Latest Property News on 'Noida'

Raids on, Ponty group denies any cash haul

Raids on, Ponty group denies any cash haul

Lucknow: A day after income-tax sleuths raided liquor baron and industrialist Ponty Chaddha, his firm Wave Infratech denied reports that taxmen had seized Rs 100 crore in currency notes from a vault in the basement of Noida’s Centerstage Mall, one of several businesses owned by him.

The denial came even as the I-T department continued searches of Chaddha’s premises on the second day on Thursday. The last team of the I-T department left Centerstage Mall around 3 pm on Thursday.

The raids began on Wednesday when Uttar Pradesh chief minister Mayawati, allegedly a political patron of the businessman, launched her election campaign by addressing a big rally in Sitapur. Thanks to the timing, many have seen the action of taxmen through the political prism.

Wave Infratech denied that that the group had any political affiliation or association with any political outfit in the country, insisting that it was purely a business concern. In a statement, it maintained that the business group had been paying taxes regularly and meeting all statutory requirements. ‘All transactions are accounted for’

Lucknow: Refuting accounts of what was recovered during the I-T raids, the statement issued on behalf of liquor baron Ponty Chaddha said, “All the transactions of the Chaddha group, whether through cash or bank, are properly accounted for and there is no income that remains undisclosed to the government.”

Significantly, repeated efforts by TOI to contact the I-T officials for their response to Chaddha’s claim proved futile: something that will ensure that the speculation about the huge cash haul from his premises did not abate on Thursday. About 23 premises belonging to Chaddha were raided by the criminal intelligence and investigation unit of the I-T department.

There were reports that around Rs 200 crore in cash had been recovered from different places during the searches, the bulk of it from Centerstage Mall.

Chaddha is believed to be one of the few businessmen with direct access to Mayawati. However, he is known for contacts across the political spectrum and has thrived under regimes of all hues, including that of Congress. He is the sole wholesale distributor of almost all liquor sold in UP. The group also owns hundreds of liquor stores in the state. It’s a business that had Rs 4,000 crore turnover by 2009. Apart from the liquor, the group has diversified into housing, real estate, paper, sugar and power production to name a few. It also has interests in malls, multiplexes and financing of Bollywood productions.

Source: http://timesofindia.indiatimes.com/india/Raids-on-Ponty-group-denies-any-cash-haul/articleshow/11735297.cms

Cooperative flat owners to move court for relief

NOIDA: Cooperative housing society flat owners may move the court for relief after heavy fines were imposed on them by the Noida Authority for failing to register their houses on time. The flat owners say that the Authority is to blame as they missed the deadline of January 25 set by the Supreme Court on failure of being provided completion certificates, a prerequisite for registration.

“There are several societies that have not been issued completion certificates despite members having purchased flats a decade back,” said president of Federation of RWAs of Sector 62, S M Singh. “The Noida Authority has been delaying completion certificates on one pretext or the other,” added Singh.

Residents complain that Authority officials undertake surveys of their societies from time to time and on each occasion come up with a fresh set of demands for issuing completion certificates. “We have no choice now but to move the courts for justice,” said Mukul Kumar, president of Indian Oil Housing Society, where nearly 375 owners have been affected.

“Our papers are pending with the Authority for several years now. First, we were asked to pay penalties for construction beyond permissible limits, which we did. Next, we were asked to provide a no-objection certificate from each member of the society for a temple constructed within the premises, which we duly submitted,” added Kumar.

Similarly, around 98 flat owners in the Vasant Vihar Housing Society in sector 62 also stand the prospect of paying lakhs in fines.

