Tag: Yash Miglani

Migsun forms JV to develop 103 acre township in Greater Noida; to invest Rs 250 cr on 1st phase
Business, News

Migsun achieves CC 450 days before RERA timeline for Migsun Wynne, Phase II CC expected by Diwali

Jul 30, 2021 by Rekha Nair 0 Comments #MD, #Migsun Group, #Yash Miglani

Greater Noida: Migsun Group, one of the leading real estate developers in Delhi/NCR, announced that it had received the Completion Certificate for 672 units in Phase I of Migsun Wynne before the RERA stipulated time. The project, which is adjacent to the Greater Noida Expressway and has 1764 units, is located in Eta II, Greater Noida. The Group informed that the total investment in the project was Rs 750 crore accrued and non-accrued.

Migsun Wynne has 2/3/4 BHK apartments and is listed under the scheme Pradhan Mantri Awas Yojana, which makes these residences all the more affordable. The project is beautifully crafted and skilfully designed to match buyers’ lifestyle needs and comes with ample natural light & ventilation. The project offers world-class facilities with an ultra-modern clubhouse to support an active lifestyle.

“We’re working hard to finish it within the time frame we’ve set. We’ve been able to establish buyers’ trust by sticking to delivery deadlines. We’ve noticed the difficulties buyers face as a result of project delays, and to solve this, we are taking on delayed projects worth Rs 5,000 crore this calendar year to uplift the market and help buyers regain trust in the sector,” says Yash Miglani, MD, Migsun Group.

The Group is expecting CC for Phase II by Diwali this year and for Phase III by next year. A theme-based project reflecting the classical beauty of American Architecture, the project is spread over 8.5 acres with ample open space and greenery within the project. The project has its own high street retail complex so that the residents do not need to step out of the project for their daily needs.

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report
Business, News

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report

Jul 20, 2021 by Rekha Nair 0 Comments #CEO, #Harvinder Singh Sikka, #MD, #Migsun Group, #Sikka Group, #Sunworld Group, #Vijay Verma, #Yash Miglani

According to Knight Frank’s latest report in residential real estate, “Since the pandemic, homebuyer preference for bigger homes in peripheral markets has worked in favour of Noida and enquiries for gated communities have been on the rise. Fence-sitters, who were earlier reluctant to live far away from the city, are showing interest in purchasing homes in far-flung sectors closer to the Yamuna Expressway, such as Sector 142, Sector 143 and Sector 150. Demand for residential homes remained strong for Sector 43, Sector 50 and Sector 75 too.”

On the other hand, the average property prices did not show any rise; however, the report says that “some sectors in Greater Noida have seen a marginal softening of prices in the range of 1-2% YoY”. In the review era, new launches changed, but the sector still has a long way to go to regain its pre-COVID-19 momentum. Noida’s percentage of the total launches in the NCR fell to 28 per cent in H1 2021. There has been a scarcity of new projects in this sector, with few places on developers’ radar as potential development corridors. Homebuyers continue to be drawn to areas like Noida Extension and the Noida-Greater Noida Expressway, skewing the supply of new residential inventory in these areas.

Greater Noida’s share in the overall sales remained steady at 34% in H1 2021. Greater Noida has witnessed traction in the past few months for ready-to-move-in homes. With a gradual return to normalcy, optimism is returning in this market for ready to move in inventory with a price tag of more than INR 5 million, says the report. “Because nothing is more important than one’s well-being, and people are more aware of this than ever before, there is a tendency toward migrating to larger spaces. The figures show that the emergence is taking place. Noida’s well-developed road network allows for speedier commuting, resulting in increasing interest in the real estate market,” says Vijay Verma, CEO, Sunworld Group.

Looking at the residential sales landscape of NCR, the percentage share of micro-market absorption has largely remained unwavering as compared to H1 2020 with Noida and Greater Noida combine ruling the sales graph; the sales share of Noida and Greater Noida was 49% in H1 2021 compared to 53% in H1 2020. Yash Miglani, MD, Migsun Group says, “The region is popular among end-users, particularly among the working class, and sales have been fantastic. Greater Noida West has experienced a lot of people and sales activity since the 2020 lockdown. Infrastructural upgrades, such as extended subway, road connectivity, and announcements like Jewar Airport, are also supporting the development.”

