Latest Real Estate News on 'Greater Noida'

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

Land allotment rates hiked in Greater Noida

Comments Off on Land allotment rates hiked in Greater Noida   |  February 17, 2014

GREATER NOIDA: Your dream house in Greater Noida has just got costlier. In its 97{+t}{+h} board meeting on Wednesday Greater Noida Industrial Development Authority (GNIDA) announced a 10.21% hike in the allotment price across all categories of land in the city. The hike comes into effect from April 1 this year. The authority will soon take out a formal notice.

Officials said allotment rates across all categories (except industrial in Greater Noida Phase-II) have been hiked by 10.21%. “Plots in Phase II will be cheaper by almost 27%,” said Rama Raman, chairman and CEO, GNIDA.

The Authority had in May last year increased the land rates by 8.53%. “The increase in prices happens every year. The new per square metre rates will be applicable from April 1, 2014,” said Harish Verma additional CEO, Greater Noida Authority. “The hike in allotment rates is crucial considering increase in land costs, inflation rates among other factors,” Verma said.

According to a source, even as there is no immediate plan to increase the rates of land in Noida and along Yamuna Expressway, they will also be hiked eventually.

The hike is important for GNIDA as it is facing a major cash crunch. The over 2-year-old land row between the Authority and farmers has imposed an extra burden on GNIDA in the form of enhanced compensation and rehabilitation packages for the farmers. Besides, many development projects have been stuck for the past several months, said Authority officials.

As per the new rates, residential plots in Greater Noida have got dearer by almost Rs 2,068 per square metre while for commercial an extra Rs 4,099 per square metre will be charged. Institutional plots will be priced at Rs 11,589 per square metre compared to last year’s rate of Rs 10,517 per square metre, officials said. “We have decided to exclude the new developing industrial sectors from the hike to give a boost to the industry,” Verma said.

“In developing industrial sectors we have reduced the rate by Rs 2,400 per square metre, bringing down the existing rate of Rs 8,900 per square metre to Rs 6,500 per square metre,” he said.

There was a mixed reaction among developers on the hike in the allotment rates. While some said booking rates will go up now, others said property in Greater Noida will still be affordable compared to other regions in the NCR. “Rates did not slip even when there was a slump and there is strong possibility of a steep hike in rates after Lok Sabha polls. The market is in a revival stage and if buyers delay in buying property they would have to shell out extra. This is the right time for making an investment,” said RK Arora, vice president of CREDAI (west UP) and Supertech Group CMD.

“With world-class infrastructure on offer, buyers are willing to pay the price,” said Amit Gupta, MD, Orris Infrastructure.

Farmers agitate for abadi land

Comments Off on Farmers agitate for abadi land   |  February 16, 2014

NOIDA: The protest by farmers in Gautam Budh Nagar against the state government entered its sixth day on Tuesday with a dharna continuing unabated in Greater Noida.

Upping the ante against the Samajwadi Party government for not granting approval to the policy of returning abadi land (land under habitation) to farmers, a group comprising 70 district villages are camping outside the Greater Noida Authority office.

The policy was not cleared in the cabinet meeting held last week in Lucknow. It had been sent by the Authority for its approval last March. As per the policy, abadi land that had been acquired along with farmlands in Greater Noida by the previous Bahujan Samaj Party (BSP) government was to be returned to the rightful owners.

Under pressure from farmers during the height of the land acquisition row two years ago, the BSP government had been forced to promise the return of portions of land that had been acquired despite being inhabited by villagers.

“We have met Samajwadi Party leaders as well as senior government officials in the last two years demanding return of abadi land. The approval of the policy would have a direct impact on the lives of 10,000 farmers in the district,” said farmer leader Manvir Bhati.

Farmers are also enraged over the state government’s lack of focus on the development of Greater Noida. They have alleged that the government’s decision to utilize funds generated in Greater Noida for the other districts of UP does not augur well for the development of Gautam Buddh Nagar.

The agitators have also demanded that lease deeds that are being granted to industries in the city should contain a clause for providing mandatory employment to a certain percentage of local youth.

Noida Extension flat owners express concern over Allahabad HC ruling

Comments Off on Noida Extension flat owners express concern over Allahabad HC ruling   |  February 14, 2014

GREATER NOIDA:With the Allahabad high court recently asking the authorities to return land acquired at Patwari village to its original owners, the Noida Extension Flat Owners Welfare Association (NEFOWA) on Sunday expressed its concern over the development.

