Tag Archives: properties

By selling 5.5 lakh square meters of land in FY25, Noida Authority hopes to raise Rs 3,700 crore

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According to officials, the Noida Authority projects that in the fiscal year 2024-2025, it will sell group housing plots for a maximum of Rs 1,080 crore and commercial land parcels for Rs 1,010 crore. 

According to people who know the situation, the Noida Authority intends to sell more than 500,000 square meters of land to raise more than Rs 3,700 crore in the 2024-2025 fiscal year.

According to their statement, different portions of the land will be allocated for group housing, commercial, industrial, institutional, and residential uses.

According to people who understand the [project, the authority will sell these plots through an online auction by putting up several schemes, and the land parcels are spread throughout the city.

“We will launch initiatives in different markets to e-auction various land lots. If everything goes according to plan, we intend to allot 5.5 lakh square meters of land in the current fiscal year, and by selling these plots, we hope to raise over Rs 3,700 crore,” report.

According to Authority officials, group housing plot sales are expected to bring in a maximum of Rs 1,080 crore, while commercial land parcel sales are expected to bring 1,010 crore in 2024-25. The Authority wants to sell land designated for industrial use to raise Rs 705 crore.

Similarly, according to officials, the Noida Authority hopes to raise Rs 650 crore from the sale of residential plots and Rs 315 crore from the sale of institutional plots. The statement also stated that the Authority intends to allocate vacant spaces in its residential buildings spread throughout the city to generate an additional Rs 35 crore in revenue for FY25.

The Noida Authority has set aside 1 lakh square meters for industrial use and 3.25 lakh square meters for institutional use with land volume. The Authority intends to set aside 35,000 square meters for institutional use with land volume. The authority plans to set aside 35,000 square meters for commercial land and 67,000 square meters for residential plots. Group housing plots will occupy up to 13,800 square meters of land.

Officials have stated that plans will soon be unveiled for group housing, commercial, institutional, industrial, and residential categories.

The Noida Authority allocated roughly 26,136.55 square meters for group housing and just 8,061 square meters for residential plots in the previous fiscal year (2023-24). The industrial category has been allocated approximately 44,000 square meters, while the commercial category has received roughly 35,000 square meters. 

The Noida Authority awarded the Mumbai-based developer Godrej Properties a 6.45-acre group housing plot in Noida Sector 44 in February of this year for a payment of Rs 506 crore. Plot distribution took place via an online auction. 

Property e-auctions: A new digital method of purchasing properties

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Will real estate transactions continue to slide as the digital age becomes increasingly integrated into our daily lives? Maybe not! We are grateful for the modern practice of online auctions, which allows us to bid on properties from the comfort of our homes. Thus, how does it occur? How does this work? Everything you need to know is right here. For more information on e-auction property, continue reading.

Many banks and private sellers are offering lucrative properties now that real estate auctions are occurring online. But even the e-auction of properties has some tax and legal ramifications that the buyer should be aware of. This article provides information on e-auctions of property, including definitions.

Meaning of e-auction property

The method for selling real estate through an internet platform is known as an electronic auction. It is an open and effective method of purchasing and selling real estate. E-auctions have become increasingly popular in India because they are easy to use and convenient. Interested buyers can submit a bid on the property of their choice during an electronic auction. There is no requirement for physical presence because the bidding process takes place online. It makes it possible for purchasers to attend the auction from various locations. 

E-auction of property: Things to think about before buying

You can improve your chances of making a profitable purchase at an e-auction by taking into account these factors:

  • Examine the property: You might come across conflicting legal titles if you do not finish your homework in advance. Therefore, before attending the auction, verify the facilities, legal standing, address, encumbrance certificate, and outstanding lawsuits.
  • Assign funds: Establish a budget to prevent overspending and guarantee a successful investment. Make sure you know the market value of the property, the potential cost of renovations, and any additional taxes before you make an offer by researching.
  • Know how an auction works: Find out if there are any other costs or fees related to the participation, and be aware of the registration requirements and bidding guidelines. 
  • Verify the seller: Determine whether the seller truly has the right to sell the property by investigating their legitimacy and authenticity. To prevent future legal issues, ensure to gather all required paperwork and confirm their ownership rights. 
  • Examine the property: Examine the property you are considering and search for any issues that could raise the future costs of maintenance and repairs.
  • Seek expert counsel: Speak with a reputable attorney to gain insightful knowledge about the procedure and direction for your choice. 

Property e-auction: Benefits and Drawbacks 

Property e-auctions come with benefits and drawbacks, including:

Benefits

  • Reduced Prices: e-auction properties frequently have lower opening bids, allowing buyers to buy properties at a discount. 
  • Large Selection: More residential, commercial, and industrial properties are available at e-auctions, providing buyers with more options.
  • Transparency: Because e-auctions happen online, the bidding process is transparent, enabling buyers to view the latest highest bid and make well-informed decisions.
  • Convenience: Instead of visiting multiple listings in person, buyers can participate in e-auctions from the ease of their homes. 

Drawbacks

  • Competition: Because e-auctions draw a lot of buyers, there is more competition, which could raise the winning bid amount. 
  • Inspection challenges: Since online auctions frequently offer few opportunities for in-person visits, buyers may encounter obstacles when attempting to inspect the property before placing a bid. 
  • Uncertain property condition: Because e-auction properties are sold “as-is,” purchasers may need to make unforeseen repairs or deal with unexpected issues following purchase.
  • Legal risks: It is crucial for buyers to thoroughly research the property’s legal status and ownership history to avoid any legal complications.  

Godrej to develop Vikhroli property

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Godrej Industries has entered into an agreement with Godrej & Boyce and Godrej Properties to form a special purpose vehicle for developing its property at Vikhroli, the company said in a communique to the BSE.
Without divulging details on the area to be developed, it said that the board of directors, through a circular resolution on Wednesday approved the proposal.
The Godrej group owns about 5,000 acres in Vikhroli. Though a part of the land has been used for residential and commercial purposes, the group still has huge vacant property left that can be developed before the Urban Land Ceiling Act is repealed.
The binding MoU provides for setting up a suitable SPV to execute joint development of the property as also the commercial terms for such development including the sharing of costs, revenues and profit. The Godrej Industries scrip was up 6% at Rs 201 on Wednesday.

Peninsula Land to raise QIP

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Real estate company Peninsula Land is planning to raise a qualified institutional placement of five hundred crore rupees for acquiring land in Mumbai. Peninsula Land has already recognized five plots in Parel, Lower Parel, Kanjurmarg and Thane. The raised capital will be used for acquiring new properties. The company currently has a board approval to raise up to seven hundred and fifty crore rupees and will make a decision on the final amount to be raised in its annual general meeting.