According to the report, the downward trend of unsold inventory witnessed since 2016, continued in H1 2021. With a 12% YoY decline in the latest period in Noida and 16% decline in Greater Noida, the two regions have emerged as buyers’ choice in NCR. “The success of Noida can be attributed to its image among the middle class; during the pandemic, the working class learned the importance of a real estate asset and began hunting for one in this city. In the following months, we expect a big response in the residential market, as the momentum is unlikely to subside due to the continued availability of low home loan rates,” says Harvinder Singh Sikka, MD, Sikka Group.

Offers galore at PropTiger's 'Right to Home' expo across all top real estate markets of India
Business, News

Realty market remain stable in Noida

Jun 28, 2021 by Rekha Nair 0 Comments #Ajnara India Ltd., #Ashok Gupta, #CEO, #CMD, #Dhiraj Jain, #Director, #Mahagun Group., #MD, #Migsun Group, #Sunworld Group, #Vijay Verma, #Yash Miglani

The market in Noida has been doing extremely well since Unlock 1.0, and it picked up pace in January-March 2021. However, the second wave brought a halt in activities for a shorter duration but the sales figures are encouraging as there is an increase in sales compared to the same period last year.

“The good thing is that the second wave has further cemented the people’s resolution to look for real estate assets. People are now seeking long-term financial security in real estate, which bodes well for the sales season. We expect that the real estate sector will pick up in two or three weeks from where it left after the first wave effects,” says Yash Miglani, MD, Migsun Group.

According to real estate experts, Greater Noida West, Sector 150, and Sector 43 in Noida, both near the commercial hub of Sector 137, remained popular for 2 BHK and 3 BHK flats. One of the key drivers in Greater Noida West was the availability of home units priced between Rs 35 and Rs 50 lakh. In Noida’s Sector 150 and 43, direct connection to the projected Jewar Airport and projects by well-known builders are seen as demand stimulators.

“Noida’s well-developed road network allows for speedier commuting, resulting in increased interest in the real estate market. Many homes will appreciate by 10% to 15% depending on their location and demand in that area. Once the Jewar airport is operational, the Yamuna Expressway will be a more popular destination than Noida,” says Ashok Gupta, CMD, Ajnara India Ltd.

The residential market in Noida and Greater Noida is continuing to grow. According to the realtors, Residential sales grew QoQ as a result of low home loan interest rates, new housing supply, and people’s persistent desire to purchase a home. Dhiraj Jain, Director, Mahagun Group, says, “Because nothing is more important than one’s well-being, and people are more aware of this than ever before, there is a tendency toward migrating to larger spaces. Noida’s prosperity is due to the image it has developed among the middle class. In the following months, we expect a tremendous response in the residential market since the momentum is unlikely to wane.”

The upcoming infrastructural developments are expected to stimulate the real estate market even further. Multi-level parking lots in Sector 3 and Sector 16A Filmcity, Shaheed Bhagat Singh Park, Biodiversity Park, a shooting range, and an indoor stadium in Sector 21A are among the infrastructure projects set to be completed this year. Then work on underpasses is underway on the combat front in various Noida sectors to improve traffic flow. The projects aim to improve inhabitants’ living conditions, which will directly influence the real estate market.

Buyers are increasingly lured to plots along the Noida-Greater Noida Expressway and the Yamuna Expressway, with the latter gaining traction due to the planned Film City and Furniture Park. The price of residential plots along the Yamuna Expressway has jumped by 10-15%. Vijay Verma, CEO, Sunworld Group says, “The regions are popular among end-users, particularly among the working class, and sales have been fantastic. Infrastructural upgrades, such as metro, road connectivity, and announcements like Jewar Airport, are also supporting the development.”

Migsun forms JV to develop 103 acre township in Greater Noida; to invest Rs 250 cr on 1st phase
Business World, News

Migsun beats lockdown, achieves sales amounting to Rs 80 crore in 21 days

May 19, 2021 by Rekha Nair 0 Comments #MD, #Migsun Group, #Yash Miglani

Migsun Group, one of the leading real estate developers of NCR, has announced that it has sold over 150 units amounting to approximately Rs 80 crore in the period from April 22 till date; the commercial and residential units were from the projects located in Greater Noida and Raj Nagar Extension (Ghaziabad). The Group also informed that out of the total sale, 97 units were from 2 BHK, 38 units from 3 BHK, and 26 units from commercial.

“It’s encouraging that we were able to gain the confidence of customers who backed up our promises by doing business with us even during these difficult times. Since last year’s lockdown, we were involved on online channels, which provided us with the requisite exposure and sent the right message to our potential customers,” said Yash Miglani, MD, Migsun Group, on the Group’s performance even during the lockdown.

