23 Aug 2023

Lokesh M, the newly-appointed CEO of Noida Authority, met with over 24 real estate developers to address the whopping Rs 26,000 crore in pending dues and homebuyers' concerns. He has ordered swift action against defaulting builders, including issuing recovery certificates. Concerns about construction quality, parking, and waterlogged basements were also discussed. Builders have been given a deadline of August 26 to open escrow accounts as previously directed. This move underscores a commitment to transparency, accountability, and ensuring buyers receive quality homes.Read more

22 Aug 2023

Noida is preparing to review circle rates after a three-year hiatus. Property surveys will be conducted to ensure accurate recalibration of rates in various categories. The district administration has directed sub-registrars and magistrates to assess prevailing circle and market rates. Inputs from departments like PWD and Forestry will be considered for potential rate adjustments. The move comes after rates remained unchanged from 2020 to 2022 due to pandemic-induced real estate challenges. The revised rates aim to reflect actual property values and address demands from sectors like farming for fair compensation.Read more

19 Aug 2023

In the bustling real estate hub of Noida, Uttar Pradesh, where the prevailing issues revolve around project delays and unfinished constructions, a mere 5% of the issued Recovery Certificates (RCs) by the real estate ombudsman have seen successful recovery since 2018. This disheartening statistic highlights the persistent challenges faced by homebuyers in receiving compensation and raises concerns about the effectiveness of regulatory measures in the region's property market. Despite efforts to address grievances, the majority of unresolved cases continue to test the efficacy of consumer protection mechanisms.Read more

19 Aug 2023

Noida is poised for a substantial expansion across 21,000 hectares, endorsed in the draft Master Plan 2041 for Dadri-Noida-Ghaziabad Investment Region (DNGIR). This enlargement encompasses 20 Noida and 60 Bulandshahr villages. Notably, 8,800 hectares (40%) are slated for industries, 2,500 hectares (12%) for residences, and 3,780 hectares (18%) for green and recreational spaces. Phase one's Rs 8,500 crore investment will transform 3,000 hectares, anticipating a staggering Rs 40,000 crore influx and generating 50,000+ jobs. The expansion aligns Noida with sustainable growth, harmonizing industry, homes, and leisure spaces.Read more

18 Aug 2023

In a proactive move, the UP government has initiated a pilot endeavour involving real estate giant Hawelia Group, which has assumed control of a 22-acre incompletely executed venture named Shree Radha Sky Garden in Greater Noida. Under this transition, the new developer is slated to complete and deliver more than 2,000 flats, exemplifying a promising step towards project revival and housing provision. The proposed co-development policy enables developers to seek market funding for project completion. The move aims to address the growing issue of stalled real estate projects in the region.Read more

16 Aug 2023

A finance department audit has exposed financial irregularities amounting to Rs 2,313 crore across three Noida industrial development agencies between 2012 and 2016. Notable discrepancies include inflated floor area ratios to housing developers, leading to a Rs 1,100 crore loss for the Greater Noida Authority, and questionable financial practices by the Noida Authority. Noida CEO Lokesh M indicates their internal report might offer a contrasting view. Further discussions are slated for August 22.Read more

14 Aug 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) is offering an enticing chance for homebuyers with two residential schemes near the upcoming Noida International Airport. The flat scheme presents 468 luxurious flats, while the plot scheme offers 1,184 plots ranging from 120 to 2,000 square meters. Interested plot scheme applicants can submit applications until September 1, with a lucky draw on October 18 determining plot allotment in sectors 16, 17, and 20, priced at Rs 24,600 per sqm. The schemes have garnered significant interest due to the progress of the Noida International Airport and booming infrastructure along the Yamuna Expressway.Read more

10 Aug 2023

Over the weekend, Gautam Buddha Nagar residents held demonstrations, pressing for urgent resolutions on halted flat registries and incomplete housing projects. Representing 25 Greater Noida West societies, the protestors emphasized the need for quick action on government commitments. Meetings between NEFOWA, GNIDA CEO Ravi Kumar NG, Jewar MLA Dhirendra Singh, and other officials took place. Civic concerns like rain water logging due to a Sector 51 wetland and other maintenance issues were also discussed. Noida Authority CEO Lokesh M proposed a survey of the problematic wetland to find solutions. Residents await tangible actions following these discussions.Read more

05 Aug 2023

Residents of Logix Zest in Noida, India, are facing a financial setback as they are required to pay an additional Rs. 90 lakhs for power expenses, on top of the already hefty Rs. 3 crore they had paid earlier. The sudden escalation in costs has raised concerns about transparency and accountability, leading residents to demand a thorough breakdown of expenses and an independent audit. The real estate sector in Noida may suffer reputational damage due to incidents like these, prompting potential homebuyers to exercise caution and research before investing. The management of Logix Zest has promised to address residents' concerns in an upcoming meeting.Read more

04 Aug 2023

The Noida Authority plans to open escrow accounts for 59 developers who have defaulted on payments. The move aims to recover dues and reduce financial losses caused by developers diverting funds to other projects. Escrow accounts require developers to deposit 50% of the collected funds from homebuyers and other sources, giving the Authority access to withdraw from these accounts when necessary. Four accounts have already been opened for certain projects, and 15-20 more are expected to follow. This decision, backed by UP-RERA, is hoped to recover over Rs 7,000 crore in dues, benefiting both the Authority and property buyers.Read more

