19 Nov 2024

Noida saw a record 16,500 property registrations in October, marking a nearly 70% increase in stamp duty revenue compared to last year. The festive seasons of Navratri and Diwali played a significant role in this surge, as families tend to invest in property during this auspicious time. The revenue department collected Rs 513.4 crore in October, surpassing its target. Data for the first seven months of the 2024-25 fiscal year reveals a 51% achievement of its annual target, with a shortfall of Rs 313.2 crore against the target set for the period.Read more

19 Nov 2024

Bhutani Infra has bought the 'Logix City Centre' in Noida for an estimated INR 1,000 crore, which includes renovation expenses. The 1.2 million square foot project comprises retail spaces, offices, and a hotel. CEO Ashish Bhutani confirmed the purchase from PAG and the Logix group promoters, and the property will now be rebranded as 'Bhutani City Centre 32.' This acquisition strengthens Bhutani Infra's portfolio in the Delhi-NCR commercial market and reflects its strategy to offer integrated spaces that combine work, leisure, and lifestyle. The move aligns with the company's vision to meet the evolving demands of modern consumers.Read more

18 Nov 2024

After a 14-year hiatus, the Noida, Greater Noida, and Yamuna Expressway authorities are reviving a unified policy for land allocation across industrial, housing, and commercial sectors. Originally introduced in 2010, the plan aims to standardize eligibility criteria, lease terms, rent structures, and procedures, ensuring consistency and transparency. The initiative, led by Chief Secretary Manoj Kumar Singh, has re-engaged Sarc & Associates, initially contracted in 2010, to draft the policy. The proposal is awaiting board approval from each authority, marking a renewed commitment to creating a clear regulatory framework for businesses and investors in the region.Read more

12 Nov 2024

The Noida Authority is taking a firm stance to recover INR 1,578 crore in outstanding rent from licensed and leased properties after rejecting a proposed one-time settlement scheme. Instead of negotiating, the authority will issue final notices to 49 defaulting entities, including government departments and banks, warning of potential property sealing for non-compliance. This decision underscores the authority's commitment to accountability amid pressures from state oversight committees. Previous settlement schemes had limited success, highlighting ongoing challenges in resolving unpaid dues. The authority's approach reflects a broader trend in India's real estate sector toward stricter regulatory enforcement and transparency.Read more

12 Nov 2024

The Uttar Pradesh government is taking action against homebuyers in Greater Noida West for unauthorised groundwater extraction, issuing notices to residents of Amrapali Leisure Valley society where many have installed borewells. A penalty of INR 5 lakh is planned for the developer, Amrapali Leisure Valley Developers Private Limited, due to violations. Local authorities found that 50 villa owners have set up borewells without the necessary no-objection certificates (NOCs). While the apartment owners' association claims the developer is responsible, residents are frustrated by perceived superficial government enforcement. The issue highlights ongoing challenges in water management amid rapid urban development.Read more

08 Nov 2024

The state government has reversed the decision made by the Noida Authority in February 2021 to cancel the lease of 1.08 lakh square meters of commercial land allocated to Wave Group, highlighting the potential economic advantages of the project. Wave had challenged the cancellation, claiming procedural flaws, and the government reinstated the lease with revised compliance terms. Under the new arrangement, Wave's dues of INR 1,156 crore will be recalculated without penalties during the cancellation period. Despite project delays since its 2011 launch due to external regulatory challenges, Wave warns that lease cancellation could harm retail buyers, as the company has made significant investments in the project.Read more

07 Nov 2024

The Noida Authority plans to begin land acquisition for the New Noida project following the state government's approval of its master plan. Designed as the Dadri Noida Ghaziabad Investment Region (DNGIR), the new urban hub will span about 20 villages in Gautam Budh Nagar and 60 in Bulandshahr, addressing Noida's saturation and facilitating investment arrival into the National Capital Region (NCR). The development will occur in four phases, starting with 3,165 hectares by 2027, and will allocate 40% of the land for industrial use. This initiative is expected to enhance economic growth, particularly with the upcoming Noida International Airport in Jewar.Read more

07 Nov 2024

The district administration of Noida has mandated that building owners and Resident Welfare Associations (RWAs) register their lifts within six months as part of the UP Lift Act. Chaired by the district magistrate, a new panel will meet quarterly to review compliance and address concerns. Owners failing to meet the norms will face fines and potential suspension of lift operations. Additionally, lift manufacturers must also register, and operators are required to maintain an accident logbook. Complaints regarding lift accidents can be filed with the local administration, leading to investigations and possible legal action.Read more

06 Nov 2024

Greater Noida has witnessed the registration of over 8,100 flats since February, following developers' adoption of a UP government policy aimed at reviving stalled real estate projects. A GNIDA report forecasts that an additional 8,000 flats will be registered by March. This policy requires builders to pay 25% of their recalculated dues upfront to qualify for a zero-interest waiver. Currently, 73 group housing projects with 32,435 unregistered flats are participating in the program. Additionally, GNIDA has approved a new policy to streamline flat registrations at the Senior Citizen Home Complex Welfare Society, enhancing protections for homebuyers.Read more

06 Nov 2024

The Noida Authority has approved two projects under the Uttar Pradesh government's co-development policy to address stalled real estate developments. Nimbus Projects will oversee Sunworld Residency in Sector 168, and Theme County will manage a project in Sector 115, benefiting approximately 1,000 homebuyers. The initiative follows the Hawelia Group's takeover of Shree Radha Sky Garden in Greater Noida. The new developers are required to settle dues and secure funding to complete the projects. With around 190,000 housing units worth INR 1 lakh crore currently stalled in the region, this policy aims to revitalize the market.Read more

