Tag Archives: Greater noida

Five things to be aware of regarding the group housing plot plan by the Greater Noida Authority

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Following its float on February 7, the plan will expire on March 1, 2024. Officials say requests for the plots can come through February 2nd.

To entice real estate developers to create residential projects in the area, the Greater Noida Industrial Development Authority (GNIDA) has reopened a scheme for selling eight group housing builder plots after a lapse of more than ten years. 

According to officials, the scheme opened on February 7, and applications for plots can be made until February 2. The scheme will close on March 1, 2024. The Gautam Budh Nagar district’s Greater Noida region is under the jurisdiction of GNIDA.  

The planned October 2024 opening of the Noida International Airport is causing a spike in demand for housing in the Greater Noida and Yamuna Expressway regions. Thus, to address the housing shortage, we have introduced a plan for eight builder plots of group housing, and we are optimistic that relevant developers will respond favorably. 

He claims this is the first time the program has been introduced in 13 years, as the Authority decided to allocate housing plots in this category in or around 2010. 

These plots are spread throughout Greater Noida’s six sectors. Sectors 12 and Sigma 3 contain two plots each, while sectors Mu, Omicron 1A, Eta 2, and Sector 36 each have one plot. According to officials, these areas are close to the Yamuna Expressway, which links Agra and Greater Noida, and the Eastern Peripheral Expressway, which avoids New Delhi and travels through UP and Haryana. These industries will also correspond to the planned Jewar Film City and the soon-to-be Noida International Airport.  

According to the scheme brochure, Sector 36 offers a plot measuring 13,938.5 square meters, Sector Mu provides 18,215 square meters, and Sector 12 offers 22,558 square meters. 

Similar to this, a 32,350 sqm plot in Sector 2 is for sale, along with a 28,265 sqm plot in Eta 2, a 30,000 sqm plot in Sigma 3, and a 30,470.52 sqm plot in Sector Omicron 1A. The most expansive plot of the scheme of 38,771 sqm is on offer in sector Sigma 3.  

Allocation

Plots for group housing will go out through an online auction. A separate announcement will arrive regarding the e-auction’s date and time. For ninety years following the date of the execution of the lease deed, the plots will be on a leasehold basis. 

Authorities say that dividing or combining the allotted plots will not be allowed. 

Plan of payment 

In addition to a Rs 4.15 lakh processing fee, the applicants must deposit 10% of the plot’s reserved cost as registration money. 

The winning developers will have ninety days when the allotment letter is used to pay the entire land price. Within seven years of signing the lease deed, they must finish the project with the approved layout plan and get an occupancy certificate from the authority. 

How to use

Brochures and application forms are available for download at www.greatnoidaauthority.in. To apply and submit documents, interested parties must register on the e-auction portal at https://etender.sbi and receive a user ID and password. 

Commercial Shops In Noida Extension

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Real estate investing is no longer a simple task. It is hard to decide where to invest. There are numerous commercial projects in India, but before investing in any venture, you must be cautious about your funding. First, you must determine what type of property you want to invest in or what property will fit your budget. There are a few good commercial assets where you can earn money. We always advise our clients to invest in retail shops in Noida if they have an investment budget but no experience in industrial property. However, if you have any experience in the business sector and a large budget, you should invest in the commercial property in Noida Extension. 

Commercial Shops in Noida Extension 

You can spend your money on Retail Shops in Noida Extension. Commercial Shops in Noida Extension have a lot of potential for good returns on Investment for a short period. One of the reasons is that the developers building a retail store here are very professional and well-known. They are using cutting-edge technology in construction, so the overall result is better. They hire internationally renowned architects for projects to develop new designs and ideas in India.  These international architects have worked on a variety of projects in developing countries, and as a result, they require full-size experience. 

Central Noida Retail Stores 

There are a few projects in Noida where you can buy retail shops for incredibly reasonable prices. Spectrum Metro is a good project where you could invest in retail stores in significant Noida. These stores stand in E. Sector 75 Noida, which is the center of Noida. The world 50 & 51 Noida, the oldest and most expensive part of Noida, opposes Spectrum Metro Noida. The USP of the project is the upcoming Max Health Center directly across from it because most people will buy their medications and food items from its strategically located store. 

Guidelines for Purchasing Commercial Stores in Noida Extension

People are choosing commercial shops in Noida Extension NCR because, as we all know, the area is experiencing significant residential and commercial development due to industrialization, commercialization, and high-connectivity infrastructure developments. Always look for commercial shops near Metro stations; doing so will increase investment returns in the long run. The foot traffic will increase due to the proximity of a metro station, which will eventually be to your advantage and that of your investments. 

The best options are great retail stores with spacious storefronts for retail space units with designated signage areas. Retail establishments with designated drop-off points give you the advantage in future profits. Another excellent investment is a store with kiosks and seating areas. If you are looking for commercial office space, there are designated, separate drop-off and entrance areas for offices if it is a mixed-use building with both office and retail space. 

The city’s thriving business district is conveniently close to a contemporary, upscale business complex. The proximity of a market, hospital, and metro station is also crucial. Always look at the real property from a real developer when searching for commercial property in Noida Extension. Real estate developers who are fake and pitiful are currently abundant on the market. As a result, always investigate the developer’s reputation. This advice will give you a long-term rental business and raise the bar for your smart scale. 

One of the areas with the fastest growth rates in the nation and Delhi NCR is the Noida Extension. This region has gone too far in terms of amenities, appreciation, connectivity, infrastructure growth, and final security.  

