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18 Apr 2024
The Noida Authority is addressing long-standing delays in flat registrations by directing developers to complete registrations within 15 days if they've paid 25% of their dues, totaling INR 11,175 crore. This initiative aims to expedite ownership rights for homebuyers. Positive progress has been made, with over 1,400 flat registrations approved across 15 projects, benefiting around 300 buyers so far. Encouraging remaining developers to settle dues could further alleviate the backlog, potentially benefiting over 1,100 flats. These steps signify a commitment to resolving delays and facilitating property ownership for Noida residents.Read more
16 Apr 2024
YEIDA allocates over INR 650 crore to acquire 244 hectares of land for Sector 10, near the upcoming Noida International Airport. This funding aims to expedite industrial development, including electric vehicles, plastic processing, footwear, handicrafts parks, and a transport hub. Social impact assessments have progressed, with an anticipated completion date of 2024. The district administration oversees land acquisition, including the Noida International Airport expansion. Upon completing formalities, the acquired land will be allotted for industrial parks. Sector 10's strategic location, near the greenfield airport and Yamuna Expressway, positions it as a prime destination for industrial ventures, attracting various enterprises.Read more
16 Apr 2024
Noida's Sector 120 stands as a bustling nexus of residential and commercial vitality, centrally positioned within the city's core. Distinguished by modern infrastructure and meticulous planning, it offers towering residential towers, vibrant shopping centers, and corporate headquarters. Enhanced by seamless connectivity via the Noida-Greater Noida Expressway, it beckons both residents and businesses. In March, Amrapali Zodiac shines as the top-selling residential complex, followed by RG Residency and Prateek Laurel. Offering a spectrum of options, from lavish abodes to budget-friendly havens, Sector 120 caters to diverse preferences. With prices ranging from INR 33 Lakhs to INR 1.08 crores, it epitomizes inclusivity, accommodating various budgets and lifestyles.Read more
11 Apr 2024
The National Green Tribunal has issued notices to the UP government, Noida, Greater Noida authorities, and other bodies following a petition alleging illegal construction on farmland. The petition, filed by a former BJP councillor from Ghaziabad, highlights concerns over the encroachment of fertile farmland and unauthorised plotting in Noida and Greater Noida, prompting the NGT to schedule a hearing on July 8. The NGT's intervention underscores the need for strict enforcement of environmental regulations and urban planning to address environmental degradation and safeguard agricultural land in the region.Read more
08 Apr 2024
Noida Authority struggles as only 14 out of 57 projects sign up for UP government's rehabilitation package, despite much efforts. This package was initiated based on Amitabh Kant-led panel recommendations and it aims to address issues of pending dues and flat registrations. Of the identified projects, builders of 35 agreed to the deal and about 14 submitted 25% of recalculated dues, enabling registration of 4,000 flats. The Authority anticipates more registrations in April as builders consider deposits in the new financial year. The Stamps department has organised camps to expedite registries, registering 500 flats so far.Read more
05 Apr 2024
The National Company Law Appellate Tribunal (NCLAT) overturned a petition submitted by homebuyers of a project in Greater Noida, seeking insolvency proceedings against Ansal Hi-tech Township Ltd. The petition sought insolvency proceedings for a project in Greater Noida. NCLAT reiterated NCLT's ruling, stating the homebuyers didn't meet criteria for filing insolvency as they belong to various projects. The dispute centered on the definition of 'Sushant Megapolis' as a unified project. The tribunal's decision signifies a setback for the homebuyers' efforts to address their grievances through the insolvency route.Read more
28 Mar 2024
A dispute over land acquisition for a major sports complex project in Noida has reached the Allahabad High Court. ATS Homes, the project's developer, accuses the Noida Authority of not providing the necessary 25 acres of land for the project's initial phase, despite plans for a 125-acre "Sports City" in Sector 152, Noida. The court has raised concerns about the delay and directed the Noida Authority to respond by April 3. The project, featuring an international cricket stadium and other sports facilities, could enhance Noida's infrastructure and promote a healthy lifestyle, pending resolution of the land allotment issue.Read more