The Group came up with an innovative scheme at the right time after assessing the need of the buyers lying low because of the lockdown. It came up with ‘Pay 1 lac now rest after the lockwdown’, which applies to all projects of Migsun Group.

The Group has been working according to the market demands for quite some time. Last year during the same period, the Group came up with innovative campaigns that helped the Group get booking of over 250 units amounting to a sale of approximately Rs 100 crore in the period last year after the lockdown was announced till May 14, 2020.

“Our schemes were unique, and we were among the first to deliver such lucrative deals that were not only secure but also enabled buyers to book from the comfort of their own homes. People who would otherwise have missed out on owning a home have taken advantage of this chance. We anticipate an increase in revenue in the coming weeks,” he added.

Bharti Realty_Worldmark Gurugram
Business World

Realty sector’s hopes are high from RBI’s MPC

Dec 3, 2020 by Neel Achary 0 Comments #Amit Jain, #Ashok Gupta, #CMD Ajnara India, #Director, #Mahagun Group., #MD Migsun Group, #RBI’s Monetary Policy Meeting, #Yash Miglani

As the RBI’s Monetary Policy Meeting is in progress, the real estate sector is hoping to get some relief that could help them in these challenging times and also measures that can help in sustaining demand, especially after the COVID-19 scenario. Though experts are saying the repo rates might not change, the hopes are high as in recent months the Apex bank has taken steps necessary to uplift the sector.

Last month, the central bank rationalized the risk-weight norms and linked home loans with loan-to-value (LTV) ratios only for all new housing loans sanctioned up to March 31, 2022. Earlier, the risk weight percentage was decided by the size of the loan and the LTV ratio. While acknowledging the criticality of real estate in the economic recovery process, the RBI said home loans have a risk weightage of 35% in case the LTV is of up to 80%. The risk weightage will be 50% if the LTV is over 80%, the banking regulator said.

Talking about the need for further steps, Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com, says, “The RBI has announced several favourable measures this year for the real estate sector; however, more needs to be done such as the decision on Input Tax Credit. The sector will obviously benefit from a further reduction in home loan interest rates but we feel that there is hardly any scope for a further rate cut this year. The sector should try to take advantage of the opportunities arising out of the decisions taken by the RBI over the past few months.”

Maintaining that rationalization of the risk weightage to LTV for all new housing loans was supposed to bring in more credit Yash Miglani, MD Migsun Group says, “The need is that RBI should ensure that the announcement should get immediately. The sector has yet to see the major impact of the announcements. We hope the individual banks will take the necessary steps and keep the real estate sector in their priority lending list. In the last few months, the government and the RBI took decisions intended to move towards the path of economic recovery, and real estate is looking for packages that can help them speed up the pace.”

The sector is already optimistic because of the increased buyer interest in real estate assets. “The developer community is all charged up to contribute towards the economic growth of the country. We hope the RBI will take more steps to ease out the burden on the real estate sector, which will further improve the economic condition,” says Ashish Bhutani, MD, Bhutani Infra.

Developers also feel that the RBI should announce some measures that can help attract buyers towards the real estate sector. “Steps are needed that will bring in positivity to the sector. The buyers should get more loan, especially the ones interested in high-value purchases that will help in revival of some segments,” says Amit Jain, Director, Mahagun Group.

One of the measures applauded by the realtors was the decision of the RBI to consider loan restructuring based on the projects and not on the company. “We are looking for steps that will further improve optimism in the market, which is already upbeat with buyers and investors flocking the project sites to book a real estate asset. In recent past, multiple decisions were taken by the RBI to improve the health of the real estate sector, and as a developer, we welcome it wholeheartedly and expect that more is in the pipeline,” says Dhiraj Bora, Marketing Head, Paramount Group.

Saying that loan restructuring will help many of the stuck projects and commenting on the impact of RBI’s steps, Ashok Gupta, CMD Ajnara India says, “The demand is already potent, and with road laid out for more projects to come up, the buyers will have more options to choose from. Not only developers but buyers also got gifts from the RBI in the form of low home loan interest rates and loans being linked to loan to value only. All these measures are going to have a positive impact on the overall health of the sector. Now, we feel that a call needs to be taken on Input Tax Credit and bringing down the cost of raw material apart from helping the sector get more liquidity.”