Best Property Dealers in Greater Noida Uttar Pradesh

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In difficult times, most people seek out every opportunity to reduce expenses. Who wouldn’t want to save an additional 3% on a home purchase, or $3,000 per $100,000 sale price? Buyer’s agents typically earn that amount on real estate deals, and many experts believe it is money well spent. 

Anyone can look at houses and tour them without formally working with a property dealer in Noida. A property dealer, however, can match you with the ideal property much more quickly if you make home hunting a part-time job. 

Let’s say you desire a pool or choose not to have one. You may want a kid’s playroom in the basement or a dog’s enclosed yard. If you have a specific home in mind, a property dealer is best suited to determine whether such a home exists and will also guide you through the purchasing process. 

Let’s examine some of the top advantages of working with a property dealer to purchase a home in Noida. 

Experience: 

If you want to purchase a property in Greater Noida, hire a knowledgeable and experienced dealer. He will successfully guide you through buying a property by securing a loan, arranging for the inspection and repairs, concluding a title search, and other steps due to his experience and knowledge. 

Information on market conditions: 

Market conditions determine the selling and buying prices; real estate agents know the market history and current conditions. The agent knows the average price per square foot of comparable homes, the median and average sales prices, and the ratio of supply to demand in the local micro markets.

Negotiation skills 

Unlike most buyers and sellers, property dealers can detach themselves from the feelings of the transaction, which allows them to negotiate effectively. They can evaluate the worth of a house based on their experience, so they can tell if the seller is asking for more. Some others think the agent only thinks about his commission, but this is untrue. He has a job to perform, and it’s up to him to get you the best deal on the house you want. He’s paid for it, and he understands it very well. 

Neighborhood knowledge 

When you need to learn more about a property’s neighborhood, a dealer can help. They can tell you everything from the selling history of the house across the street to information about the schools in the area. They can forecast the best-selling price of a property using their extensive database. 

Property dealers work as buffers.

When you show up or visit the property, dealers remove the spam. If you’re a new home buyer, your agent will draw a sword and keep the builder’s agents at a distance so they can’t bite you or nibble at your heels. If you’re a seller, your agent will screen out calls and work to get only serious buyers to submit an offer right away. 

Characteristics of an efficient property dealer in Greater Noida 

An efficient real estate agent can easily facilitate a successful transaction. Different roles for a property dealer include consultant, marketer, business manager, analyst, advocate, and negotiator, among others. The followings are the best qualities and distinguishing traits of a property dealer in Greater Noida:

  • Problem-solver: While there may be multiple problems, a successful property dealer can quickly find an original solution. They are adept at resolving real estate issues and have developed creative marketing plans to attract the right clients.  
  •  Self-driven: To succeed, a property dealer needs to be highly driven and able to make intelligent decisions.
  • Integrity: In a career as a property dealer, you need a solid professional reputation. A reputation can be demonstrated, such as by upholding high moral standards.
  • Hustle: It takes a lot of energy to succeed as an excellent property dealer. To have a happy client, real estate agents should be driven to follow up on every lead they receive throughout their careers. Working efficiently is just as important as putting in the necessary time. An efficient real estate agent should know every proper practice needed to close the deal.
  • Building a network of contacts within the real estate industry is one of the property dealer’s successful traits. Home inspectors, buyers, sellers, brokers, and other industry officials should be on the list of connections. 
  • The phrase “knowledge is power” is well-known. Property dealers will attract more clients if they stay current on all estate-related topics in their local markets.

An agent is your ally, whether you’re buying or selling a home. As you can see, using a real estate agent has many advantages. Remember that the growth of agents’ and realtors’ businesses depends on referrals. In other words, they’ll go above and beyond to ensure you’re happy and satisfied with their service so you can tell your friends and family about them. Additionally, the agent you choose will be there for you when you need to sell or purchase another property. This is an additional benefit and a further justification for hiring a real estate agent.

Story Behind Jaypee’s Failure

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Shri. Jaiprakash Gaur, the founder of Jaypee Group, had a single-minded focus after graduating from IIT Roorkee with a diploma in civil engineering. He decided to contribute to nation-building by branching off as a civil contractor in 1958 and founded Jaypee Group. The Group’s business interests include engineering and construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, and information technology. This article covers the story behind Jaypee’s failure. How did Jaypee start, what all the good things it did, what exactly went wrong, and what is the future now? One thing is for sure, if everything would have gone well, Jaypee would have completely changed the situation in Noida. It could have become the DLF of Noida. But could not. More than 20000 buyers are still struggling to get the homes of their dreams. Let us look at the story behind the making of Jaypee.

Work done by Jaypee:

Jaypee Infratech was founded in 2007 and it is the part of the Jaypee Group. So, let’s look at some of the successful works done by Jaypee Infratech.

1. Yamuna Expressway project:

The Group entered into the construction of expressways with a 165 km access controlled 6 lane super expressway along the Yamuna River connecting Greater Noida and Agra. You would know how well-developed the Yamuna expressway is if you have been to it. It has become a big boon for Noida. Jaypee has also built the Zirakpur-Parwanoo Himalayan Expressway. 

2. Jaypee’s Hotels and Resorts:

In New Delhi, Uttar Pradesh, and Uttarakhand, the hospitality division of the Group owns and manages five hotels. 

3. Jaypee’s Hospital:

The Jaypee Hospital is well-developed and offers excellent health facilities. The hospital is now commissioning 525 beds in the first phase of its intended 1200-bedded tertiary care multi-specialty complex.

