yamuna International Airport Pvt CEO Christoph Schnellmann said, on July 31, 2021.

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Aviation Ministry Arm Grants Approval To Jewar Airport Project

The Bureau of Civil Aviation Security (BCAS) of the Civil Aviation Ministry, has given its approval to the Jewar International Airport on April 14, 2021. The BCAS is the regulatory authority for civil aviation security in the country.

“A great news! The security clearance and vetting for Phase I of the Noida International Airport has been received from BCAS also, and has already been received from the other regulating authorities,” SP Goyal, additional chief secretary to UP chief minister said, in a tweet.

The development comes a day after Yamuna International Airport Private Limited (YIAPL) floated tenders to start construction work for the airport project. Note here that YIAPL is a subsidiary of Zurich AG, the Swiss developer that has been appointed to build the NCR’s second airport in Jewar.

 

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UP Grants Rs 2,890 Cr For Jewar Airport Phase-II Land Acquisition

The gloomy stories that investors hear with regard to Noida real estate may be confusing, especially to those who had their eyes on this affordable property market to build a home but the developments surrounding Jewar Airport, give them enough hope not to lose heart and hold on only a little longer before things change for the better.

In a measure that is indicative of the Uttar Pradesh government’s priority treatment towards the Jewar International Airport project in Noida, the chief minister Yogi Adityanath-led cabinet, on March 17, 2021, approved a grant of Rs 2,890 crores, for land acquisition for Phase-II of the project. The decision by the state comes, over a month after the UP government, in its Budget, set aside Rs 2,000 crores for the airport project.

“A budget of Rs 2,000 crores has been proposed for the Noida International greenfield airport in Gautam Buddh Nagar’s Jewar,” UP finance minister Suresh Khanna said in his Budget speech. He also said that Phase-I of the airport was likely to become operational by 2023.

On March 16, 2021, it was also reported that the state government was planning to conduct the bhumi pujan ceremony for the airport project on April 15, 2021. According to local MLA Dhirendra Singh, people concerned have been directed to resolve any pending issues, to pave way for the upcoming ceremony.

Meanwhile, a state support agreement between the Yamuna International Airport Private Limited and the Noida International Airport Limited, a subsidiary of the Zurich Airport International AG, the Swiss developers selected to build the project, was signed on March 1, 2021.

“The country’s largest state had only two international airports earlier – in Lucknow and in Varanasi. However, it will soon have five international airports, including the upcoming ones in Jewar, Ayodhya and Kushinagar, near Gorakhpur,” the CM said at the signing of the pact, adding that connectivity was vital for the overall development of UP.

Emphasising the importance that his government accorded to the mega airport project, touted to be the biggest such project in Asia, Adityanath also said that his government had decided to prioritise it in the interest of the state and the country.

Jewar Airport Plan Sent To Aviation Ministry For Technical Approval

The Jewar Airport master plan, which was submitted by developer company Zurich AG to Noida International Airport Limited (NIAL), was sent to the Civil Aviation Ministry, on December 8, 2020. Under the master plan, which talks about development of the project in four phases, a Delhi-Varanasi high speed rail station will be constructed in this airport building, providing passengers with air, as well as rail connectivity. The plan also talks about making the Jewar Airport a domestic hub with 75% of all its operations concentrated within India.

The ministry is likely to return the master plan to the YEIDA after technically vetting, which could take up to a month.  

After winning the bid to build the Jewar Airport in October 2020, Zurich AG, on December 3, 2020, submitted the master plan for the project. The document, which will also be vetted by the UP government, Noida International Airport Limited, etc., before being unveiled next year, will act as the blueprint for the development of the mega project. The Swiss company was set a December 7, 2020, deadline to submit this crucial document.

Jewar Airport FAQs

When will the Jewar airport be ready?

The Jewar airport is likely to be ready by September 2024.

When is the Jewar airport bhumi poojan?

The foundation stone laying ceremony of the Jewar International Airport will take place on November 25, 2021.

Which company is building the Jewar Airport?

Zurich Airport International AG won the bid to build the Jewar Airport.

