Making the decision to buy a house is among one of the most important decisions an individual faces in their life. Knowing its significance on your lifestyle or life as a whole, it is of utmost importance to make a well informed and knowledgeable choice. It is not uncommon to have numerous questions on your mind, and this article tries to guide you through the minefield of buying a house or a flat in Noida.
Here are some of the prominent first time home buyers’ questions answered in great detail.
Is it a good time to invest in a house in Noida?
While buying a house, you should keep in mind that the value of your property increases more than the interest rates of the loan. Recent news is that authorities have decided to hike up land rates by 20-30%, resulting in the rise of property value in Noida. So, it is indeed a good time to invest in Noida.
Whichsectors of Noida are promising for investing or buying?
One of India’s fastest-growing regions is Delhi NCR, which has a large number of well-paying white-collar jobs and top-notch infrastructure. As a result, purchasing real estate in Noida is highly lucrative because real estate prices in Delhi have reached outrageous heights.
Noida Sector 41, 42, 43, 48 and 50
Sectors 41, 42 and 43 are residential regions in Southern Noida, with a mix of houses, plots and apartments. Sector 43, being home to the golf course, enjoys great connectivity to all transportation hubs, with the golf course metro station, shopping complexes, schools, etc. There are exciting new projects like Godrej Woods in Sector 43, which combines cosmopolitan living with access to nature and open greens. Sector 48 has a number of green parks and connectivity to railway and metro stations.
Sector 50, one of NOIDA City’s safest neighbourhoods for families, is located about two kilometres from Wave City Center Metro Station. Along with excellent connectivity, the area is situated on the opposite side of Sector 7x from the Vishwakarma Road and offers a variety of housing options, including high, medium, and low rise buildings as well as a limited number of plots and single-family houses.
Noida Sector 150
The Noida-Greater Noida Expressway, the Yamuna Expressway, and the Faridabad-Noida-Ghaziabad (FNG) Expressway are all well connected to Sector 150 Noida. The smoother movement to various areas of the city is facilitated by all these connecting links. The Noida-Greater Noida metro corridor’s proximity would greatly increase the region’s connectivity.
In addition to having excellent connectivity, the area has a number of recreational facilities, such as a 9-hole golf course, swimming pools, tennis courts, multi-purpose playfields, a basketball arena, a cricket academy, and indoor multi-purpose complexes for gymnastics, table tennis, basketball, volleyball, and badminton. Additional fundamental amenities in the area include hospitals, medical facilities, schools, institutions for the elderly, IT complexes, entertainment venues, and more. It also has a range of prestigious developers including us that have ready to move flats in Noida. Some of our projects include Godrej Nest, Nurture and Palm Retreat. Sector 150 has the potential to soon rank among the best areas in the city due to its superior infrastructure and future transportation facilities.
Central NOIDA (Sectors 75, 76, 77, 78)
The gated communities in Sectors 75, 76, 77, and 78 are renowned for their outstanding locations at reasonable prices and provide their inhabitants with some of the best amenities offered across the city. The region, which is connected to the NOIDA and Delhi Metro Network by the Vishwakarma Marg that runs between the Delhi-Meerut Expressway and the NOIDA-Greater NOIDA Expressway, also boasts direct metro connectivity. It is turning out to be one of the best residential areas in Noida.
There are restaurants, retail centres, hospitals, and all other main amenities in this neighbourhood. The area is well connected to Delhi, Greater NOIDA, Ghaziabad, and Faridabad via the FNG Expressway, which is currently under construction.
Is the home loan EMI for a place in Noida affordable?
Let’s start with the basics. Your everyday lifestyle, expenses and income, together play a big role in helping you shortlist your home of choice. Your monthly mortgage payment should not exceed 40% of your net household income. But that is only if you don’t have any other debt. The pressure on your household budget can be caused by a hefty EMI expense.
Other ambitions will need to be scaled back or abandoned if the home loan EMI consumes more than 50% of the net household income. Banks determine your affordability using their own formulas.
The average cost of a 2bhk in Noida ranges from 20 lakhs to 2 crores, depending on the location and the developer. If for instance, you’re buying a house for 80 lakhs and applying for a home loan for 60 lakhs, the monthly EMI for 60 lakhs at 8% for 20 years would be a shade over 50,000 per month. If your net household income is 1,25,000 per month or above, you can pay off the loan without much difficulty.
What other charges do you have to bear while buying a house or flat in Noida
While buying a house or a flat in Noida, you also have to bear other charges like stamp duty, registration fees and property taxes, among others. The stamp duty is 7% of the property value (plus a discount of 10,000 if it’s owned by a woman or joint ownership), whereas the registration fees are 1% of the property value. The property tax in Noida differs on the value of the property and can be paid online. So, it is important to factor in these costs when you’re obtaining funds for the purchase.
Buying a house is usually an intricate process but the results are wholly rewarding. After all what is being created is your own little corner for you and your loved ones. Making a solid decision, backed by current trends and future prospects, makes it beneficial for you, both financially and emotionally.