06 Nov 2024

The Noida Authority has implemented a mandatory tripartite sale agreement for builders and homebuyers in new housing projects. This decision aims to increase transparency in real estate transactions by ensuring the buyer's identity is recorded at the time of the first payment, rather than at project completion. The agreement aligns with RERA guidelines and aims to prevent fraudulent sales and tax evasion. By formalizing the transaction process, the Authority seeks to protect homebuyers' interests while also boosting government revenue from stamp duty.Read more

05 Nov 2024

Following the Supreme Court's directive, registrations for flats at Lotus 300 in Sector 107 have begun, with 16 of over 100 homebuyers successfully completing the initial phase. The court upheld an Allahabad High Court order, mandating Noida Authority to proceed with flat registrations despite pending dues from the developer, resolving a decade-long battle for buyers. Efforts to complete registrations for all units and issue occupancy certificates are ongoing, providing long-awaited relief.Read more

01 Nov 2024

The Uttar Pradesh government has introduced a new e-auction scheme for institutional plots, aiming to boost the integrated development of Greater Noida. The Greater Noida Industrial Development Authority (GNIDA) is offering 13 plots across key sectors, including KP-05, MU, ETA-02, and Techzone-4, with a total reserve price of INR 170 crore. These plots, ranging from 1,000 to 10,005 square metres, are designated for schools, hospitals, vocational training centres, and other educational institutions. Applications are open until November 18, while the scheme also includes commercial shops, offices, and kiosks.Read more

30 Oct 2024

The Uttar Pradesh government has approved two ambitious master plans for Noida and the Yamuna Expressway Industrial Development Authority (YEIDA), aiming to transform the region into a major industrial and residential hub over the next 15 years. The Noida Master Plan 2041 focuses on the expansion of the Dadri-Noida-Ghaziabad Investment Region (New Noida), covering 80 villages and accommodating 6 lakh residents, with significant land allocation for industrial, residential, and green spaces. The YEIDA Master Plan spans 226 villages, with a focus on expanding the Noida International Airport and developing aviation-related industries. Additional highlights include a logistics hub, Olympic Park, and international investment zones like a 'Korean City' and 'Japanese City.'Read more

30 Oct 2024

The stamps and registration department has proposed a 25-30% increase in circle rates for residential areas, 10% for industrial, commercial, and IT sectors, and 15% for farmland, marking the first revision in five years. This adjustment will raise property prices and stamp duty costs for buyers, aligning them with current market trends, especially in Noida and Greater Noida where property values have surged. Circle rates, used to calculate stamp duty, remained unchanged from 2020 to 2023 due to the pandemic's impact on the real estate sector. The proposed revisions aim to reflect the rising real estate prices, ensuring fair taxation and supporting market growth.Read more

29 Oct 2024

Nirala World has acquired 2.6 acres of land in Greater Noida West for INR 180 crore to develop a commercial project, possibly a mall or high street. The project will begin once UPRERA approvals are obtained. The firm recently launched a luxury residential project, 'Nirala Trio,' and has already completed the 25-acre 'Nirala Estate' development, delivering 3,600 homes, with 450 more units to be handed over soon.Read more

29 Oct 2024

The housing industry in Noida faces significant challenges, particularly with unfinished projects and unregistered flats, exemplified by the GH-1 group housing plot in Sector 120. Initially allocated in 2009 to develop 1,530 flats, 290 remain unregistered. This issue extends to 16 other projects, with developers depositing only INR 57.03 crore of the INR 740.87 crore owed, resulting in 6,152 unregistered flats. The Noida Authority has issued final notices to seven non-compliant developers, threatening referral to the Economic Offences Wing (EOW) for recovery. Proactive measures, including a two-year zero-interest period for financial relief, aim to expedite registrations and restore homebuyer confidence.Read more

29 Oct 2024

Greater Noida's real estate market is experiencing a surge in demand, as evidenced by recent auctions conducted by the Greater Noida Industrial Development Authority (GNIDA), which attracted INR 1,500 crore, far exceeding the INR 738 crore reserve price. Developers like Eldeco Infrastructure, Nirala World, Godrej Properties, and Sobha have acquired prime plots for both commercial and residential projects. Nirala World, for instance, plans a commercial project in Greater Noida West with a INR 250-300 crore budget. The region's growing appeal to major national developers signals a robust future for Greater Noida's real estate sector, with significant growth expected in both commercial and residential spaces.Read more

28 Oct 2024

The stamps and registration department hosted a special camp at Eldeco Aamantran in Sector 119, Noida, where 81 flats were registered, generating INR 2.4 crore in revenue. The developer chose not to participate in the UP-government's rehabilitation scheme due to low outstanding dues. Homebuyers expressed joy at receiving their registration papers, likening it to an early Diwali celebration. Nikhil Singhal, president of the apartment owners' association, noted that 950 out of 1,260 flats had been registered, with 310 still pending. The department plans additional camps, with the next one scheduled for October 22 at Great Value Sharanam in Sector 107.Read more

25 Oct 2024

The upcoming Noida International Airport is attracting a wave of foreign investment in the surrounding region. The Yamuna Expressway Industrial Development Authority (YEIDA) has revealed plans for three new townships and three foreign university campuses, with land allocation requests from real estate firms and educational institutions in the US, UK, Japan, South Korea, and Belgium. YEIDA also aims to create two industrial cities for Japanese and South Korean companies, alongside 11 specialised industrial clusters. To improve connectivity, a 72-km rapid rail corridor is proposed, and an "aero village" with hotels and commercial projects is also being planned near the airport.Read more