 

 

Housing.com launches legal assistance services for property buyers

India’s leading full-stack online real estate platform Housing.com has announced the launch of legal assistance services for its customers. Adding another important service to its full-stack service model, the Gurgaon-headquartered company would now offer its users legal advice and assistance from among the country’s top-rated legal experts through its Housing Edge platform.

To offer these specialised services, REA India-owned Housing.com has partnered with leading online legal assistance startups LegalKart, Lawrato, Vidhikarya and Vakil Search, to assist buyers or investors in their property-buying journey. Consumer surveys have shown that this is a major pain point for consumers and this offering will go a long way in addressing that need. 

“Besides requiring a substantial financial outlay, property purchases could also involve legal complexities that need to be handled with the help of experts. This can be extremely overwhelming for home buyers, who may not be completely familiar with the multiple legal and financial procedures involved in property purchases. The decision to launch our new service has been made by the company, to address yet another task a home buyer has to undertake while buying a home in a very affordable way,” said Dhruv Agarwala, group CEO, Housing.com, Makaan.com and PropTiger.com.

The company will provide the legal services to its clients in a large number of cities across the country.

Using the services offered by the Housing Edge platform, home buyers would not only get all their legal queries answered but also get assistance to draft and execute property-related documents like sale deed and agreement for sale. The company will also offer guidance to buyers / investors with respect to property titles and its registration.

These services would also be available to customers, who are using services of PropTiger.com or Makaan.com, the other two brands that REA India owns, along with Housing.com.

“It has been our constant endeavour to make the home-buying journey hassle free for our customers. With that as the guiding principle, we have brought on board our new partners who will help our customers to handle any legal requirements they may have through their journey. All a user has to do, to avail of these services, is to simply drop a request on any of our platforms. Our partners will immediately connect with users and help them find all the answers they need,” said Sangeet Aggarwal, head of product and design, Housing.com, Makaan.com and PropTiger.com.

 

Housing.com to offer legal assistance services for home buyers

India’s leading full-stack online real estate platform Housing.com has announced the launch of legal assistance services for its customers. Adding another important service to its full-stack service model, the Gurgaon-headquartered company would now offer its users legal advice and assistance from among the country’s top-rated legal experts through its Housing Edge platform.

 To offer these specialised services, REA India-owned Housing.com has partnered with leading online legal assistance startups LegalKart, Lawrato, Vidhikarya and Vakil Search, to assist buyers or investors in their property-buying journey. Consumer surveys have shown that this is a major pain point for consumers and this offering will go a long way in addressing that need. 

“Besides requiring a substantial financial outlay, property purchases could also involve legal complexities that need to be handled with the help of experts. This can be extremely overwhelming for home buyers, who may not be completely familiar with the multiple legal and financial procedures involved in property purchases. The decision to launch our new service has been made by the company, to address yet another task a home buyer has to undertake while buying a home in a very affordable way,” said Dhruv Agarwala, group CEO, Housing.com, Makaan.com and PropTiger.com.

The company will provide the legal services to its clients in a large number of cities across the country.

Using the services offered by the Housing Edge platform, home buyers would not only get all their legal queries answered but also get assistance to draft and execute property-related documents like sale deed and agreement for sale. The company will also offer guidance to buyers / investors with respect to property titles and its registration.

These services would also be available to customers, who are using services of PropTiger.com or Makaan.com, the other two brands that REA India owns, along with Housing.com.

“It has been our constant endeavour to make the home-buying journey hassle free for our customers. With that as the guiding principle, we have brought on board our new partners who will help our customers to handle any legal requirements they may have through their journey. All a user has to do, to avail of these services, is to simply drop a request on any of our platforms. Our partners will immediately connect with users and help them find all the answers they need,” said Sangeet Aggarwal, head of product and design, Housing.com, Makaan.com and PropTiger.com.

 

Trying To Sell A Property For Long? 3 Questions You Should Ask Yourself

There are times when a property does not get a buyer even in a seller’s market. This becomes even more worrisome when the property owners tend to ignore the reasons and keep losing time and the associated costs.

Well, there could be many reasons why a specific property does not sell within an average span of the transaction in a given locality. Let’s take a look at some of the major ones and discuss how you can keep them at bay.

How is it marketed?

