21 Oct 2024

Gaurs Group, a leading NCR-based real estate developer, plans to raise funds for a 5 million sq ft commercial project in Noida. The project, spread over 18 acres, will include 2.5 million sq ft of retail space, 2 million sq ft of A-Grade office space, a convention centre, and a hotel, requiring an INR 3,000 crore investment. Additionally, the company launched a 12-acre luxury project in Ghaziabad, selling 1,200 apartments in three days, and plans an ultra-luxury project in Noida's Jaypee Greens. Gaurs Group aims to reduce debt with INR 4,500 crore in receivables.Read more

17 Oct 2024

The Noida Authority plans to hire a consultant to oversee land assembly activities, assisting in direct land purchases and legal acquisitions under the Land Acquisition Act. With the city rapidly expanding, around 200 hectares of land are projected for assembly, though this may change as development continues. The consultant will handle all aspects of land acquisition, from identifying parcels to managing legal and administrative processes. This move underscores the Authority's focus on addressing the growing demand for land, ensuring infrastructure projects are executed efficiently to support the city's development.Read more

17 Oct 2024

The Allahabad High Court has stayed the Noida Authority's denial of construction permits to Satya Homes Pvt Ltd and others, instructing the Authority to reconsider the applications following proper legal procedures. The court highlighted that blanket restrictions without valid justification were not permissible. A fresh site inspection is to be conducted in November, with a report due by mid-November, allowing affected parties to raise objections before the next hearing scheduled for December.Read more

17 Oct 2024

The government-appointed board of directors at Unitech Group has issued a stern warning to homebuyers who are defaulting on payments, indicating that construction of their flats could be halted and allotments canceled if payments are not made promptly. After nearly a decade of stalled construction, work has resumed on several Unitech projects across cities like Noida, Gurgaon, and Bhubaneswar. However, inconsistent payment compliance is hindering progress. For example, projects in Greater Noida have seen only a fraction of the demanded payments, with some buyers opting to pay penalties rather than dues. Unitech has urged defaulting homebuyers to settle outstanding amounts or face severe consequences.Read more

14 Oct 2024

Earlier this week, 51 buyers of Amrapali Dream Valley Enchante in Greater Noida West received the keys to their long-awaited apartments, marking a significant milestone after years of delays. The NBCC began the handover process four years after taking charge of the stalled project. While some buyers celebrated their new homes, others are still awaiting possession. The Supreme Court's earlier intervention, holding Amrapali accountable for fund misappropriation, has paved the way for the ongoing completion of this project.Read more

09 Oct 2024

The groundwater department has directed the AOA of Amrapali Leisure Valley in Greater Noida West to close all private borewells within 15 days and submit a compliance report, following the discovery of 50-60 unauthorized borewells. The society, which has around 800 villas but lacks a completion certificate and a water connection from GNIDA, relies on eight shared borewells for water. Ankita Rai from the groundwater department confirmed these borewells will remain operational, while individual villa owners' borewells will be decommissioned. The AOA asserts that only NBCC, responsible for water supply, should be held accountable. Decisions on fines are pending.Read more

08 Oct 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched an investigation into serious allegations against senior officials regarding the improper issuance of completion certificates to ten kiosk owners who had not commenced construction. Evidence suggests these certificates bypassed standard approval procedures. Granted between May and July for kiosks in sectors 32, 22D, 20, and 17A, the certificates should have received final approval from YEIDA's CEO, Arun Vir Singh. The authority is considering revoking land allocations due to these irregularities. A dedicated committee, led by Additional CEO Shruti, will investigate the situation, aiming to restore transparency and fairness in land distribution processes.Read more

07 Oct 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) is set to establish its first Software Technology Park in Sector 28, covering 100 acres and aimed at IT and IT-enabled services companies. Earlier this week, Chief Minister Yogi Adityanath announced that the IT sector would receive industry status, granting various benefits to IT firms. YEIDA is also discussing plots with major Indian IT companies, including Infosys and Wipro. Additionally, a scheme for 20 mixed-use land plots will be launched during the upcoming Navratri festival, integrating industrial, residential, commercial, and essential facilities.Read more

02 Oct 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) reported a substantial revenue of INR 982.51 crore in the first half of FY25, showing an increase of over INR 200 crore compared to the same period last year. However, expenses outstripped earnings, totalling INR 1,301 crore. A large portion of the expenditure went into land acquisition, more than doubling last year's figures. The rise in revenue, particularly from group housing projects, alongside increased airport and development spending, reflects YEIDA's focus on future infrastructure growth, despite rising costs.Read more

01 Oct 2024

After a 27-year legal impasse, the Greater Noida Authority has approved the registration of 800 apartments in the Senior Citizen Home Complex Welfare Society, providing relief to homebuyers who have lived without formal ownership. The delay stemmed from internal disputes within the society, preventing the issuance of a completion certificate essential for property registration. Following intervention by Uttar Pradesh Chief Minister Yogi Adityanath in December 2023, the authority resolved the issues and issued the certificate. The process will allow homeowners to officially transfer ownership titles, marking a major milestone for residents awaiting legal ownership since 1997.Read more

