30 Aug 2024

The Noida Authority will impose strict penalties on property developers who have not adhered to the Uttar Pradesh government's rehabilitation package. Developers who failed to pay 25% of their recalculated dues face potential loss of lease deeds, allocated plots, and unsold inventory. Of 57 assessed projects, 27 paid the required advance, but 16 made no payments and 14 partial ones. The Authority is also targeting industrialists and businesses for construction delays and unauthorised land use. Measures to improve urban infrastructure and public health standards are also being implemented as part of a broader development strategy.Read more

28 Aug 2024

The Greater Noida Authority is raising the one-time rent for residential properties to 15 times the annual rent after September 15. Currently, the annual rent for residential properties and group housing is 1% of the total premium, with a one-time payment set at 11% of the total premium. For other property types, including industrial and commercial, the one-time rent will also increase significantly. The new rates will apply to new allotments made after June 15, while those who have already paid will not be affected.Read more

21 Aug 2024

Incuspaze, a leading coworking space provider founded in 2016 by Sanjay Choudhary, has expanded its portfolio by leasing 400,000 square feet in Noida's Alphathum building. This move addresses the increasing demand for flexible workspaces, particularly among multinational corporations (MNCs). With 44 centres across 18 cities, Incuspaze now manages 3.5 million square feet of coworking spaces. Partnering with Bhutani Group, Incuspaze aims to offer innovative office solutions featuring modern amenities and flexible leases. The collaboration reflects the growing preference for adaptable workspaces amid the rise of hybrid work models, positioning Incuspaze to meet the evolving needs of businesses.Read more

21 Aug 2024

Kotak Investment Advisors Ltd. (KIAL) has committed INR 450 crore to revive Supertech's stalled project in Sector 94, Noida, alongside an additional INR 310 crore to repay existing lenders. The 5 million-square-foot development, already 50% complete, includes NCR's tallest residential tower. The project, expected to generate over INR 7,000 crore in revenue, will proceed with Supertech, KIAL, and the Noida Authority managing the escrow account. Supertech's liabilities total INR 8,000 crore, but with project receivables exceeding INR 14,000 crore, the company remains financially viable as it works to deliver over 15,000 homes.Read more

16 Aug 2024

Godrej Properties Ltd. (GPL) has emerged as the highest bidder in an e-auction by the Greater Noida Industrial Development Authority (GNIDA), securing two prime land parcels for INR 842 crore. The acquisitions, totalling approximately 17.5 acres in Sector Sigma III and Sector 12, offer a development potential of 3.75 million square feet. These sites are expected to generate over INR 5,000 crore in revenue from premium residential projects. This move highlights GPL's strategic expansion in the National Capital Region (NCR) and aligns with market trends favoring integrated living environments. The company aims to leverage Greater Noida's growth potential and enhance its presence in the region.Read more

12 Aug 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has filed an appeal with the Supreme Court to protect its right to contest the NCLAT's order requiring Jaypee Infratech Ltd (JIL) to pay INR 1,335 crore to farmers over four years. YEIDA's move is urgent, given the 45-day window for appeal and the potential objections from the Uttar Pradesh government. The NCLAT's ruling, reducing YEIDA's original claim from INR 1,689 crore, follows a structured payment plan from Suraksha Group. The resolution is critical for over 20,000 buyers awaiting flats and highlights the complex legal and financial landscape impacting both farmers and homebuyers.Read more

12 Aug 2024

The Supreme Court of India has directed the CEOs of Noida and Greater Noida Authorities to appear before it due to their failure to expedite housing projects by the Amrapali Group. Attorney General R. Venkataramani, serving as a receiver for Amrapali, criticised the authorities for obstructing progress and delaying approvals for building plans based on revised Floor Area Ratio (FAR) figures. The court's intervention follows allegations of fraud against Amrapali and ongoing efforts by NBCC to complete 16 projects valued at INR 8,017 crore. The court aims to ensure timely completion and delivery of homes to thousands of awaiting buyers.Read more

