Latest Real Estate News on 'NCR'

Residents’ association protests land price hike

Comments Off on Residents’ association protests land price hike   |  June 3, 2014

Meenakshi Sinha,TNN | Jun 3, 2014, 03.41 AM IST

NOIDA: The Federation of Noida Residents’ Welfare Associations (FONRWA) on Monday protested the 10.5% hike in residential land prices by the Noida Authority.

N P Singh, president of FONRWA, said, “The land in Noida is either sold out or belongs to farmers. So what land does the authority propose to increase the prices of? When they don’t have land to sell or buy, they have no right to increase the rates. It’s just a ploy to make Noida an expensive city for homebuyers and make money at the expense of its residents,” said Singh.

According to Singh, the proposed increase will also affect transfer, registry and stamp duty charges, burning a bigger hole in the homebuyer’s pocket. “The common man is already burdened by buying a residential property. How will he arrange the funds to meet such an increase in property prices?” asked Singh.

His views were echoed by Noida industries since the authority also increased the rates of industrial land. “We are certainly not happy with the hike in industrial land rates,” said Vipin Malhan president, Noida Entrepreneurs’ Association.

Malhan said any entrepreneur first looks for cheap land to set up an industry and plans to invest in plant and machinery. “But if the land prices will not come cheap, then an entrepreneur will look for other places like Madhya Pradesh, Haryana, to set up industry,” he added.

The RWA umbrella body was also disappointed at the authority’s complete neglect and apathy towards their longstanding demands for freehold status of all residential properties in Noida, toll-free DND (Delhi-Noida-Driveway) and a representation of a minimum of two members from FONRWA in the authority. “Though we welcome the scheme for farmers and implementation of the UP Apartments’ Act to control the builder nexus, we as residents, are disappointed at the complete lack of interest of Noida Authority in our demands. They don’t want to meet us or even listen to us despite having promised to look into our demands,” said Suresh Tiwari, senior vice-president of FONRWA.

Singh said FONRWA members would hit the roads in protest. “We understand that we have to fight our own battles and we are ready for that,” said Singh.

Source: TOI

Buying a house in Noida becomes costlier affair as land allotment rate goes up

Comments Off on Buying a house in Noida becomes costlier affair as land allotment rate goes up   |  June 3, 2014

Buying a house or any residential property in Noida will now be a costlier affair, as the Noida and Yamuna Expressway authorities decided to hike the land allotment rate up to 10-12% at a board meeting on Monday. “We have increased the land allotment rate up to 10% in Noida in all categories, except for commercial properties. Rates of commercial property in Noida will not be increased because we want to correct the rates.

“Land allotment rates will be hiked up to 12% in Yamuna expressway area. The rates are unchanged in Greater Noida because they saw an increase in February this year,” said Rama Raman, chairperson of Noida, Greater Noida and Yamuna Expressway authorities.

The new rates came into effect on Monday.

According to officials, land allotment rates will be increased in all categories – including residential, group housing, institutional and industrial, while commercial plots will not see any increase.

“The hike was unavoidable because of the prevailing financial circumstances,” said a senior Noida authority official.

The Noida authority had increased the rates in May, 2013, by up to 9-12 % on the previous occasion.

In Noida, the highest rate of a residential property is Rs. 62,220/square meter, and the lowest is Rs. 22,625/ square meter.

Now, after the 10% increase, buying unallotted residential plots will cost Rs. 71,553/ square meter.

The authority has decided to hike land allotment rate because plans are afoot to allot 25,00 acres of land to realtors for group housing, commercial and mixed-land use purposes from June-end.

This land was earlier earmarked for special economic zone (SEZ) purposes. But because of a land row and a long legal battle, the authority has got this plot back.

It will be the last large-scale allotment to realtors. After this round, Noida will not be left with any land for further allotment.

“This 2,500 acres of prime land located along Noida Expressway in sectors 144 and 145, among others, is remaining land parcel. Therefore, we urgently needed to hike allotment rate. Once 2500 acres is allotted, Noida will not have any land to allot in future,” said an official.

The old rate for residential plots was 62,220/square meter and group-housing plots allotment rate was 84,845/ meter.