Source: http://timesofindia.indiatimes.com/city/noida/Cooperative-flat-owners-to-move-court-for-relief/articleshow/11706392.cms

अपंजीकृत फ्लैटों पर देनी होगी पेनाल्टी

नोएडा। अब तक सबलीज न कराने वाले सभी आवासीय समितियों के फ्लैट मालिकों को अब पेनाल्टी भरनी पड़ेगी। सुप्रीम कोर्ट से छह माह की मिली छूट सभी सोसायटी के लिए अब खत्म हो चुकी है। वह सोसायटी चाहे 1965 सोसायटी एक्ट के तहत पंजीकृत है या फिर 1860 एक्ट के अधीन। सभी को पेनाल्टी देनी पड़ेगी।

दरअसल, कुछ समितियों के सदस्य फ्लैट मालिकों को यह कहकर भ्रमित कर रहे हैं कि सुप्रीम कोर्ट में सिर्फ केंद्रीय एक्ट (1860) के तहत पंजीकृत सोसायटी ही पार्टी बनीं थीं। कोर्ट का फैसला भी उन्हीं समितियों पर लागू हो रहा है। रजिस्ट्री विभाग व बार एसोसिएशन ऑफ नोएडा के पास भी ऐसे मामले आते रहते हैं। लोग सवाल पूछते हैं कि क्या 1965 एक्ट के तहत पंजीकृत सोसायटी बाहर हैं? साथ ही कोर्ट के आदेश के बाद जिन सोसायटी फ्लैटों को कंपलीशन मिला है, क्या उनके लिए भी पेनाल्टी से छूट की अवधि खत्म हो चुकी है?

इस असमंजस पर प्राधिकरण व निबंधन विभाग का कहना है कि सुप्रीम कोर्ट का फैसला सभी पर लागू होता है, सोसायटी चाहे केंद्रीय एक्ट के तहत पंजीकृत हो या प्रदेश एक्ट के अधीन। कोर्ट के आदेश के पूर्व या बाद में कंपलीशन ले चुकी सभी सोसायटी के फ्लैटों की सबलीज व रजिस्ट्री पर पेनाल्टी से छूट की अवधि खत्म हो चुकी है। नई सोसायटी के मामले में प्राधिकरण ने सबलीज और उसकी रजिस्ट्री कराने पर जो तिथि तय कर दी गई है। उसके बाद संपत्ति दर्ज कराने पर सबलीज की शर्तों के अनुसार पेनाल्टी भरनी पड़ेगी।

डीआईजी स्टांप वीडी शर्मा ने इसकी पुष्टि करते हुए कहा कि शीर्ष न्यायालय से मिली छूट की अवधि खत्म हो चुकी है। प्राधिकरण के नियमों के अनुसार संपत्ति धारकों को सबलीज और उस पर पेनाल्टी भरनी पड़ेगी। इस पर निर्णय प्राधिकरण ही करेगा। डीआईजी भी मानते हैं कि कुछ ऐसी सोसायटी हैं, जिनके फ्लैटों की रजिस्ट्री शुरू भी नहीं हुई है। वे अपने सदस्यों को गफलत में डाले हुए हैं।
•आवासीय समितियों के फ्लैटों की रजिस्ट्री का मामला
•दोनों तरह की सोसायटी हैं कोर्ट के आदेश के दायरे में
•कुछ सोसायटी के फ्लैटों की शुरू भी नहीं हुई रजिस्ट्री

Source: http://epaper.amarujala.com/svww_zoomart.php?Artname=20120201a_003105008&ileft=-5&itop=964&zoomRatio=276&AN=20120201a_003105008

नोएडा में सस्ते मकान, महंगी दुकान!

नोएडा में वाणिज्यिक क्षेत्र के रियल एस्टेट के किराये में 15-20 प्रतिशत की बढ़ोतरी हो सकती है। उद्योग जगत के विश्लेषकों एवं प्रतिनिधियों का मानना है कि इस इलाके में सीलिंग अभियान के असर के चलते ऐसा होने की संभावना है। उद्योग जगत के सूत्रों के मुताबिक वाणिज्यिक परिसरों का विकास करने वाले डेवलपर नई ब्याज दरों के मुताबिक कीमतों का निर्धारण करने पर विचार कर रहे हैं। दूसरी ओर नोएडा के आवासीय इलाकोंं में कीमतों में 20 प्रतिशत की कमी की उम्मीद जताई जा रही है।

उच्चतम न्यायालय ने 4 दिसंबर के फैसले में कहा था कि नोएडा में आवासीय परिसरों में चल रहे वाणिज्यिक प्रतिष्ठानों को 2 महीने के भीतर खाली किया जाए। अब 2 महीने की अंतिम तिथि में महज कुछ दिन बचे हैं, ऐसे में नोएडा प्राधिकरण आवासीय इलाकों में चल रहे वाणिज्यिक प्रतिष्ठानों को नोटिस भेजना शुरू कर दिया है।