25 Mar 2024
The Greater Noida Industrial Development Authority (GNIDA) oversaw 1,000 flat registrations across 30 group housing societies as part of a state government rehabilitation package for stalled projects. Plans are set for an additional 10,000 registrations, with the majority in Greater Noida West. Developers owe INR 1,800 crore, with relief options available. Consent obtained from 75 out of 96 defaulter projects may lead to 15,000 flat registrations. Similar initiatives in Noida and Yamuna aim to streamline processes, fostering trust and development.Read more
13 Mar 2024
The National Company Law Appellate Tribunal (NCLAT) has set a deadline, warning that if the disputes between the Yamuna Expressway Industrial Development Authority (YEIDA) and Suraksha Group over Jaypee Infratech are not settled by the second week of April, the tribunal will proceed with the case. Suraksha Group's resolution plan for Jaypee Infratech was approved by the National Company Law Tribunal (NCLT) last year, but progress has been hindered by challenges from YEIDA and Jaiprakash Associates. The NCLAT has directed the Monitoring Committee overseeing the insolvency process to file a status report within two weeks, indicating potential relief for over 20,000 homebuyers invested in Jaypee Infratech projects.Read more
12 Mar 2024
The Yamuna Expressway Industrial Development Authority (YEIDA) has issued an occupation certificate to Oasis Grandstand in Noida's Sector 22D, easing registry anxieties for 1,235 homebuyers. This milestone resolves long-standing issues in the real estate sector. Furthermore, YEIDA's approval for approximately 600 plots in SDS Infracon's Sector 26A township signals progress in resolving financial disputes, enabling plot owners to initiate construction. CEO Arun Vir Singh highlighted these decisions' significance, emphasizing the forthcoming board meeting's potential to extend Covid 'zero period' benefits, potentially exempting homebuyers from interest or penalty charges. This move aims to alleviate financial burdens and expedite registry processes, ensuring relief for homeowners across various residential projects.Read more
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11 Mar 2024
Cushman & Wakefield will lead a 350-acre fintech hub near Noida International Airport, starting with 100 acres dedicated to core financial activities. The project aims to foster innovation and growth in the financial services sector. Renowned firms like Jones Lang LaSalle and CBRE South Asia are interested parties. Cushman & Wakefield will deliver the project report within 45 days, considering various development approaches like public-private partnerships. Leveraging India's booming fintech landscape and academic expertise, the hub stands to catalyse India's fintech revolution and propel economic prosperity.Read more
06 Mar 2024
The Noida Authority is taking significant strides to address the protracted issue of stalled real estate projects by facilitating the registration of more than 13,000 flats across various developments. With 35 developers committing to settle outstanding dues under Uttar Pradesh's rehabilitation package, aimed at resolving stalled projects, officials emphasize their dedication to prioritizing homebuyers' interests. Initial payments from developers, recalculated to reflect package benefits, are anticipated to exceed INR 500 crore, with 12 developers already settling dues, enabling registration of approximately 1,200 flats. Amidst an estimated INR 44,700 crore in outstanding dues, initiatives including special registration camps aim to expedite processes and alleviate burdens on homebuyers, underscoring efforts to revive the region's real estate sector.Read more
06 Mar 2024
The Noida Authority has launched a scheme offering 25 commercial plots in 11 sectors of the city, with a cumulative reserve price of Rs 105.5 crore. The plots, ranging from 18 sqm to 316 sqm, will be allotted through e-auction, with registration closing on March 7. These plots are strategically located near markets, Metro stations, and office areas. The reserve prices vary from Rs 49.11 lakh to Rs 6.60 crore, with an earnest money deposit (EMD) of 10% of the plot cost. The scheme aims to attract buyers looking for prime investment opportunities in Noida's commercial real estate sector.Read more
01 Mar 2024
Godrej Properties secured a prime 6.45-acre housing plot in Noida with a bid of INR 506 crore, strengthening its presence in the vibrant real estate market. Beating competitors in the e-auction held by the Noida Authority, the Mumbai-based developer aims to craft modern living spaces tailored to evolving lifestyles. This acquisition aligns with Godrej's expansion strategy, signaling confidence in Noida's growth prospects. Meanwhile, the company's foray into Hyderabad and Bengaluru markets underscores its commitment to delivering premium residential projects, further solidifying its position as a key player in India's real estate landscape.Read more
