There is today additional benefit to owning property in Greater Noida as the city
attempts to market itself as an attractive location at which to own real
estate. Recent changes by the Greater Noida Industrial Development Authority
shall now make it possible for those who own property
in Greater Noida to avail of loans against their homes for purposes of
other than home loans. Now residents of Greater Noida, who own property in the
city, may avail loans against their homes for the purposes of starting an
industrial enterprise, for an education loan, or to pay for medical expenses.
This gives another impetus to owning
residential property in Greater Noida in addition to other measures which have
been taken by the GNIDA pertaining to an increased FSI as well as more
stringent measures to guard against earthquakes.
Certainly
one of the unspoken fears of living high above the earth in an apartment in any
city is the fear of an earthquake and the prospect of the devastation it may
cause. At a time, an earthquake strikes, many who live in swanky multi-crore apartments in Noida
Extension suddenly envy those who work as maids in their homes as the latter
are guaranteed a peaceful night’s sleep in their ground floor shanty
unconcerned by tremors within the earth. By passing safely certifications to
which developers have to comply, GNIDA is ensuring
that the worst that can happen to those who live in high apartments in Greater
Noida doesn’t happen.
Luxury flats
in Noida may already be well insulated from many of inconveniences of being in
a tumultuous city since many such residential projects in Noida have homes that
stand at a distance from the hustle and bustle of adjoining roads, however new
measures by the GNIDA have led to an increase in the FSI which will allow
builders to construct higher along the metro line. While an increase in the FSI
will lead to greater profits for builders
in Noida and Greater Noida, additional building safeguards to secure
buildings against earthquakes and tremors combined with a greater FSI are
winning bets leading to secure buildings which stand at important junctions
near the metro line. A possible caveat for those who purchase apartments in
Noida Extension at such locations is to remain aware of the higher decibel levels
likely to encroach from the passing metro line into one's homes. As many affordable flats in Noida Extension are likely
to be constructed in smaller developments, units are likely to be closer to
adjoining roads and the passing metro line which will inconvenience those who
dwell within such homes.
Builders in
Noida at Greater Noida now have an additional
unique selling point to sell to buyers and should tout the benefit that
homeowners with homes in Greater Noida may use their home as a form of equity
upon which they may build more than wealth in addition to using the home as
their permanent abode. Such changes are however reminiscent of changes in the
real estate market in certain countries which unleashed the subprime mortgage
crises across the globe. Local authorities should ensure that lending practices
which lend to the homeowner based on the equity of their home are transparent and are
regulated.