4. Jaypee’s F1 Sports:

The Group hosted the inaugural Formula One Grand Prix of India on October 30, 2011. The track is anticipated to hold more top-tier international racing competitions in addition to F1. Though this was unsuccessful as F1 races did not succeed in India. 

5. Jaypee’s Real Estate:

The first real estate project of the group, Jaypee Greens Greater Noida, covers 452 acres. This distinguished municipality includes an 18-hole Greg Norman golf course, upscale homes, shopping centers, etc. 

India’s First Wish Town, a premier township featuring an 18 + 9 Hole golf course, world-class residences, commercial developments, numerous entertainment amenities, and acres of greenery, was Jaypee Greens’ second project when it was unveiled in Noida in November 2007. The group then started construction on Jaypee Greens Sports City and Jaypee Greens Wish Town Agra, two townships along the Yamuna Expressway and Jewar International Airport, which is scheduled to open soon, and is a 20-minute drive from the city center. 

But destiny was against Jaypee’s prosperity, and Jaypee’s fantasy township became a failure. So let’s talk about this township’s swindling and how many house buyers lost their dream homes.

Jaypee’s Failure in Real Estate:

Who doesn’t want to be the owner of their own home? All of us do. Not just any house, either. A perfect home must be spacious, well-connected to the rest of the city, have a room with a view, and have the best amenities. However, it has been more than 12 years since thousands of Jaypee Infratech Limited (JIL) home buyers in Noida were victims of the mother of all real estate failures in India. The long-drawn legal battles are ongoing, leaving more than 20,000 Jaypee home seekers running from pillar to post and many giving up.

Jaypee got the land of the wish town in return for building the Noida expressway for Rs 400 crores. The company launched 32000 flats, still, 70% of apartments are in the under-construction stage. This project did not show any signs of readiness for the completion date. Around 90% of buyers made their payment, but it was still claimed that progress has been made on this project, although there was nothing to show for it.

A total of 18,767 people paid a total of Rs.8,676 crores to the company. 1410 people received possession worth 528 crores with no registrations. 413 people canceled their booking and their refund of Rs 64 crores is still pending.

Reasons for the failure:

 The reason behind the Real estate failure of Jaypee are:

  1. Jaypee group took the money that buyers had paid for homes and invested it in other projects.
  2. The company invested the money in other businesses.
  3. The government changed at that time.

 Future of Jaypee’s Failure:

After a super-lengthy resolution process, Mumbai-based Suraksha realty group got the approval of financial creditors and home buyers to take over the company in June 2021. Furthermore, in its offer, Suraksha promised to deliver all Jaiprakash Associates’ pending housing units within 42 months. It has offered to pay Rs 125 crore upfront and infuse Rs 3,000 crore within 90 days for completing the stalled projects. It will also put Rs 300 crore receivable from Jaiprakash Associates for completing the pending housing unit. Since Jaypee was an extraordinary case, the finalization of the bids is pending before NCLT for more than 17 months for approval. After the approval, the 20,000 home buyers who have been waiting for their units in various housing projects of Jaypee can finally breathe a sigh of relief.

Supertech to deliver over 8,000 flats by December 2021

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On Friday, developer Supertech said it will deliver about 8,460 apartments to buyers by December 2021. More than 16,000 units in the ongoing projects in Noida, Greater Noida and Meerut by 2023. Supertech has a total of 13 projects in the NCR region. Four projects are located in Greater Noida, five projects in Noida, two projects in Meerut and Yamuna Expressway. According to Supertech, they are planning to hand over about 16,041 properties from December 2021 to June 2023.

The announcement came two days after Supertech met with UP-RERA officials who reviewed the developer’s pending projects. Supertech Group said in a meeting with UP RERA that it will deliver around 8,463 units by December 2021. About 7,347 units by December 2022 and 231 units thereafter for their various projects in Uttar Pradesh.

RK Arora, Supertech Group President said, the delay was due to two unprecedented waves of the COVID-19 pandemic, which affected all real estate projects. The Group will implement these projects through internal accruals, and the group has a positive net worth to meet its financing needs.

Every Homebuyer should get a home

Projects that completed and ready to deliver include Crown Towers, North Eye, Supernova, Romano, and ORB in Noida. Eco Village I, Eco Village II (Phase I), Eco Village II (Phase II) and Eco Village III in Greater Noida. Upcountry and Golf Country along Yamuna Expressway,  Meerut Green Village, and Meerut Sports City. 

UP RERA chairman Rajive Kumar said, RERA’s goal is to ensure that all buyers get their home on specified time. We occasionally check the status of all projects and this month met 60 promoters who have participated in about 150 projects in the state. “Supertech projects have also been reviewed and verified in relation to RERA orders. This group announcement was part of RERA’s work.”

According to the schedule provided by the real estate company, 8,463 units will be delivered in December 2021. About 2,308 units by March 2022, 1,132 by June 2022, 3,907 by December 2022 and 231 in 2023. Many of these projects in Noida and Greater Noida have long been delayed, as Supertech often faces protests from home buyers and harsh legal orders.

Also read:-

Buyers may face a delay upto two-year in delivery of flats in Delhi-NCR

Tamil Nadu government plans to boost revenue via property registrations

Real estate agents in UP seeking for new insolvency resolution policies

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Several real estate developers and industry associations have called on the government of Uttar Pradesh to develop pragmatic policies for industrial development bodies. The policy is especially for the cities of Noida and Greater Noida, so that they can quickly resolve insolvency projects.

Decisions on multiple projects have been put on hold as the authorities want to be financial lenders, not operational lenders. So they can make an impact and not take commissions on projects that are stuck.

