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13 Dec 2024
The modified Detailed Project Report (DPR) for the extension of the Noida Metro's Aqua Line corridor has been submitted to the Centre for final approval. This extension will connect Sector 51 to Knowledge Park-V in Greater Noida and has been recently approved by the Uttar Pradesh Cabinet. The project, estimated to cost INR 2,991.60 crore, involves the addition of 17.435 km and 11 new stations, offering better urban connectivity and alleviating traffic congestion. Officials highlight its significance in improving public transport infrastructure and connecting key areas in Noida and Greater Noida.Read more
13 Dec 2024
The Noida Authority has cancelled the allotment of 13,961 square meters of land in Sector 143 to Docile Buildtech Pvt Ltd, a subsidiary of Logix Group, for non-payment of INR 130 crore in dues. Despite an initial payment of INR 3.2 crore, the company failed to settle the remaining amount, which accrued significant penal interest. The land, valued at INR 450 crore today, remained unused for six years. Noida Authority plans to re-allot the plot to recover dues and has filed a case with the NCLT and a complaint with the EOW against Logix Group. This action underscores the need for stricter compliance and accountability in real estate.Read more
10 Dec 2024
YEIDA's upcoming hi-tech township near Jewar International Airport has garnered significant interest, with over 34,000 registrations and brochure sales exceeding INR 3.77 crore. Located in Sector 24A, near the International Film City and MotoGP track, the project offers 451 residential plots ranging from 120 to 260 square meters at INR 25,900 per square meter. Farmers receive 17.5% of the allocation. Registration closed on November 30, and a lottery draw is set for December 27. The initiative highlights the demand for modern housing near key infrastructure, reflecting a positive trend in real estate investments in Noida's rapidly developing region.Read more
10 Dec 2024
The Noida Authority has flagged numerous unauthorized constructions, including multi-storey buildings, in Wajidpur village near the Yamuna floodplains, deeming them illegal. Actions against the offenders are underway, with further investigations into constructions in Kondli village. Noida Authority CEO Lokesh M has directed officials to verify construction permissions for a banquet hall and restaurant in Kondli, while also ordering the removal of unauthorized markets and the installation of boundary markers. The authority warned the public against engaging in transactions related to these illegal constructions, emphasizing that such activities violate the approved master plan and relevant laws.Read more
05 Dec 2024
The Noida Authority is advancing plans to acquire 25 hectares in Sector 165, primarily in Gulawali village, along the Noida Expressway to develop an industrial zone. The land, spread across four villages, will be procured through mutual consent to address farmers' concerns and ensure smooth acquisition. While the Authority already possesses some land, encroachment and habitation in other areas pose challenges. Sector 165 is part of a broader expansion involving six sectors, with 40% of the required 540 acres acquired so far. Sectors 162, 164, and 165 will host industrial units, while mixed-use developments are planned for other sectors.Read more
05 Dec 2024
Two months after Uttar Pradesh introduced the Lift and Escalator Rules, 2024, none of Noida's 80,000 lifts have been registered, despite rising safety concerns and repeated malfunctions. The law mandates registration, safety checks, and maintenance, with penalties of INR 10,000 and potential lift suspension for non-compliance. Residents and Apartment Owners Associations (AOAs) cite confusion over the registration process, which the Noida administration plans to clarify in a meeting with stakeholders. Safety incidents, including lift crashes, underscore the urgency of enforcement. Concerns about monopolistic repair mandates by manufacturers add to the challenges, making effective communication and compliance critical for improving elevator safety.Read more
27 Nov 2024
The Noida Authority has commenced a land survey for the Dadri-Noida-Ghaziabad Investment Region (DNGIR), or New Noida, to facilitate land acquisition and development. Spanning 209.11 sq. km across 80 villages in Gautam Budh Nagar and Bulandshahr, the project will be executed in four phases, with the first phase targeting 3,165 hectares by 2027. Part of the Delhi-Mumbai Industrial Corridor (DMIC), the DNGIR Master Plan 2041 allocates 40% for industrial use, 13% for residential, and 18% for green spaces. Enhanced connectivity via road, rail, and the upcoming Noida International Airport is expected to drive economic growth and infrastructure development.Read more
22 Nov 2024
The Greater Noida Industrial Development Authority (GNIDA) has taken action against developers with outstanding dues, issuing recovery certificates (RCs) to Antriksh Engineers, Elegant Infracon, and MSX Realtors, who collectively owe over INR 159 crore. The recovery follows a December 2023 policy offering interest waivers on stalled housing projects. GNIDA has already collected INR 550 crore in initial deposits and expects an additional INR 1,302 crore from remaining payments, marking progress in resolving overdue liabilities.Read more
21 Nov 2024
A recent inspection by the groundwater department revealed that 140 out of 164 residential societies in Noida and Greater Noida had non-functional rainwater harvesting systems, with 10 lacking the systems entirely. Only 14 societies were found to have operational systems. The Noida Authority, after meeting with the groundwater department, decided to issue notices to all societies, providing them with 15 days to comply. A joint inspection will follow, and non-compliance will result in enforcement actions.Read more
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
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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
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