13 Sep 2024

ATS Realty, a prominent developer, has recently cleared INR 130 crores in outstanding dues to the Yamuna Expressway Industrial Development Authority (YEIDA), enabling the commencement of a 100-acre township development near the upcoming Noida International Airport. This payment was made in accordance with the Amitabh Kant committee's recommendations, which granted developers a deadline of August 31st to clear 25% of their outstanding dues and additional farmer compensation. The committee's report is seen as a significant step towards reviving stalled projects and boosting investor confidence in the sector. A revival in the housing and construction sector is also vital for boosting the overall economy.Read more

13 Sep 2024

The Greater Noida Industrial Development Authority (GNIDA) recently auctioned three residential plots for INR 521 crore, exceeding the reserve price of INR 262 crore. Eldeco Infrastructure, Prasu Infrabuild with Divyansh Infraheight, and Purvanchal Projects secured these plots. This follows a successful e-auction where GNIDA sold five land parcels for INR 1,500 crore. Eldeco has been particularly active, acquiring multiple land parcels in Noida, Gurgaon, and Sonipat. The company recently secured INR 350 crore in funding from HDFC Capital Advisors, bringing their joint platform's corpus to INR 850 crore. Eldeco Group has completed 200 projects and currently has 30 more in various stages of development.Read more

12 Sep 2024

The Sports City project in Noida, Sector 150, was halted in 2021 after a Comptroller and Auditor General (CAG) audit highlighted several issues with the land allotment process. The concerns raised by the CAG led to the suspension of the project, which has remained on hold since then. According to officials, the Noida Authority is now reviewing the project and considering its future progress. The Noida Authority plans to discuss it in an upcoming board meeting, where a final decision may be made on whether to lift the ban and resume work on the Sports City development project.Read more

11 Sep 2024

Eros Group is investing INR 400 crore to advance the development of Phase 3 of its Eros Sampoornam residential project in Greater Noida. Spanning 21,728 square metres, the project includes 11 towers with luxurious 2 and 3 BHK apartments. The company has already sold inventory worth INR 200 crore, reflecting strong buyer confidence. Located near the upcoming Aqua Line metro station, the project offers state-of-the-art infrastructure and modern amenities, including a gated community and a sophisticated community centre. Eros Sampoornam 3 promises to elevate living standards, blending luxury, comfort, and strategic convenience for its residents.Read more

11 Sep 2024

The Allahabad High Court has directed the Noida Authority to maintain the status quo regarding a demolition notice in Wajidpur village until the petitioners' objections are resolved. The petitioners argue that the land was previously declared as abadi land and that the new notice could lead to eviction and demolition without considering their concerns. The court has instructed the Authority to address these objections within six weeks while ensuring all stakeholders are heard. This decision highlights ongoing conflicts over land use and authority jurisdiction in Noida's urban development efforts.Read more

11 Sep 2024

The Noida Authority is considering reaching out to the Economic Offences Wing (EOW) regarding developers who have not utilised the UP-government's rehabilitation package for stalled residential projects. Of 57 defaulting projects, 22 have accepted the package, which provides a two-year zero-period relief from April 2020 to March 2022. The remaining 29 developers, owing about INR 6,900 crore, are ineligible for this relief. Following recent directives from CM Yogi Adityanath, disciplinary actions will be enforced against non-compliant developers. Currently, 28 projects have recalculated dues of INR 1,020 crore, while 29 non-compliant builders face dues of INR 6,900 crore.Read more

10 Sep 2024

The Greater Noida Industrial Development Authority (GNIDA) has unveiled a new scheme offering 22 commercial plots, ranging from 1,500 to 19,000 square metres, through an e-auction. With the upcoming Noida International Airport driving land demand, this initiative presents a rare opportunity for realtors. Registrations began on 29 August 2024 and will close on 19 September 2024. The plots, located in prime sectors, vary in Floor Area Ratio (FAR), offering flexibility in development. Allotments will be leasehold for 90 years, with the revenue directed towards Greater Noida's infrastructure development.Read more

09 Sep 2024

The Noida Authority is set to revise building regulations to tackle land shortages by increasing the Floor Area Ratio (FAR) from 2 to 2.5 in industrial sectors. This change, impacting plots on roads wider than 24 meters and smaller industrial sites, aims to optimize land use and support vertical growth. The new FAR regulations also extend to IT and IT-enabled services (ITES) plots. This initiative seeks to enhance industrial capacity and accommodate Noida's rapid development, balancing economic expansion with sustainable urban planning. Public feedback will shape the final amendments, marking a crucial step in Noida's growth strategy.Read more

06 Sep 2024

Trehan IRIS has teamed up with Marriott International to introduce the Courtyard by Marriott brand to Greater Noida West, marking its debut in the Noida region. This new hotel, part of the Iris Broadway Greno West project, will feature 135 rooms, banquet facilities for over 2,000 guests, and amenities like a swimming pool, terraces, and an all-day dining restaurant. The project, including retail and office spaces, represents a INR 400 crore investment and is expected to be operational by 2027. Designed by Benoy, it spans 3.4 acres and will include a high-rise office tower and various upscale features.Read more

06 Sep 2024

The Supreme Court has cleared the way for the NBCC, a public sector undertaking, to construct nearly 8,000 additional apartments in six of the 24 stalled Amrapali projects in Greater Noida and Noida. The funds generated from the sale of these flats will be used to recover project costs and clear the dues owed by the bankrupt real estate developer Amrapali to the Noida and Greater Noida authorities. Amrapali had declared bankruptcy in 2017 and abandoned the 24 projects, leaving thousands of homebuyers in the lurch. The Supreme Court has allowed NBCC to pay INR 743.16 crore to the authorities for a higher floor area ratio (FAR) to expedite the construction work.Read more

05 Sep 2024

The Noida Authority plans to reclaim 13 acres of a 24-acre plot in Sector 144, originally allotted to Unitech Group in 2011 for residential development but left undeveloped. The land is not part of an ongoing Supreme Court case involving Unitech's unfinished projects, enabling the Authority to cancel the allotment. Despite a proposal from Unitech to build new towers and houses on the vacant land to fund its incomplete projects, the Authority opposed it. A final decision from the Supreme Court is awaited to determine whether the Authority can proceed with reclaiming the land.Read more

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