12 Aug 2024

The Greater Noida Industrial Development Authority (GNIDA) has announced a six-month penalty waiver for around 40,000 homebuyers unable to register their flats due to developers' unpaid dues. Effective from July 22, this relief applies across 60 projects, allowing buyers to complete registrations without fines. Historically, GNIDA's penalties could reach INR 50-100 daily, creating financial strain. This initiative, influenced by homebuyers' associations, aims to rectify issues from unregistered flats and stalled projects. It is part of broader efforts to support homebuyers and stabilise the real estate market in Greater Noida.Read more

09 Aug 2024

YEIDA is launching a project with 19 housing plots near Noida Airport, in Sectors 17, 18, and 22D. The project aims to meet housing demand driven by Noida International Airport and regional industrial development, creating at least 25,000 flats across affordable to luxury units. Plot prices range from INR 32,375 to INR 35,612 per square metre. CEO Arun Vir Singh expects increased housing demand from new industrial projects, with plans for 30 more group housing plots. CREDAI NCR leaders highlight the project's potential to balance supply-demand disparities and attract diverse buyers due to the new industrial corridor.Read more

09 Aug 2024

The Noida Authority aims to sell over half a million square metres of land in FY 2024-25 to raise more than INR 3,700 crore. Land will be allotted across residential, industrial, institutional, group housing, and commercial segments through e-auctions. The Authority expects to generate INR 1,080 crore from group housing plots, INR 1,010 crore from commercial land, INR 705 crore from industrial plots, INR 650 crore from residential plots, and INR 315 crore from institutional plots. Additionally, INR 35 crore is expected from allotting empty residential spaces. Schemes for these categories will be launched soon.Read more

05 Aug 2024

Eldeco Infrastructure and Properties Ltd. has acquired a 20,000 sq metre plot near the upcoming Jewar Airport for INR 96.86 crore through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA). Purvanchal Projects also secured a 40,000 sq metre plot for INR 149.47 crore. These strategic moves aim to capitalise on the anticipated development rise around the new aviation hub. Eldeco's expansion continues with acquisitions in Gurugram, including 11.2 acres in Sector 80 for INR 275 crore. The company's extensive portfolio spans the NCR and other key locations like Sonepat and Greater Noida West. Recent funding of INR 350 crore from HDFC Capital Advisors bolsters Eldeco's growth prospects.Read more

05 Aug 2024

The Yamuna Expressway Authority (YEIDA) is re-examining 36 previously unsuccessful land acquisition attempts to expand its holdings and curb illegal constructions. The initiative covers over 6,317 hectares in various sectors. Challenges included farmer opposition over low compensation, leading to court stays. The survey also addresses encroachments, with notices issued to over 300 violators. Upon completion, YEIDA plans residential, group housing, and transport projects to foster regional growth. This effort aims to secure land for development, enforce proper use, and support infrastructure and economic expansion, ensuring transparent and fair processes in land management.Read more

02 Aug 2024

Real estate developers in Noida who have paid the initial 25% under the state government's reschedulement policy are now eligible for additional relief on their dues. This follows earlier relief that eliminated penalties and interest accrued during the Covid-19 pandemic. The new waiver targets the period from August 14, 2013, to August 19, 2015, when construction was halted due to NGT orders. Out of 57 applicants, 10-11 developers are expected to benefit. Noida Authority CEO Lokesh M confirmed ongoing assessments, aligning with the UP government's efforts to revive stalled projects. The move, welcomed by CREDAI, aims to expedite project completion and address delays caused by external factors.Read more

