Patel Neotown is the first residential project of Patel Group in Noida Extension. Patel Neotown plans to offer a complete living experience spread across 24 acres of a well-manicured, nature friendly environment. The project will consist of 2 & 3 BHK park facing flats with all modern facilities.
 
LOCATION

Patel Neotown is located in Noida Extension, a hub for affordable housing.  To reach Patel Neotown, one has to take a right turn from the main round about of Noida Extension (while coming from Noida / Sai Mandir) to come on the 30 metre road connecting Noida Extension with Greater Noida. The proposed FNG corridor will also be in the close vicinity of the project. This area is fast developing as a number of other projects are coming up and Balak Inter College and GNOIDA flats are also nearby.

FACILITIES

Patel Neotown plans to provide amenities to suit resident’s lifestyle. Planned amenities include clubhouse, gymnasium, swimming pool, spa, jogging and cycling tracks, roller skating tracks etc. It will also take care of the resident’s needs to rejuvenate by providing an aroma garden, senior citizen’s park as well as a Garden of 5 senses. For the residents interested in sports related activities, there will be space for golfing (putting), tennis, badminton, basketball and cricket. Patel Neotown will also have a play area designated for children.

VALUE FOR MONEY

In Patel Neotown, the apartments will be of 3 types (2 BHK, 3 BHK or 4 BHK) and will range in size from 970 sq ft to 2,490 sq ft. The company is providing 3 payment options – Construction linked plan, Flexi plan and Cash Down plan. The prices vary with each plan as well as the floor (or apartment type) selected. Basic prices range from a minimum of Rs. 2,215 per square feet to Rs. 2,625 per square feet. For example, a first floor apartment under the Flexi plan will cost around 2,485 per sq ft. We feel that the prices charged by Patel Neotown are high as compared to other builders in the same vicinity.

Although like other builders, Patel Neotown has also included the other charges such as EEC, FFC, car parking, club membership in the Basic Sale price but the additional charges such as PLC, IFMS and dual meter charges are still to be paid separately in addition to the basic sale price. The total cost of a 1,000 sq ft apartment on the first floor under the flexi plan would be around Rs. 25,20,000, which is higher than that of other builders.

Generally, builders offer Builtup area to Super area ratio of around 70%-72% but in case of Patel Neotown, it is around 67%, which is on the lower side. We evaluated a 2BHK unit with super area of 1,020 sq ft and found the built up area to be around 683 sq ft only, which is much lesser as compared to what other builders are offering. It appears that the builder is charging higher prices and providing lesser usable area.

TRACK RECORD

Patel Engineering Ltd. is an ISO 9001:2000 company which was established in 1949. Its experience is wide ranging from townships to urban-infrastructure, bridges to highways and dams to power plants. Patel Engineering is also constructing Neotown in Bangalore, Mauritius, PAN Oasis in Noida and Patel Estate in Mumbai. 

The builder does have experience on the engineering projects but this is the first time that Patel Engineering is foraying into development of the residential projects. Therefore successful completion of these projects will go a long way in building Patel’s reputation in residential segment also. 

OVERALL

We feel that although the location and the facilities provided by Patel Neotown are good but the price being charged for them is on the higher side. Overall, we feel that Noida Extension is supposed to be a hub for affordable housing and Patel Neotown does not fit into this category due to its price point. The builder may be charging the premium for the facilities and the brand name but we feel that the prices should have been kept in line with the other developers.