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New Real Estate Laws Expected To Bring Transparency To Ghaziabad Property Transactions

By Expert Author: Vinay Kumar

In light of the coming elections, government is pushing hard to get the Real Estate Bill 2013 get passed. The Bill aims at regulating the real estate practices and posing restriction on the property frauds by builders and developers. When the bill comes into action, the buyers of Delhi NCR shall get much-needed relief, as they will have to pay price only on built-up area rather than the super area. The present scenario for the residents of Ghaziabad, Noida, and Greater Noida shall see transformation as the Bill would save them from falling into the traps of swindlers. It will shall also make it mandatory for all of the builders to register every details of their property online. It would be after this registration that they would be able to ask money from buyers.

Ghaziabad Property market is, currently, caught within the web of malpractices. In light of increasing fraud cases in real estate, government considered it mandatory to have a system where sellers would be made accountable for their actions. This would bring transparency to the realty sector. U.P. government is about to come up with another law that would help it address the grievances of buyers, who have complaints to made against sellers. According to this law, real estate agents shall have to get a license for starting his business before he initiates any transaction. He will have to get the license number on mandatory basis. For every district in Ghaziabad, and Delhi NCR for that matter, a top official shall be elected who would assign the licenses. Such a law is expected to put a stop to the unscrupulous activities by property dealers.

At present, Ghaziabad is considered as one of the affordable localities of real estate market. Comparing it to Noida and Gurgaon, the city's realty rates are cheaper. It is hard to find a 2 BHK flat priced at 20 lakhs in these cities, while Ghaziabad real estate offers a number of such options. Let's have a look how a two room flat fares in terms of prices across city's prime localities.

The properties in Ghaziabad, valued at 10-20 lakh price bracket, can be expected at Indirapuram, Vaishali, Vasundhara, Raj Nagar Extension, Lal Kuan, NH-24, Ankur Vihar, and Shalimar Garden. In the same areas, one would find 2 BHKs worth crores too. So, in a way, the localities offer houses catering to low, middle, and upper income groups. Across 30-40 lakhs range, one can consider localities like NH 58, GT Road, Sahibabad, Raj Nagar, Kaushambi, Govind Puram, Crossing Republik, and Ahimsa Khand.

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