01 Aug 2024

Over 150 residents of La Residentia Society in Greater Noida West protested against the builder's failure to provide essential services such as water, electricity, sanitation, and functional lifts. Despite possessing only 1,500 of the 3,256 flats, residents face severe infrastructure issues, including power overload, water shortages, and dysfunctional elevators. They have protested every Sunday for three weeks, but the builder denies their claims and attributes the issues to residents' non-cooperation. The ongoing conflict underscores the necessity for developers to fulfill their commitments and ensure adequate amenities for residents, requiring collaborative efforts for sustainable solutions.Read more

29 Jul 2024

The Dharampal Satyapal Group (DS Group) has achieved the prestigious LEED Platinum Green Building certification for its Noida headquarters, marking it as the world's most sustainable green building. With a remarkable score of 109 out of 110, surpassing its previous score of 104, this certification under the USGBC Existing Building - O+M Programme Version 4.0 underscores DS Group's commitment to environmental sustainability. Valid for five years, the certification highlights the Group's dedication to energy efficiency, water conservation, and sustainable practices. Vice Chairman Rajiv Kumar reaffirmed the company's commitment to net-zero emissions and responsible stewardship.Read more

26 Jul 2024

The Noida Authority has approved a 6% increase in land allotment rates for residential and industrial plots, effective from the financial year 2024-25. This decision accompanies a budget approval of INR 7,700 crore for the upcoming year. The hike affects residential plots in categories A to E, with prices ranging from INR 1.25 lakh to INR 48,110 per square metre. Group housing and industrial plot rates have also risen by 6%, impacting developments across the region.Officials attribute the increase to inflation and anticipate generating substantial revenue to support ongoing development projects in Noida.Read more

25 Jul 2024

Builders in Greater Noida are under scrutiny for allegedly illegally extracting groundwater, triggering potential fines following a National Green Tribunal (NGT) order and subsequent investigations. Environmentalists raised concerns, leading to findings that 38 developers across 41 projects were not compliant with regulations on water extraction. The Greater Noida Authority has proposed fines totaling INR 144.3 crore, calculated at 1% of project costs due to absence of water metre data. Builders argue for fair penalties based on extraction duration and volume. This case underscores the critical need for stringent groundwater management in construction, with implications for environmental sustainability and community welfare.Read more

24 Jul 2024

Homebuyers in Noida are facing uncertainty as Supertech's dispute with the Greater Noida Authority delays flat registrations for around 2,000 units. The issue revolves around outstanding dues of INR 900 crore, part of a larger disputed amount claimed by the Authority. Supertech, undergoing insolvency proceedings, has submitted a resolution plan proposing to settle these dues and register flats in Ecovillage 1, Ecovillage 3, and Czar Suites. However, disagreements persist over payment terms and conditions, leaving several homebuyers in limbo after waiting over seven years for registrations. Clarity and timely resolution are critical for addressing homebuyer concerns amid ongoing legal complexities.Read more

23 Jul 2024

Good news for nearly 500 homebuyers of the 3C Lotus City project in Noida: construction can finally begin after years of delays due to a legal dispute. The Yamuna Expressway Industrial Development Authority (YEIDA) and the new developer, ACE Infracity Developers Private Limited, have resolved a long-standing case pending before the National Company Law Appellate Tribunal (NCLAT). The project, launched in 2012 on 100 acres, faced delays due to farmers' demands for increased compensation. With a revised plan reducing ACE's land dues from INR 506 crore to INR 299 crore and addressing farmers' compensation, construction is set to resume, bringing relief to homebuyers.Read more

22 Jul 2024

The Noida Authority plans to amend bylaws to prevent developers from constructing up to the maximum purchasable Floor Area Ratio (FAR) without prior approval. Developers currently build up to the basic FAR and later add floors, paying fines afterwards. Proposed measures include prohibiting construction up to purchasable FAR without permission and increasing fines from INR 200 to INR 2,000 per square metre. These changes aim to ensure compliance with approved plans, safeguarding green spaces, parking, and building standards. The amendments seek to regulate development practices, enhance project quality, and protect homebuyers' rights in Noida.Read more