02 Aug 2023

The National Company Law Appellate Tribunal (NCLAT) has permitted a reverse corporate insolvency resolution process (CIRP) for the group housing project, The Belvedere, in Noida. The project faced delays, leading buyers to form the Belvedere Welfare Association and seek resolution for the delayed possession. The NCLAT's decision allows negotiations between the homebuyers, the developer, and a finance creditor to complete the project. Strict conditions have been imposed on the developer to protect the interests of homebuyers, including completing Phase I by January 2025 and depositing funds into a RERA-approved escrow account.Read more

22 Jul 2023

The Greater Noida Industrial Development Authority (GNIDA) has served a notice to Town Park Buildcon for unauthorized construction and commercial activities at White Orchid society in Gaur City 2, Sector 16C. The developer has been ordered to cease these activities and provide an explanation. Unapproved construction was confirmed after a resident's complaint led to an on-site inspection. The developer and flat owners have refrained from commenting on the matter. Non-compliance with the order could result in legal action.Read more

18 Jul 2023

The Sayar Group, a prominent real estate developer in the National Capital Region (NCR), has embarked on a new project called SAYA South X in Greater Noida. This development will feature fully furnished studio apartments. The project includes 300 apartments, each covering 688 sq. ft., with an investment of approximately 100 crore rupees. The Biztop business suites are expected to be ready within 6 months, with the complete project scheduled for completion by 2025. The SAYA South X project encompasses 8.75 lakh sq. ft. of built-up area on 3 acres of land, with prominent brands already signed up for space within the development.Read more

14 Jul 2023

Incuspaze pioneers workspace solutions, recently launched its sixth centre in Noida, Sector 126. Spanning over 65,000 sq. ft. at The Fortune One, the facility offers more than 1200 seats and premium amenities. Incuspaze has leased a total of 9.7 lakh sq. ft. of office space in Noida and Gurugram to meet the growing demand for flexible workspaces. With a presence in more than 14 cities and over 30 centres, Incuspaze aims to be the preferred workspace provider in talent-rich areas.Read more

14 Jul 2023

The three development authorities in Gautam Budh Nagar have decided to discontinue the practice of allotting industrial plots through e-auctions and revert to the previous system of draw of lots, interviews, and background checks. Entrepreneurs, particularly those from the MSME sector, had voiced complaints that the e-auction process favoured large-scale businesses and hindered the growth of smaller enterprises. The decision to reinstate the previous method aims to promote inclusivity, transparency, and equal opportunities for all entrepreneurs in the region.Read more

10 Jul 2023

The Central Ground Water Authority (CGWA) has recommended a substantial fine of Rs 230 crore on 30 developers operating in Greater Noida West, popularly known as Noida Extension. These developers have been accused of illegally extracting groundwater, and the case is currently being heard by the National Green Tribunal (NGT). The CGWA's recommendation follows an interim compensation of Rs 76 crore that was levied on 38 builders in May by a joint committee consisting of the Central Pollution Control Board, Uttar Pradesh Pollution Control Board, and the district administration.Read more

10 Jul 2023

Ace Group has unveiled its latest commercial venture, 'Ace 153', in Sector 153, Noida, showcasing their commitment to innovation and excellence in real estate. With an impressive portfolio of completed projects and ongoing developments, Ace Group is known for setting new standards in the industry. Ace 153 is strategically located within 500m of the expressway and a short walk from the metro station, making it a game-changer in the commercial landscape. Its positioning along the route from Noida International Airport at Jewar offers prime accessibility and attractive investment prospects.Read more

07 Jul 2023

Noida has unveiled 'Vedvan Park', India's first-ever Vedic-themed park. Constructed with an outlay of INR 27 crore, the park hosts over 50,000 plant species mentioned in the ancient Vedic scriptures. The site, which once served as a dump yard, now offers a unique blend of cultural history and nature across its seven zones, named after renowned Vedic sages. The park also features a Vedic-themed laser show, murals from the Vedic era, an outdoor gym, and a solar-powered amphitheatre. It is anticipated to attract residents from local sectors and nearby communities.Read more

05 Jul 2023

Construction has started on the 2-acre retail high street project known as Paras Avenue by Paras Buildtech in Noida Sector 129. The concept intends to reinvent the high-street shopping experience and offer customers a distinctive place to buy and eat. The remarkable design, wide frontages, and flexible spaces on Paras Avenue make it the perfect setting for maximizing the economic potential of a variety of goods and services. Double-height retail locations increase brand visibility and draw greater leasing fees from investors. With a proven track record of creating commercial properties, Paras Buildtech is a dependable and respectable developer.Read more

04 Jul 2023

The Uttar Pradesh Real Estate Regulatory Authority (RERA) has ordered Noida-based developer NexGen Infracon to pay a fine for a five-year delay in giving a buyer possession of a unit. The buyer paid Rs 1.35 crore for the apartment in Mahagun Mezzaria, and rather than the anticipated date of December 2018, possession was given in 2021. NexGen Infracon was required by RERA to turn over the apartment or pay a late fee of almost Rs 16 lakh. The resolution emphasizes the value of RERA in defending homebuyers' rights.Read more