01 Oct 2024

The Noida Authority has launched a comprehensive scheme to establish six new hotels across the city, catering to the growing market demand. This initiative aims to bolster the city's hospitality infrastructure and strengthen its position as a thriving commercial and tourist destination. The scheme includes plots for three budget hotels and three star-category hotels, located in strategic sectors. The allotment process will be conducted through an e-auction, and the Authority expects to generate over INR 1,000 crore in revenue from this initiative. Additionally, the Greater Noida Industrial Development Authority has introduced a scheme for BPO and ITES plots, further enhancing the city's business ecosystem.Read more

30 Sep 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a housing scheme in Sector 22D, strategically located near the Noida International Airport, Film City, and Toy Park. This initiative offers 1,239 flats across three categories, with prices ranging from INR 21 lakh to INR 45 lakh, available on a first-come, first-served basis. Bookings commenced on September 19 and will continue until March 31, 2025. Notably, 17.5% of the flats are reserved for farmers affected by land acquisition for development. The project promises excellent connectivity to key economic hubs and attractions.Read more

27 Sep 2024

The Enforcement Directorate's Lucknow unit conducted extensive raids on multiple premises linked to former Noida CEO Mohinder Singh and various builders as part of a money laundering investigation. Following the Allahabad High Court's directives, the ED focused on Hacienda Projects Private Limited (HPPL) and its promoters, who allegedly diverted investors' and home buyers' funds, failing to deliver promised flats. During the searches, assets worth approximately INR 4.256 billion were seized, including cash, gold, diamond jewelry, and property documents, highlighting the significant scale of the alleged fraud affecting home buyers of the Lotus 300 Projects in Noida.Read more

25 Sep 2024

The Uttar Pradesh government recently greenlit the ambitious YEIDA Master Plan 2041, set to transform the region surrounding the Noida International Airport in Jewar. Covering 3,352 sq km across six districts, the plan includes mega projects such as a medical device park, semiconductor park, olympic park, and an aerotropolis. With zoning reforms and enhanced infrastructure, the plan aims to balance industrial growth with urban development, positioning the region as a global hub.Read more

25 Sep 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new housing scheme offering over 1,200 affordable flats in Sector 22D, near the upcoming Noida International Airport. The scheme includes 1BHK and 2BHK units, with various pricing options and flexible payment plans. Possession is granted after a minimum payment of 30% of the total premium, and an Apartment Owners Association will manage maintenance after two years. Strict guidelines ensure the flats are used for residential purposes, highlighting the importance of compliance for potential homeowners.Read more

24 Sep 2024

The Noida Metro Rail Corporation (NMRC) has issued an expression of interest (EOI) for the commercial development of three plots totalling 44,151 square metres near the Okhla Bird Sanctuary metro station. The EOI aims to attract experienced firms and institutions skilled in commercial real estate, covering areas like project management and financing. The plots, designated for commercial use under the Noida Master Plan and Building Byelaws 2010, are available for lease for up to 60 years. Developers are expected to create buildings designed to last at least 100 years.Read more

23 Sep 2024

The Noida Authority has identified around 1,200 plots across various categories for upcoming schemes. In a recent meeting led by CEO Lokesh M, it was revealed that 1,190 plots remain vacant, spanning industrial, residential, commercial, group housing, and institutional uses. The Authority aims to allocate 5.5 lakh square meters (135 acres) of land in the current fiscal year, with specific areas designated for each sector. Anticipated revenue generation is INR 3,795 crore, mainly from group housing (INR 1,080 crore) and commercial sectors (INR 1,010 crore). This strategic land allocation reflects Noida Authority's efforts to stimulate regional growth while addressing underused plots to boost economic development.Read more

20 Sep 2024

Unitech is set to resume its long-delayed housing projects in Noida following the Noida Authority's approval of a revised layout in June 2023, per a Supreme Court directive. Last week, a bhoomi puja was conducted for the Express City project in sectors 96, 97, and 98. The revised plan includes seven towers in Amber, seven in Burgundy, and 397 plots in The Willows, with a mix of residential, recreational, and institutional spaces. Unitech aims to complete these projects within 26 to 36 months, addressing delays and rebuilding buyer confidence.Read more

19 Sep 2024

The Noida International Airport, initially set to open in September, is now projected to commence operations by April 2025 due to steel procurement delays. During a review meeting, Chief Minister Yogi Adityanath emphasized resolving construction issues at the government level and warned of a daily INR 1 million fine on the airport concessionaire, YIAPL, if further delays occur. With land acquisition for Phase 2 underway, the project's completion remains a priority, focusing on connectivity, infrastructure readiness, and addressing farmer concerns. The airport's phased development aims to enhance regional growth and connectivity.Read more

16 Sep 2024

Noida Authority recently sealed Omaxe Buildhome's Grand Omaxe housing society in Sector 93B due to non-payment of INR 457.8 crore in dues. The developer failed to pay 25% of the recalculated dues, approximately INR 114.4 crore, even after receiving relief under the Covid-19 relief package. Noida Authority CEO Lokesh M stated that the developer had ignored multiple notices before the property was sealed. The Authority also plans to seal unsold flats and vacant land at other projects. Of 57 defaulting projects, only 22 have accepted the rehabilitation package, with 29 developers owing around INR 6,900 crore.Read more