Reference: HT

Residential prices soften in Delhi-NCR

Comments Off on Residential prices soften in Delhi-NCR   |  March 17, 2014

Housing prices have declined by an average 8 per cent in Delhi-NCR during 2013 compared with the year-ago period due to slowdown in property market amid economic and political uncertainties, a study said.

“Delhi-NCR is one of the most sought after property destinations in India. However, the present economic and political uncertainty is getting reflected in capital prices in the region,” property portal said in a report that covers trends on property prices for the housing segment.

The quarter on quarter comparison shows a decline of 2 per cent in Q4-13 as compared to Q3-13 of this year. “Annual comparison (Q4-13 with Q4-12) however shows a decline of 8 per cent in 2013,” the portal said in a statement.

The average rentals for 3BHK flats have dipped by 6 per cent during the fourth quarter of 2013 against the previous quarter. Rentals have fallen by 7 per cent during 2013.

Commenting on the report, Business Head Vineet Singh said: “Delhi –NCR region is witnessing a decline in transactions which is underlined by a combination of factors like slackened demand for real estate, high costs of borrowing and rising inventory of projects by real estate developers.” However, he added that certain pockets in the region have shown a spike in prices like Noida extension, Yamuna Express way and Bhiwadi area near Gurgaon due to the presence of affordable range of new projects.

Removal of toll and launch of schemes by developers like construction-linked schemes would shore up the prospects of real estate in the region.

“Also, the upcoming general elections in April will also ameliorate the situation with lots of policy issues likely to move out of limbo,” Singh said.

In the western region, the capital prices have remained stable in Mumbai showing a rise of 1 per cent during Q4-13 over Q3-13, while Pune saw no change in capital prices.

“The annual comparison shows Mumbai and Pune showing a double digit growth of 16 per cent and 12 per cent in Q4-13 over Q4-12,” the statement said. — PTI

EC nod removes Haryana plan hurdle

Comments Off on EC nod removes Haryana plan hurdle   |  March 15, 2014

NEW DELHI: Now it’s a matter of days for Haryana to get its sub-regional plan approved, a move that will bring land licensing back on track in districts including Gurgaon, Faridabad and Sonipat. The Election Commission has given the nod to NCR Planning Board to hold a meeting to consider passage of the revised plan.

The NCRPB secretariat had sought EC’s clearance despite Delhi and UP governments expressing reservations on the urgency of the meeting when the poll code is in force. Confirming the EC nod, a senior government official said the meeting’s date is yet to be decided. TOI could not independently verify whether the board’s secretariat had submitted observations of Delhi and UP while seeking the permission.

Earlier the Prime Minister’s Office had asked the urban development ministry not to clear the state plan until observations of environment and forest ministry (MoEF) were addressed.

Even MoEF had recently sent a letter to NCRPB asking it to safeguard the green provisions since the revised regional plan proposes allowing tourism in conservation zones and construction beyond 0.5% of the land. These are among the new amendments in the regional plan.

However, sources said NCRPB secretariat will now only respond to the MoEF before notifying the regional plan. “We had rounds of meetings on the regional plan and Haryana’s sub-regional plan. They never sent any observation and even their representatives hardly attended any meeting. Now when the plan has been passed by the board they have woken up,” said a source.

Environment activists have been raising their voice against Haryana’s push to open green areas for commercial activities under the guise of tourism. The state government is also under pressure from the real estate lobby since licences for property development have been held back due to an order by Punjab and Haryana high court.

NCR Planning Board meet called over Haryana plan

Comments Off on NCR Planning Board meet called over Haryana plan   |  March 3, 2014

NEW DELHI: The NCR Planning Board will meet on March 6 to discuss, among other things, an approval of Haryana’s crucial sub-regional plan.

The Centre’s haste to get the plan, on which the fate of mega-realty plans hinge, cleared is evident in the fact that it will be only the second time in almost three decades that the NCR Planning Board will hold two meetings within 45 days of one another.

Getting the sub-regional plan approved is critical for the Haryana government since the Punjab and Haryana high court has put an embargo on issuing licences for real estate projects in districts, including Gurgaon, Faridabad and Sonepat, till the plan gets NCRPB’s nod.