According to the Confederation of Real Estate Developers Associations of India (CREDAI). Approximately 190,000 properties stuck in Noida, Greater Noida and Ghaziabad, worth 1 lakh crore. At least 36 property projects are facing bankruptcy or insolvency proceedings in Greater Noida alone. This has affected about 50,000 home buyers and withheld about Rs 7,000 crore in administration fees.

Investment cycle may resume!

Insisting on interest rates, fines and other fees can ultimately make full settlement plans financially unstable, experts say. In addition, the investment cycle in these areas will be resumed if the established insolvency cases are resolved.

Developers will have to pay around Rs 40,000 crore dues to three different NCR authorities, including Noida, Greater Noida and Yamuna. The dues have been pending since 2010, but given the new interest rate, the amount likely to reduced to Rs 25,000 crore.

According to the CREDAI’s letter, several property developers involved in the insolvency process. The list consists of big and reputed developers including Jaypee Infratech, Amrapali, BPPL, Granite Gate, Subhkamna Buildtech, etc. CREDAI also stated that if development authorities continue to challenge settlement plans in court without applying a pragmatic decision-making structure that addresses the issues described above, it will not only delay the process but ultimately lead to settlement.

Proper policy framework needed

Sahil Vachani, MD and CEO at Max Ventures and Industries Ltd said, “To accelerate the process of insolvency proceedings, in the Greater Noida and Noida area and to cope with the high land dues of industrial development authorities, a pragmatic policy framework is needed. In the absence of such a policy, the restructuring of insolvent corporate debtors is not economically feasible.”

Abhishek Tripathi, managing partner, Sarthak Advocates and Solicitors said, “Authorities like Noida and Greater Noida need to aware of the fact that dues paid to them by developers have the character of an operating debt and make them acting creditors. Past commission fees or dues must reviewed in accordance with a resolution plan approved by the Creditors Committee and the NCLT.”

Other links-

Builders in Pune can use credit notes for wider payments

Authorities planning to increase circle rates in Noida

5 reason you should buy a property in Noida

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After the utterly clumsy place of the capital region of India, Delhi and the densely overcrowded place for offices, Gurugram people are quite as well left with a choice of Noida. This is the reason that the residential sector of Noida Real estate is highly increasing since the past two decades. Noida is considered as a cheap and easy city to live in provided its easy connectivity to Delhi, Faridabad, Agra, and Haryana.
Noida has been considered as the most affordable place to live in given the high number of affordable flats here. There are many reasons that add to the fact but if we want to name a few we can easily do so by guiding the basic points.
The first one can be the extremely well maintained and thoughtfully built infrastructure. The infrastructure that has built the city is the basic reason for more and more citizens coming here. The excellent infrastructure makes it capable of being the next best thing in the world. The availability of lands for residential, commercial as well as infrastructural facilities is something that makes it top the list leaving Delhi and Mumbai behind.
Second reason is the reputed faces of developers who are eyeing in this place to make their new launches. Builders like Supertech, Unitech, Ansal, Emaar, MGF and now Godrej has made their new launches in Noida and Greater Noida. These flats suffice all the segments of the society and promise to be affordable with the availability of luxury.
Third and the most important reason that helps people to relax and invest in these lands is new rules against Forgery. New and quick rules have now been applied to the forgery cases of land. Earlier, the land disrupts were handled by the court’s jurisdiction which always tends to stretch such cases to a number of years, but now a sigh of relief has approached when all these cases are being handed over to the stamps jurisdiction.
The fourth best reason would be the easy connectivity of Noida to other regions like Delhi, Ghaziabad, Gurgaon, Agra. The major plus point Noida has is the rapid availability of Metro from Delhi to Noida. Also, the ongoing construction of Metro from Delhi till Greater Noida via Noida will add a golden point to all these and make it more convenient for those who travel till Greater Noida and will also decrease the traffic on roads.
The fifth point is for those who have a property in Noida or are living on rent flats in Noida. The major availability of marketplaces throughout Noida makes it very easy and accessible to live here.

Regular efforts for affordable housing for all

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Metropolises such as Noida are under scrutiny and major comprehensive plans are being drawn to build better infrastructure. The Centre is facilitating adequate amount of funds for urban local bodies in states to make cities more liveable by providing them more and more properties in Noida. “We are taking into account the, roads, water supply etc. and creating a major five-year development plan,” Naidu said while talking about Bengaluru, Pune and Noida cities. He stated that more and more 1bhk flats in Noida will be created so as to provide the urban localities the desired liveable surroundings.

State participation is the major key to achieving adequate infrastructure and it is therefore the essence of realising the ‘Housing for All 2022’ dream. Affordable housing will be a success only when these type of states perform. Around 23,000 houses still lie vacant in Delhi alone because of lack of infrastructure and therefore their buyers. “Where there are people there is a shortage of houses and now there are houses but nobody interested to reside in them. It is proving to be a grave problem,” said Naidu. The main infrastructure concerns that needs to be seriously looked after are drainage, sewage, main roads, byroads, rain water drainage, maintenance of water bodies, etc.
It is now supposed to be joint effort by the Centre, states and local bodies. People only set their keen eyes on better quality and good services. If the states can figure out a method to provide the correct measurements then there’s no going back. “They should try and study the development patterns of several states. Learn from other’s mistakes,” suggested Naidu.

Noida flat buyers stumble at Registration hurdles

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Noida and Greater Noida development authorities have warned the default developers. The authorities have asked them to pay the due amount or to be ready for facing severe actions from the part of authority.