In conclusion, Rajat Goel, JMD MRG World says, “Real estate has been going through a challenging phase. Last financial year too, the situation was not good for the first nine months, and it got worse with the onslaught of the global pandemic. It has become difficult for many developers to manage cash flow to meet the requirements of construction, salaries, vendor payment, and then at the same time, they have the loan obligations. The overall sentiment needs a boost, and with adequate steps from the RBI, the confidence in the sector will be back.”

realestate
Business World

Widening of NH 24 will boost real estate demand around it

Aug 24, 2020 by Gouri Achary 0 Comments #Ajnara India Ltd., #Ashok Gupta, #CMD, #Dhiraj Jain, #Director, #Ghaziabad, #Mahagun Group., #MD, #Migsun Group, #NH 24, #SAYA Homes, #Vikas Bhasin, #Yash Miglani

In Ghaziabad, this highway has been a centre of attention since the time real estate development started to take place around it. Almost all the well-known developers are present on this stretch. From townships to apartments, from affordable houses to luxury apartments, the highway has everything on offer. In the last decade, the place has seen good appreciation, thus providing investors an opportunity to smile.

Many residential colonies came up around NH 24 and saw fast acceptance by the buyers. Kaushambi, Vasundhra, Indirapuram, Siddhartha Vihar and the Crossings Republic are the areas where if one has visited in 2003 could never imagine that these areas could turn out so well. Back then it was all dusty and seemed distant apart from the Capital. The colonies that developed along this route are Indirapuram, Vaishali, Vasundhara, Vijay Nagar, Kaushambi, Shipra Sun City, and Sector-62 (Noida). As people realized that they are the best places for people working in Noida or for people studying in colleges of Delhi and Noida, the acceptance took a frenzied turn.

The fallout was that few years after the projects started to come, NH 24 started becoming choked. NH-24 became the highway with the second-highest traffic volume of all the roads providing connectivity to the capital. On average, 1.57 lakh vehicles crossed the Nizamuddin bridge in 2007 and 80% of them were from outside Delhi. It was then that the widening of NH 24 came into being and authorities started giving attention to the idea. Now, the widening has been done and work is still progressing but the difference can be seen in the smooth traffic flow. Yash Miglani, MD, Migsun Group says, “A lot of real estate development has taken place along the corridors such as National Highways and State Highways. The development was also supported by the government by promoting industrialization around these transport corridors. The combination of employment generation units and residential developments work wonders for economic growth; the same holds true for NH 24 as the development along this highway is happening in a planned manner. The demand has always been good and with the widening, it is staring at a multifold increase in the coming months or years.”

With Noida office sectors in the vicinity, NH 24 witnessed fast habitation and thus became the development of choice rather than a default development. The highway has some of the best projects that were launched years back which includes Crossing Republik that was launched in 2006. Another major development that took place on this route is the Wave City, which will span across an area of 4,500 acres and will have plots, row-housing, built-up floors, and bungalows. “Real attraction for the people is to live in planned developed areas which allow them to live their dreams. It is for this reason that real estate around NH 24 gained popularity and the movement of people has added to the attraction. With widening the popularity has increased further leading to more projects coming up around the stretch,” says Dhiraj Jain, Director, Mahagun Group.

With rates varying between Rs. 2600 to 6500 per square feet, properties around NH 24 have opened a new investment option for all the residents. The sales volume on this stretch is likely to be dictated by new places while the ‘veteran’ places such as Indirapuram will enjoy the resale market to the maximum. “Demand of residential apartments is very high in the area and till now supply had been adequate. As the demand for this area is growing, so if somebody is looking for a property as an investment option, areas around NH 24 are the places to invest. For the end-user purposes too, the location is very good as being fully inhabited. Also being close to Noida (Major Industrial Hub) all the amenities and other commercial establishments are already there,” says Vikas Bhasin, CMD, Saya Homes.

Many projects are in various stages of completion here, thus providing good opportunities for people interested in real estate investment or buying as end-user. “As the place is populated, well connected and caters to daily needs of people, it also witnesses good appreciation in the properties. It has been observed that appreciation is better than Noida’s sectors such as 62, 52 onwards, 60 onwards, and 100 onwards. It is more because the stretch is populated and the above-mentioned sectors of Noida still bear a deserted look at nights. This does not mean that Noida sectors are not livable but areas close to NH 24 have an upper hand when it comes to the choice of buyers, who want to shift to their new homes immediately. The area is also witnessing an influx of people whose offices are in Noida. As livable sectors of Noida are on a little higher side of price, people are investing in properties in areas that can be approached through NH 24 in Ghaziabad,” says Ashok Gupta, CMD, Ajnara India Ltd.