01 Mar 2024
Tata Consultancy Services (TCS), India's top IT firm, secured 400,000 sq ft office space in Noida, a major move amidst return-to-office trends. Demand for Grade A properties rose with corporate policies shifting. Assotech Business Cresterra project in Noida sees significant development. Despite economic uncertainties, the Delhi-NCR region witnesses increased leasing volume, driven by fresh space uptake. The flex space sector surpassed the IT-BPM sector in space consumption. The region experienced 2.9 million sq. ft. of new space influx, leading to a slight rise in vacancy rates. TCS's move reflected evolving workspace preferences in the corporate world.Read more
28 Feb 2024
State-owned NBCC received approval from the Greater Noida Authority to develop five Amrapali projects worth INR 10,000 crore. These projects include Centurian Park, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley. In December 2023, NBCC announced sales of 5,000 units for INR 2,900 crore across several residential projects of Amrapali. As per Supreme Court direction, ASPIRE was formed to complete stalled projects through NBCC. NBCC is tasked with completing 38,159 units and pending common facilities across 25 housing projects, with an estimated cost of INR 8,266 crore. NBCC aims to complete all projects by March 2025, prioritizing home buyers' ownership dreams.Read more
23 Feb 2024
The Uttar Pradesh State Government, guided by recommendations from a committee led by former Niti Aayog member Amitabh Kant, is streamlining flat registration in projects where developers accept recalculated dues under a rehabilitation plan. Special Sunday camps aim to hasten registration, aiding about 40 projects in Noida and Greater Noida. The deal offers a two-year interest and fine waiver on COVID-related dues upon 25% upfront payment. Officials anticipate a boost in revenue collection, aiming for INR 4,728 crore from Noida alone. However, only 13 of 57 developers have responded positively, prompting a deadline extension. Proactive measures aim to enhance developer participation and revenue, aligning with rehabilitation goals.Read more
21 Feb 2024
County Group plans to invest INR 5,000 crore over five years in Ivory County, an ultra-luxury housing project in Noida's Sector 115. With 2,372 units spread across 28 acres, the project includes 'Ivory County' and 'Ivory County Gold' segments. Phase one's 1,500 units are already sold out. Offering 3, 4, and 5-BHK apartments ranging from 2,034 to 6,939 sq ft, prices start at INR 14,000 per sqft for Ivory County and INR 16,000 per sqft for Ivory County Gold. With a revenue potential of INR 7,500 crore, the project targets buyers from within County Group's existing projects for a lifestyle upgrade.Read more
19 Feb 2024
The Greater Noida Industrial Development Authority (GNIDA) has initiated an e-auction for eight group housing plots, spanning 3.5 to 10 acres each, in various sectors of Greater Noida. Developers have a 90-day window to complete payment for the land and are required to adhere to the approved layout plan, obtaining an occupancy certificate within seven years. Sector Mu offers a 4.5-acre plot, Omicron 1A a 7.5-acre plot, and Eta 2 a 7-acre plot, among others. Interested parties must apply by Feb 27 and submit documents by March 1. Land rates range from INR 36,500 to INR 48,300 per sqm, with a total reserved price exceeding INR 970 crore. Allotments are on a leasehold basis for 90 years, with restrictions on amalgamation or subdivision. Consortiums are allowed, with a designated lead member responsible for project completion. Previous transactions, like Prasu Infrabuild's acquisition of a 6-acre plot in Sector Zeta 1, reflect investor confidence in Greater Noida's real estate market.Read more
06 Feb 2024
The Yamuna Expressway Industrial Development Authority (YEIDA) aims to boost economic development in Noida, anticipating the launch of the Noida International Airport in October. The board approved the creation of four integrated Special Economic Zones (SEZs) covering 10,500 hectares near Agra. These zones will host electronics, electric vehicle manufacturing clusters, and data centers, functioning as self-sustained townships. With a focus on environmental sensitivity, the SEZs will incorporate substantial green spaces and accommodate non-polluting industries. Additionally, an aviation hub near the upcoming airport and a semiconductor park were approved. The board also addressed environmental concerns with measures like air quality monitoring systems and land allocation reforms for institutions.Read more
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