The English idiom, “don’t judge a book by its cover” does not hold relevance when it comes to selling a property. You may have put the best property in the locality up for sale but potential homebuyers may not even notice it unless you showcase it in a way that it looks presentable and catches the eye.

The advent of online property listings sites has empowered real estate owners to advertise their properties conveniently.

The way you list your property can make or break the deal. Think from a buyer’s point of view and list what you think will interest them. Do not list the property with low-quality images and badly-written descriptions. Rather, upload well-captured photos, with a write-up that best describes the unique features of your property. This can enhance the property’s appeal by several folds.

Have you engaged brokers?

If you have listed your property with brokers, then you have to take care of several other aspects. Most times, property owners tend to engage several brokers, in order to raise the probability of the sale. However, it doesn’t always help.

In the property market, buyers look for credible people. Engaging a broker, that has a low credibility score, can rather hurt the prospects of the property. Therefore, you must perform a thorough due diligence before hiring any broker to sell a property.

Moreover, brokers also feature the property listing on online sites, ensure that the listing is done in the desired way.

What’s the logic behind pricing?

This is the most crucial aspect of your property selling efforts. It is still easier to set a price for under-construction or newly-built properties taking a cue from the surrounding ones. However, selling an older property in the resale market is a different ballgame.

Too many owners tend to set the price based on what they believe is the right price for their property. Experts suggest that one should factor-in prices of the sold properties not the active ones.

Consider this. Properties similar to that of yours may be sold at Rs 50-55 lakh in the same locality but other property owners might be starting with a price tag of Rs 60-65 lakh.

It is recommended to be realistic. If you want to sell your property faster, price it near the real threshold. You will save tremendous time and related costs with this approach.

No need to keep a Rs 50-lakh property staying on the market for long and losing interest cost, unless you have a strong reason that can get you far better returns.

Tricks To Save More On Your Home Purchase

Owning a property is a ‘dream’ that most of us nurture. And, as soon as we can, we would want to enter what is perceived as our own personal heaven on earth. The sentimental value attached to owning a home often overshadows the materialistic point of view — that is, the money involved in making this dream come true. When the dream becomes a reality, the rising expenditure starts pinching, often forcing you to think whether the 2-BHK apartment you bought after taking the hefty loan that you will spend your lifetime repaying is worth it. This is why rather than being completely emotionally driven, you should also focus on the money part in the matters of property purchase.

Now, how can you keep the burden as low as possible?

  • Keeping the loan amount low: In the good old days, they used all their retirement money to buy a house. While that phase might be passé, there is a lot you can learn from the old ways. Back then, people did not have to take loans to fund their houses. They certainly did not enjoy the many tax benefits and the luxury of living in their own homes early in their lives, but they also did not struggle with a lifetime of loan burden. They also did not pay huge money as interest on their home loan amount. The logic that you become a house owner while you are still young may also be overrated in a way. Technically speaking, you do not become a house owner till you repay the bank every penny that you have taken as loan. Now, though there is no need to wait till you retire before you buy a house, there can be a middle path. You should try to keep the loan amount as low as possible. For this, you should try to arrange a large part of the property cost from your own savings and take a home loan to only bridge the deficit, if necessary.
  • Family before bank: They tell you the benefits of availing of a home loan are many. The interest rates are low at present, the tax benefits are too attractive to ignore, etc. But even a naïve buyer knows that he has to pay off everything with a huge interest, and what is termed a ‘benefit’ may not actually be that beneficial. So, before you decide to approach a bank with your home loan application, do weight the other possible options that you have. Consider taking a good look at family resources and savings and asking family members if they can help you with a loan. Remember that a borrower is busy paying off only the interest for a large part of the bank loan tenure. If you take the loan from family, it would be much easier to pay the debt.
  • Space or convenience? The benefits of living in bigger cities are many and we all want to have a piece of them. This is why we are willing to pay any price for them. However, often ignored is the fact that in big cities you pay a huge price for a tiny space, which might not serve the purpose as your family expands and your needs change with time. The bad traffic conditions in your large city will bother you more as you grow old. Do think whether the quality of air that you will have to breathe now and, more importantly as an older person, is worth the price you are going to pay. Smaller cities, by comparison, have bigger spaces to offer for the same amount, or even less, their traffic conditions are better and the air is less polluted.