Hundreds of flat buyers today met to discuss the issue, and said any decision involving the Greater Noida West Housing Project should be taken after considering the sentiments and welfare of thousands of middle class home buyers.

“Buyers of all housing projects are under a great dilemma. Despite assurances from the authority and the builders, they are totally confused and unable to understand whether their projects are affected by this order or not,” NEFOWA general secretary Shweta Bharti said.

“The existence of Greater Noida West Housing Project must be saved,” she said, adding that such court verdicts “will severely hamper the pace of the construction in the whole Noida Extension projects”.

“After the approval of Master Plan, we had high hopes that soon we will get our homes but the recent decision has spilled water on our aspirations,” she said.

Meanwhile, on a petition filed by the Noida Extension Flat Owners Members Association, the high court had sent notices to six builders to submit their replies regarding the association’s claims of harassment and delay in possession and cancellation of some allotment.

Land owners to get 25% in UP projects

Comments Off on Land owners to get 25% in UP projects   |  February 9, 2014

LUCKNOW: Land owners in Uttar Pradesh will now be entitled to own at least 25% of their total land acquired after the completion of the development project for which the acquisition had taken place. The provision is part of the new State Urban Housing & Habitat Policy (SUHHP) 2014, the draft of which was cleared in principle by the state cabinet on Wednesday.

Talking to the media after the cabinet meeting concluded, chief minister Akhilesh Yadav expressed hope that the new policy would do away with existing provisions which led to exploitation of petty farmers owning small patches of land. Interestingly, the SUHHP 2014 is broadly based on the policy that presently exists in Gujarat and has been hailed by one and all, including the developers and the farmers whose land has been acquired under the framework.

The cabinet also authorised the chief minister to clear the draft after required amendments. Once finalized, the SUHHP 2014 will replace the existing housing policy in UP that was formulated almost 20 years ago. Despite rampant urbanization over the last two decades, the land acquisition was made as per the provisions of the policy that came into being in 1995. Land acquisition by state and central government had led to major law and order crises in the state in the last few years. The new policy also minimizes the intervention of the state agencies in land acquisition process as it provides ample scope for the developer and the land owner to negotiate directly.

At present, the development authorities pay the farmers once the district magistrate has awarded the compensation. Still, there is discontent among the farmers and, many a time, the acquisition process gets entangled in legal battle, the prime example being the 1,500-acre Prabandh Nagar scheme in Lucknow which has failed to take off since 2007. The farmers had refused to part with their land even after the Lucknow Development Authority (LDA) agreed to pay an amount twice the circle rate.

The SUHHP 2014 will help to eliminate exploitation of the farmers, particularly those who owned a small patch of land. Most of these small land owners were till now compelled to accept the compensation offered by the agency with acquires the land irrespective of the escalation in value once the area was developed. The new SUHHP was in line with the framework provided in the National Urban Housing and Habitat Policy that was cleared by the union government in 2007.

The new draft provides for a system which reduces the burden of paying compensation to the land owners as it offers ownership in the developed project directly. The policy is sure to benefit the land owners particularly in situations where the land is acquired but the development process takes years after the compensation against land acquisition is paid.

As per the housing department officials, under the scheme, a compact area will be selected in consultation with land owners for urban development. The authority concerned will provide infrastructure through funds obtained by commercially selling a part of land. The remaining land, whose value would have increased with the provision of infrastructure, will be reallocated to the participating land owners. Land owners, however, cannot claim their own piece of land. The biggest advantage of this arrangement is that it avoids public discontent and protests, and, above all, no money is required for acquiring land since there is no provision for payment of compensation.

In case the land owner’s piece of land is reserved for public utility like a road, a park and the like, then the land owner would be entitled to transfer of development rights. Under the new policy, Housing schemes will have to compulsorily reserve 20% of the housing units for the poor and financially weaker sections of the society. The parameters to define the status of the two categories were however yet to be finalized. In case the acquired land is used for Higher Use category, then the government would provide legal help to land owners to claim “Urban Use” fee from the developer.

The new policy also provides for compulsory accommodation of public utilities in housing schemes which will include public toilets, bus stops, underpass / foot over bridges for pedestrians, vending zones, solid waste management transfer station, sanitary landfills and the like.