Home buyers are affected by the new decision of Noida Authorities not to sanction the layout plans of default developers.

Home buyers are affected by the new decision of Noida Authorities not to sanction the layout plans of default developers.

It seems there is no end for flat buyers in Noida and Greater Noida. The latest registration hurdles has become a pouring of oil to their already- burning issues.

Those builders who have due-payments will not be allowed to register flats in the name of flat buyers. As a result those who have booked flats in Noida and Greater Noida will be troubled.

According to the latest reports, available with the authority, the government has lost Rs.4000 Cr in the form of default payment. Around sixty developers have not paid back the due amount.

Speaking on the issue Mr. H K Verma, additional CEO at Greater Noida Authority, said that the authority will not issue completion certificate to the default developers. He added that layout plans also will not be approved.

Around sixty builders are to pay the two authorities Rs.6000 Cr. The list contains some of the top and well renowned developers.

Noida flat buyers see no rays of hope ahead.

Noida flat buyers see no ready to-move-in home ahead, but barren land.

Mr. Verma informed that the authority is forced to take such harsh stand. It has to find sufficient fund for compensating the farmers. On the other side the Authorities are facing a severe financial crunch now.

Considering the problems of the flat buyers, the Authorities were thinking of not passing any such orders. However now they have no option to tackle the situation in which the Authorities are to pay huge amounts to the farmers as compensation.

Several notices were issued to the default developers. However the builders did not take any action or take the notices seriously. This prompted the Authorities to take tougher stand against these builders. Whatsoever, always the burden is upon the poor home buyers. Their wait to own their dream homes seems to get longer with this new issue.

Ghaziabad -Gr Noida Link Rd To Boost Realty In Ghaziabad

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Realty market in Ghaziabad is likely to grow with the arrival of new 22 Km –long link road connecting Ghaziabad and Greater Noida.

Ghaziabad to see real estate growth with the launch of link road.

Ghaziabad to see real estate growth with the launch of link road.

Ghaziabad will witness the growth of realty in the city. This is made sure with the resume of construction of the Ghaziabad – Greater Noida link road. The 22 Km –long link road will connect the city to the Zeta sector.

The proposed link road is expected to reduce the commuting hours. Further it will take away the amount of traffic on NH-24.  As connectivity plays a greater role in any of the area’s real estate development, the builders are already planning to develop projects in this link–road corridor. The area falls under Ghaziabad Development Authority. Continue reading →

Noida – Greater Noida Metro Link Details Announced

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Noida Authority, while announcing the details of proposed metro link between Noida and Greater Noida on last Friday, revealed that two more metro stations are added.

Noida metro link details announced

Noida metro link details are announced by the Authority.

While announcing the details of the proposed Noida – Greater Noida metro link, the officials said that two more stations are added in the proposed  metro line. The officials said that the population is increasing in the areas of Greater Noida and on the Expressway. Considering this growing population the Authority has decided to add two more stations in the line.

As per the available sources, the proposed 29.707 km long metro line will have 22 metro stations. The metro line will be passing through Noida Sectors – 32, 51, 83, 101, 143, 147, Alpha and Delta, Knowledge Park 2 and Pari Chowk. Continue reading →

Labor Shortage Strikes Residential Real Estate Projects

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labour shortage

labour shortage hits real estate India.

The severe labor shortage is alarming the real estate builders. Most of the housing projects are not yet completed due to labor shortage. Recently there has been a tremendous increase in labor shortage. Continue reading →

Real Estate Fails to Tackle Surging Housing Units Demand

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Surging Housing Shortage of India.

Surging Housing Shortage of India.

Continued population boom in India leads to a situation where residential units or space remains insufficient for the people. According to Cushman and Wakefield all major cities of India are in high need of around 2.1 million new housing units to meet the increased demand. Real estate sector has to come up with new residential projects to solve out this great menace. Real estate has to play a vital role. Continue reading →

Noida Land Order Got No Reviews from Allahabad High Court

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Home-buyers in Noida and Greater Noida will have to wait longer for their flats. The Allahabad high court on Monday dismissed the plea of the Noida and Greater Noida authorities seeking review of its earlier order requiring all projects in the area to get the NCR Planning Board’s approval. So, till these clearances are in place, buyers will not get possession.

However, there was some relief for the buyers as well, with the court striking down a review petition by a group of villagers who wanted the land acquisition quashed in a village where construction work had started. The ruling led to some farmers in Noida Extension taking to the streets and attacking housing projects. They blocked traffic for a few hours.

The court also stuck to its earlier ruling granting increased compensation as well as 10% of the developed land to farmers.

Both the Noida and Greater Noida authorities had filed applications seeking review of the order dated October 21, 2011 which requires the NCR Board’s clearances for projects. The authorities argued before the three-judge bench of Justices Ashok Bhushan, S U Khan and V K Shukla, there was no need for such approvals but the bench was not impressed.

The court also dismissed applications to review the order on providing 10% developed plots to farmers. The authorities said development work in the area was almost complete and there were no leftover plots which could be given to farmers. Appearing for the farmers, Kamal Singh Yadav opposed the review applications saying developed plots were available but was not being provided to farmers. On October 21, 2011, after hearing 491 petitions against land acquisition filed by farmers of 63 villages falling under Noida and Greater Noida, the Allahabad High Court had cancelled land acquisition in three villages where construction had not started.

The acquisition was undertaken by the authorities using the urgency clause in the name of industrial development. But later the land use was changed to residential and plots sold to builders. However, in 60 villages where substantial construction work was already done, the court did not quash the acquisition. Instead, it asked the authorities to increase compensation and provide 10% to the affected farmers.

