Noida property dealers are finding the farm land projects a hot cake for the customers.
Noida in the East of Delhi is what Gurgaon is in the south. One of the fastest developing zones in the country this township will soon surpass an average city as residential and commercial development paces up. From flats to villas to malls the skyline around the capital of India is dotted with a new genre of development.
Noida has spawned a series of property projects, and the activity has got further boost with the coming up of the expressway.
Parallel to the regular projects that are coming up in dozens if not more at a time are the so-called farmland projects both towards Greater Noida and beyond Gurgaon. The so-called because they normally have 1000 square yard as the area within which one has a cottage. The plot has barbed wire boundary, a tube well for water, an electricity connection and a gate to make for a mini farm not very far away from one of the most developed and prime areas in the country. You can pick it up at Rs 1200 a square yard. That means you pay Rs 12,00,000 for your 1000 sq yd farm without cottage and Rs 14,00,000 for one with a cottage. That sounds dirt cheap and dreamlike.
The cottage is not done in concrete. It is a stylish bamboo structure. One would think that the structure is a style statement of the mini farm and probably a USP, the unique selling point from the developers.
But an investigation into this would reveal that the developer is not allowed to build a concrete structure for what he is selling as a mini farm is a piece of agricultural land where concrete housing is prohibited as per law. To turn an agricultural land into residential one attracts a revenue charge called CLU or Change of Land Use, which in the present case could be as high as Rs 500,000 an acre or even several times more depending upon the state government land regulations prevailing in a given area.
Noida properties of this kind need to be investigated at the revenue department level. Greater Noida too has such projects which need to be investigated for what is advertised by the real estate consultants and which is often not the real situation. Noida property dealers are finding the farm land projects a hot cake for the customers.
Yet they remain doubtful deals to say the least.
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