The cabinet also decided to encourage use of non motorized vehicles for mass public transport like Metro rail, CNG based Bus Rapid Transit System (BRTS) apart from boosting construction and laying of ring roads and bypass in and around major cities to decongest the crowded commercial and residential pockets of the state.

Metro link, industrial township top projects for twin cities in 2014

Comments Off on Metro link, industrial township top projects for twin cities in 2014   |  February 4, 2014

NOIDA: State infrastructure and industrial development commissioner (IIDC), Alok Ranjan, said on Friday that Rs 13,000 crore would be spent on infrastructure projects in Noida and Greater Noida this year. State government officials said that work on the Metro line expansion from Noida to Greater Noida would begin within three months.

Talking to TOI, Rama Raman, chairman of the Noida, Greater Noida and Yamuna Expressway authorities, said that he expects to lay the foundation stone of the 30km-long Metro link between Noida City Center station to Bodaki in Greater Noida by next year.

Earlier, Noida Authority had announced the formation of the Noida Metro Rail Corporation (NMRC) at a cost of Rs 1,000 crore to expedite the project with all formalities related to its formation.

“We are simultaneously working on forming the NMRC and pitching in the DMRC as a consultant for the project. The central government has already asked the NMRC to be formed while the proposal to form it with 100% equity by UP only is pending with the state government. We hope to get the green signal soon. Our intention is to start work for the Metro link next year. We are likely to decide the date of foundation stone laying ceremony soon. We are on way to complete the official paper work required to do so,” he said. Earlier, former Delhi CM Sheila Dixit had opposed the DMRC working outside the capital but officials are now hopeful that things would be streamlined soon and the Metro expansion in UP will take off soon.

The proposed Metro link will from the City Centre Metro station in Noida and would reach the Noida-Greater Noida Expresswaym, passing through Sector 32 via Sectors 51,83,101, 143, 147, Knowledge Park II, Alpha, Delta to Knowledge Park IV before touching Pari Chowk. A part of the track will be elevated while the rest of it will be on the ground. The estimated cost of the project is around Rs 5,000 crore, which would be borne by the Noida Authority and Greater Noida Industrial Development Authority (GNIDA). This 29.707 km long line will have 22 stations.

Ranjan stated that Rs 5,000 crore would be spent by Noida Authority with the Centre spending Rs 3,000 crore. The Greater Noida and Yamuna Expressway authorities would spend Rs 3,000 crore and Rs 2,000 crore each.

“The three cities are set to witness a bounty of mega projects in 2014 including metro expansion, heliport, NMRC (Noida metro rail corporation) formation, two new affordable housing projects, a state-of-the-art STP, a government inter-college for girls, construction orders for a medical university, a 200-bed district hospital with trauma centre, underpasses at City Center and sector 94 inter-section, a multi-level parking space capable of accommodating 3,000 cars in sector 18, Night Safari, civic center etc,” Ranjan said.

Raman said that this is the year infrastructure development for Noida, Greater Noida and Yamuna Expressway region.

With regard to other infrastructure projects, Raman said, “UP will enter into an agreement with the Centre to develop the state’s first integrated industrial township along the DMIC.”

The Greater Noida Industrial Development Authority (GNIDA) will form a joint venture with the DMIC Trust to execute the project. The Cabinet Committee on Economic Affairs had approved the proposal to set up the joint venture company with equity contribution of 50 percent from each partner. “The new entity is responsible for development of trunk infrastructure of the integrated industrial township at Greater Noida in the Dadri-Noida-Ghaziabad Investment Region of the DMIC,” Raman said.

“Under the ‘early bird project’, the Bodaki Railway Station will be developed as a Passenger and Commercial Cargo Hub. There will be a Multi Modal Logistics Hub at Dadri, a power project in Greater Noida, and a Mass Rapid Transit System (MRTS) between Dadri-Noida-Ghaziabad Investment Region and Delhi,” said Raman, adding that the project would cost Rs 1,714.7 crore.

“The project cost of Rs 1714.7 crore is proposed to be met by equity contribution of Rs 617.20 crore by the DMIC Trust and the state government. The equity from the state government would be in the form of land which would be transferred to the joint venture company,” he added.

The infrastructural industrial township is expected to attract private sector investments of over Rs 33,000 crore over a 30-year period and generate significant employment. It is also intended to lead to a multiplier effect in each of the target industry sectors, including backward and forward linkages with other sectors of the economy.

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