Thus, while ensuring enhanced compensation to farmers, the court also took into account the interest of more than 50,000 people who had booked flats and houses in projects on the acquired land. Now, the two authorities have no other option but to take approval of NCR planning board whose meeting is scheduled later this month and pay enhanced compensation to farmers.

Buyers back in Real Estate Sector this Navaratra.

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Buyers are back in the realty market this Navaratra, lending credence to this festive season’s reputation as a golden period for business in this sector.

There is flurry of activity in the offices of realty firms as buyers are coming out to seal deals. The mood is likely to remain upbeat till the end of summer vacation of schools.

“I am sure that this positive momentum in the market will continue till summer vacation when even more end users are likely to clinch deals,” Samir Jasuja, the chairman and managing director of Prop Equity, says.

“After Navaratra, summer vacation in schools is regarded a good time for realty, as people wait for the end of term of their children to shift houses or buy one. The summer is a time of transfers and relocation; a time of school admissions and hunting for a house near schools, so that children can have an easy commute,” Jasuja says.

Gaurav Mittal, the managing director of CHD Developers, says: “The mood is really upbeat in the market with people finalizing deals in property. While market warms up during Navaratras even during bad times, this Navaratra is different. The quantum of deals is unexpected, though a welcome development.”

Jasuja says, “Notwithstanding a slew of legal battles, buyers are taking a final call on their new purchases in Noida and Greater Noida.” A report of Prop Equity says that the current financial year has proved to be good for almost all the big cities of the NCR including, Noida, Gurgaon, Ghaziabad, Greater Noida and Faridabad.

Sanjay Khanna, the director of Kailash Nath Developers Pvt Ltd, says: “I hope the worst is over for realty market and transactions take place till the end of summer vacation in schools. This Navaratra is proving to be very auspicious for the realty world. I know that NRIs, too, find the summer months an ideal time to return to their roots in order to buy property. Their search for a property also starts during the summer. This is the time when they visit India in order to meet their relatives and, side by side, also look for nice properties. They do not mind paying slightly more for good properties.”

Realty watchers say that April-June period records a high quantum of property transactions. Realty market picks pace from Navaratras. This is a time when end users finalize their deals and those looking for new homes on rent, also shift. The summer is also a time when the resale market picks up nicely.

Vijay Jindal, the chairman and managing director of SVP group, says: “It is a hectic period from Navaratra and through the summer months. A lot of transactions take place at all levels.” He says that during the summer, buyers give priority to those projects which are close to good schools.

New Project: Jaypee Greens Yamuna Vihar, Sports City East, Greater Noida

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Construction major Jaypee Infratech has launched a new residential project called Jaypee Greens Yamuna Vihar as a part of its Greater Noida based township, Jaypee Greens Sports City. The project offers residential plots of around 200 and 300 sq yard with a cost of Rs 27000 per sq yard. An pre-launch discount of Rs 900 per sq yard is being offered for a limited time taking the cost to Rs 26100 per sq yard. Booking amount is Rs 4 lakh which can be paid via Demand Draft in favour of Jaypee Infratech Ltd.

Visit jaypeegreensyamunavihar.propertywala.com for more information and booking.

Hopes Revive for Housing , Infra Projects in Patwari

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With the Supreme Court on Wednesday dismissing as withdrawn a special leave petition (SLP) filed by a group of Patwari farmers ,who challenged the Government ‘s move to work out an out of court settlement with farmers , The greater noida industrial development authority (GNIDA) is confident that the crises in Patwari will be resolved soon. There’s relief for 20,000 homebuyers who have booked flats in projects coming up in Noida Extention’s paywari village.

The Dismissal of the SLP and the indications that the Allahabad high court will begin hearing the Noida and Greater Noida land acquisition cases only after two weeks have allowed the government more time to make more and more Patwari farmers fall in line.
Not only homebuyers but projects like Metro line which is proposed from Noida to Greater Noida road (140 Metre wide, 28 Kms long) , a Greater Noida – Ghaziabad road (60 Metre wide , 22 Kms Long) will also get a new lease if life.
The authority had allotted 3,000 residential plots to people , plus there are number of corporate offices , besides schools and other institutions in that area. A section of farmers in Patwari , where the state government on August 6 struck a higher compensation deal to revive real estate projects , had moved the Supreme Court against the arrangement. Greater Noida chief executive officer Rama Raman termed the SC order “a positive sign”.
A two judge bench of the same court on July 19 quashed forcible acquition of 589 hectares of land in Patwari. But another two judge bench of the same court , while hearing some remaining petitions from Patwari on July 26 , referred the matter to the higher bench for hearing. The court also allowed the contesting parties time till August 12 for the settlement.
Farmer Layer Mr Parminder Bhati said “our contentions was when the HC had quashed acquition in Patwari village , the remaining petitions should have got the same relief. In the name of out of court settlements , government, officials and its heavy weight politicians have been putting pressure on farmers”
Farmers also claimed the court’s stand on Wednesday as victory for them. Ranveer Pradhan a farmer said “we thought we might not get back our land.but the court has approved of the july 19 verdict of the high court”.”The court has said the July 19 verdict was in favour of farmers and assured if the high court’s higher bench ruled against the interest of farmers they can move the Supreme Court.” Said Bhati.