Coming on the back of the recent approval it gave to the amended regional plan allowing construction in more than 0.5% of areas in natural conservation zones, the sub-regional plan, if cleared, will be another blow to ecologically sensitive areas in NCR like the Aravalis. Approving Haryana’s sub-regional plan tops the list of three agendas that has been circulated to all NCRPB members for the March 6 meeting.

The state’s revised sub-regional plan has incorporated provisions of the amended regional plan, including the provision to allow construction beyond 0.5%, with permission from environment and forest authorities. Like the regional plan, it also mentions that tourism projects in the green zones should be allowed “as per state policy”.

“The sub-regional plan can only be cleared after the revised regional plan is notified. So, now it’s evident that the amended regional plan that suits Haryana’s demand will get notified in the next one week,” said a government official on condition of anonymity.

The last time the NCRPB met in such close succession was 1986 when two consecutive meetings were held in less than two months.

The Union urban development ministry, meanwhile, reconstituted the board issuing a gazette notification on February 14 and one of the most interesting inclusions in the list of members was the town and country planning secretary of the Haryana government.

Questions are also being raised as to how the board can have different parameters for approving sub-regional plans of Uttar Pradesh and Haryana. UP’s sub-regional plan was cleared by the board in July 2013 with the rider of not more than 0.5% construction in the green zones.

TOI had reported that minutes of the NCRPB’s recent meeting had been circulated among members, approving revisions to the regional plan. The approval triggered protests from green activists, who feared that realtors would undertake various activities in the name of promoting tourism.

Mewat to be linked with national highway, economic boost likely

Comments Off on Mewat to be linked with national highway, economic boost likely   |  March 3, 2014

NEW DELHI: Nuh, the district headquarters of Gurgaon’s poor cousin Mewat, will soon be linked with the national highway. The decision was taken during a Union cabinet meeting on Thursday.

The backward regions of southern Haryana, including Mahendragarh, will get economic boost with the improved connectivity. At present, nearest highway to Nuh is NH-919, which is about 21km away from the town. In case of Narnaul, the nearest national highway (no 352) is 53 km away.

“We will soon notify the existing road connecting the NCR towns as new national highways. Now, the Centre will be responsible for the widening and maintenance of the road,” said a highways ministry official.

The Centre can either bring the road under National Highways Authority of India (NHAI) or can engage the state public works department (PWD) to manage it with financial assistance from the ministry.

The proposal to convert 149 state roads to National Highways totaling 7,200 km was approved by the cabinet.

Govt destroying Aravali green cover to push realty: Activists

Comments Off on Govt destroying Aravali green cover to push realty: Activists   |  February 18, 2014

NEW DELHI: Environmental activists have alleged large-scale felling of trees in the Aravalis, particularly in Mangar and Roz Ka Gujjar, as the Haryana government pushes hard to get its revised sub-regional plan approved by the NCR Planning Board. The activists allege the ploy behind clearing of forests is to project that many areas in this region have no vegetation.

“There was huge illegal cutting of trees. The chopped trees were being transported at night. It appears that the land mafia, in connivance with the bureaucracy, is continuously felling trees and clearing forests in this area so that they can get no-objection certificates (NOCs) for farmhouses and colonization,” former forest conservator R P Balwan alleged.

The officer, who had fought against the mining and real-estate lobbies before taking voluntary retirement, said the state revenue department was preparing the ground to destroy forests. “When the entire area is covered under sections 4 and 5 of the Punjab Land Preservation Act (PLPA) and Aravali plantations are fully covered under the Supreme Court judgments, why is the government going ahead with consolidation of forests areas?” asked Balwan.

According to rules, no non-forest activity is allowed in areas under PLPA notification without prior approval of the environment and forest ministry.

The state government has been pushing for sweeping changes in the regional plan to allow tourism activities despite opposition from different quarters. Recently, it submitted the revised sub-regional plan to the NCRPB so that licences for private real estate development could be issued quickly.

Activists have been accusing the Haryana government of pushing non-forest activities in the Aravalis by bringing more areas under the agriculture zone.

The state’s proposal to approve the Mangar Development Plan, meanwhile, has hit a wall after green activists objected to the proposal of developing a mega tourism complex that would destroy a portion of the forest in the area.

“So, we feel there is a design behind clearing forests so that when there is satellite mapping, no trees are found,” said Chetan Agrawal, an environmentalist.

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