Property Prices Set to Soar in Twin Cities

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The lands in Noida and Greater Noida will make houses costlier in both cities. Out of 54 villages in Noida, 40 have been agitating for plots for years. So, more land is still required. There will be no land left for allotment to developers. Demand for land is ever increasing; land prices are bound to go up considerably. Apart from 10,000 odd farmers who are seeking developed land plots, about 4500 farmers in 11 villages of Noida, whose land was acquired before 1997 have also launched an agitation.

The authority says in order to meet the demand the option of raising floor area ratio that allows construction of bulkier buildings. But this alone can’t solve the crisis. The land rates have to go up.

In Greater Noida, the situation is different. Here, two court decisions have quashed forcible acquisition of about 750 hectares of land in two villages. Other villages have also moved court. The process of out-of-court settlement is on. If the farmers are paid more, land prices automatically will go up. If there is no out-of-court settlement, land has to be reacquired under the state’s new acquisition policy, which leaves less saleable land with the authority.

Talks Fails, GNIDA CEO faces ‘Hostile’ Crowd.

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Greater Noida: 11 days left for the state government to work out an out of court settlement with Noida Extension farmers, the GNIDA has rushed talks but without success. The discussion between authority and the farmers of Patwari village failed on the issue of compensation, because back to back court orders quashing forcible land acquisition. The fate of 1 lakh houses in Noida Extension hangs in the balance.

The CEO of GNIDA Rama Raman, faced a hostile crowd of farmers, who said if the authority could not hike the compensation then there is no point of holding this discussion. They also accused the authority of trying dividing farmers by giving rehabilitations and other benefits to selected farmers, to weaken the movement against land acquisition.

Farmer leader said the authority is trying to play divide and rule policy by keeping land of some influential farmers. He told CEO, no out of court settlement could be reached out without hiking the compensation. The CEO said 4 bighas of land belonging to the village head would be regularized and not termed as encroachment.

The discussion between the authority and the Patwari village’s farmers failed on the issue of compensation. The authority wants to acquire the land and pay according to new acquisition and rehabilitation policy which allows the authority to give farmers bigger developed land plots, Rs 200 more per sqm as cash compensation, besides annuity payouts.

SC Comes to Rescue Noida Ext. Home Buyers

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The developers of projects of Noida Extension will be refunding back money with interest to the buyers. The have also offered to shift buyers to their other projects being launched in the same area.  A bench of Justice G S Singhvi and Justice A K Ganguly has taken into consideration the plea of the people who booked the flats in these housing complexes which were being build by the seven builders. The court has made clear to these builders that they have to refund back the full amount with interest to the buyers.

The builders clarified that the full refund offer was open to all those buyers who had booked flats in housing projects of Sahberi village, where Noida authority had alloted land to builders without completion of the legal and acquisition process. Buyers seeking full refund outside that village will have to bear the cancellation penality as to they have to follow proper rules.

A spokesperson of CREDAI said, inspite of no fault of builders they are also being affected, but have decided to bear the loss and return full money with interest to the buyers. However, the builders are yet to get clear intructions from the greater noida authority on which portion of land comes under Sahberi village, which will take another two weeks. After that, developers will send formal letters to the affected buyers for option of shifting to other projects or full refund with relevent interest.

The Supreme Court Upheld the Noida Extension Order

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The Supreme court had upheld the order of Allahabad High Court that had nullified the possession of Greater Noida Authority of land of Greater Noida in Shahberi Village. Also, Supreme Court had imposed a fine of INR 10 lakh on the Greater Noida Authority. The SC said the Greater Noida Authority bought lands from farmers for industrial projects but later they changed the land usage to residential projects which is a complete act of violation of the purpose of the land. The SC’s decision is likely to affect several builders – Amarpali, Ajnara, Mahagun, Supertech and Panchsheel.

On the contrary, Supertech Limited has not launched or sold any project on the land falling in this village. This village is closest to the project Eco Village2 but the current land of this project does not belong to this village. Construction is on for all the 3 projects – Ecovillage-1, Ecovillage-2, Ecovillage-3) in Noida Extn. Thus all the investments are fully safe and project would be completed on time. The Ecovillage housing are affordable with starting price as 9.85 lakhs.

So, Noida Extension’s loss will yield an unexpected gain for other locations such as Noida, Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension?

New plots available in Jaypee Greens Sports City

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Jaypee has launched new plots in Jaypee Greens Sports City. These plots are available at a discount of Rs. 1800 per square yards and now it would cost Rs. 16,200 per square yards.
The size of these plots is 153 square yards. Thus, the whole plot would cost approximately Rs.25 lakh.  The additional charges on the plots will be the same as the old ones applied on all other plots.
These plots are available at a further discount of 10% on BSP in case of Down Payment. In case of Partial Down Payment, there is a discount of 6.25% on BSP.
One more update is that the project earlier known as JPSK (Jai Prakash Sports komplex) will now be known as JPSI (Jai Prakash Sports International).

New Plots Launched in Jaypee Sports City Country Homes

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PLOTS

Size-153 sq. yd.

Rate- 16,200 per sq yd. (after disc @ Rs. 1800 per sq yd.)

Additional Charges – as it is

Plots available on :

  • Down Payment Plan – Disc 10% on BSP
  • Partial Down Payment Plan – Disc 6.5% on BSP

Earlier it was known as JPSK (Jai Prakash Sports Komplex)

Now it is known as JPSI (Jai Prakash Sports International)

Inventory Limited

Visit jaypeegreenssportscity.propertywala.com for more information and booking.

Jaypee Greens Announces Lake District in Sports City, Greater Noida

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Jaypee Greens Sports City - Lake District, Greater Noida Jaypee Group (JPSK Sports Private limited) announces yet another new residential project “Lake District” under its new sports themed township Sports City along Yamuna Expressway in Greater Noida (Gautam Budh Nagar). The project is so names as it will feature an artificial lake in line with international standards. The project will offer luxury living at affordable rates. The lake district project will have 2BHK (2 bedroom), 3BHK (3 bedroom) with optional worker rooms (servant quarters), and 4BHK (4 bedroom) with worker rooms (servant quarters) residential apartments.

For further information such as floor plans, pricing, booking details, etc. please visit: http://jaypeelakedistrict.propertywala.com/

Jaypee Group to Announce Jaypee Greens Sports City in Greater Noida

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Athens Olympic Sports Center
Photo by Ava Babili After the success of various projects like Jaypee Greens Kosmos, WishTown Klassic, Aman etc. in Noida and Greater Noida, Jaypee Group is ready to unveil their newest venture in premium real estate — Jaypee Greens Sports City, Greater Noida — according to reliable sources.

The project will be located in the heart of Greater Noida in close proximity to proposed Formula 1 racing track, Jaypee Integrated Sports Complex, Golf course, NRI City, Gautam Buddha University. The project will mainly consist of affordable 2 and 3 bedroom budget apartments and commercial properties.

Due to its prime location and features the new project will offer an excellent living environment and an ideal investment opportunity.

Formal announcement is awaited and further details and updates will be available on the website http://jaypeegreenssportscity.propertywala.com/ .

Nearby Landmarks

  • Transportation

    • Railway Station Dadri (<6km),
    • Airport (<31km),
    • 18 New Dehli Airport (<43km),
    • Private Delhi Airport Parking And Store (<45km),
    • Dankaur Bus Stand (<19km),
    • Bus Terminal (<22km),
    • Taxi Stand (<2km),
    • Auto Cum Taxi Stand (<5km)

  • Markets & Shopping Malls

    • Singapore City And Mall (<2km),
    • Harsha Mall (<2km),
    • Gamma Shopping Mall (<5km),
    • Ansal Plaza Shopping Complex (<3km),
    • Logerstromia Shopping Complex (<3km),
    • Community Shopping Center (<3km),
    • H Block Commercial Complex (<4km),
    • Zonal Shopping Center (<4km),
    • Greator Noida Shopping Plaza (<4km),
    • Bajrang Shopping Centre (<4km),
    • Kadamba Shopping Centre (<4km),
    • Bagon Villa Shopping Centre (<5km)

  • Banks & ATMs

    • Bank Of Maharashtra (<2km),
    • Icici (<3km),
    • Hdfc (<3km),
    • Citi Corporation Bank (<4km),
    • Bank Of Baroda (<4km),
    • Syndicate Bank (<5km),
    • Indian Bank (<5km),
    • Oriental Bank Of Commerce (<4km),
    • Icici (<5km),
    • Canara Bank (<5km),
    • State Bank Of India (<9km)

  • Restaurants & Clubs

    • Swagat Restaurant (<3km),
    • The Yellow Chilli (<5km),
    • Dawat (<5km),
    • Spice Of India (<5km),
    • Sharma Vaishno Dhaba (<6km),
    • Heritage Club (<1km),
    • Club Beta Ii (<3km),
    • Shiva Sports (<4km),
    • The Steller Gymkhana Club (<4km),
    • Club Ansals Golf Links (<4km),
    • Club Gamma I (<5km)

  • Movie Halls

    • Inox Air Products Ltd (<7km),
    • Durga Cinema Hall (<10km),
    • Mohan Palace Cinema (<11km)

  • Parks

    • City Park (<1km),
    • Water Park (<2km),
    • Accman Instittute Of Management (<5km)

  • Hospitals & Clinics

    • Dr Dhiraj Ahlawats Clinic (<2km),
    • Vlcc Slimming Beauty Fitness (<2km),
    • Virddhi Clinic And Medicose (<3km),
    • Final Diagnosis (<3km),
    • Dr Chauhan Poly Clinic (<3km),
    • Manav Sewa Clinic (<4km),
    • City Homeopathy (<4km),
    • Jyoti Hospital (<3km),
    • Nimt Hospital (<3km),
    • Kailash Hospital (<3km),
    • Sahdev Hospital (<4km),
    • Pryag Hospital (<5km),
    • Prayag Hospital & Reserch Centre Pvt Ltd (<5km)

  • Offices

    • Main Office (<3km),
    • Greater Noida Authority Office (<4km),
    • New Universal Office System (<5km),
    • Office Solution (<5km)

  • Schools & Colleges

    • Daffodil School (<1km),
    • Higher Secondary School (<2km),
    • Priyadarshani School (<2km),
    • Summer Villager School (<3km),
    • Nand Marg Nursery School (<3km),
    • St Joseph School (<3km),
    • Ryan International School (<3km),
    • Jp International School (<4km),
    • Dharam Public School (<4km),
    • Diamond Drill Senior Secondary Public School (<4km),
    • Iec College (<3km),
    • Global Institute Of Management And Technology (<4km),
    • Pccs College (<4km),
    • Bakson Homeopathic Medical College (<4km),
    • Priyadarshini Institute Of Management And Technology (<4km),
    • Hauard Institute Of Management And Technology (<4km),
    • Iec Institute Of Management And Technology (<4km),
    • Ramesh Institute Of Management And Technology (<4km),
    • Galgotias College Of Engineering And Technology (<5km),
    • Ishan Institute Of Management And Technology (<5km)

* All distances are approximate