सीलिंग अभियान का असर व्यावसायिक प्रतिष्ठानों पर पड़ रहा है, जो आवासीय इलाकों में चल रहे हैं। इसका फायदा डेवलपरों को मिलने की संभावना है। उनके मुताबिक स्वीकृत वाणिज्यक स्थलों की मांग नोएडा में बहुत ज्यादा नहीं थी, क्योंकि ज्यादातर बैंक व इस तरह के अन्य प्रतिष्ठान आवासीय इलाकों को तरजीह देते थे। वाणिज्यिक प्रतिष्ठान एवं बैंक आवासीय इलाकों को ज्यादा तरजीह देते हैं, क्योंकि वाणिज्यिक परिसरों की तुलना में इन इलाकों में उन्हें कम किराये पर जगह मिल जाती है।

अब सीलिंग अिभयान के बाद स्वीकृत वाणिज्यिक परिसरों में मांग बढ़ी है, जिसकी वजह से किराये और बिक्री की कीमतों में बढ़ोतरी का रुख है। वहीं आवासीय इलाकों में गिरावट की संभावना है, क्योंकि उन इलाकों से वाणिज्यिक प्रतिष्ठानों को बाहर किया जा रहा है।

नोएडा प्राधिकरण के मुताबिक करीब 104 बैंक शाखाओं, 60 नर्सिंग होमों और 50,000 अन्य प्रतिष्ठानों, जिसमें 250 से ज्यादा शोरूम शामिल हैं, के खिलाफ कार्रवाई की जा रही है। प्राधिकरण ने बैंकों के लिए वाणिज्यिक परिसरों में जगह देने की योजना बनाई है, लेकिन अन्य के लिए कोई व्यवस्था नहीं है।

सुपरटेक के प्रबंध निदेशक आरके अरोड़ा ने कहा, ‘आवासीय भूमि की तुलना में वाणिज्यिक जमीन की कीमतें 4 गुना ज्यादा हैं।’ इस वजह से वाणिज्यिक इलाकों में किराया ज्यादा होता है। उन्होंने कहा कि अगर आप आवासीय इलाकोंं में 100 रुपये किराया दे रहे हैं तो वाणिज्यिक इलाकों में उतनी ही जगह के लिए 200 रुपये देने होंगे। हालांकि डेवलपरों का कहना है कि सीलिंग के चलते नोएडा में कोई अफरातफरी नहीं होगी।

नोएडा मास्टर प्लान के मुताबिक इलाके में कुल रकबे का 5 प्रतिशत वाणिज्यिक, 35 प्रतिशत हरित क्षेत्र व सड़क, 20 प्रतिशत औद्योगिक, 20 प्रतिशत आवासीय और 5 प्रतिशत संस्थाओं के लिए जगह तय की गई है।

रियल एस्टेट फर्म के एक अधिकारी ने कहा कि इन वाणिज्यिक प्रतिष्ठानों के लिए पर्याप्त जगह है, इस समय वाणिज्यक स्थलों पर जगह लेने वाले नहीं थे और अब स्थिति में बदलाव होगा। उन्होंने कहा, ‘सस्ते विकल्प के चलते यह प्रतिष्ठान अनधिकृत इलाकों में चले जाते थे।’

Source: http://hindi.business-standard.com/hin/storypage.php?autono=55258

Connectivity the missing link

Though the Delhi Metro has remarkably improved the public transport between Gurgaon, Delhi, Noida and Ghaziabad, the facility is available only to a section of the population.

Poor intra-city traffic and feeder service to the Metro stations in these satellite towns still deprive a large chunk of population of the benefits of the Metro.

The statistics speak for themselves. Of the 190km of Metro network, only 17km run into three NCR towns of Gurgaon, Noida and Ghaziabad. But the combined Metro ridership of the three NCR towns is said to be about 1.8 lakh, 9% of the 20 lakh average daily Metro ridership.

While Delhi Metro plans to extend the Metro network in NCR towns in phase 3 and phase 4, experts believe the government needs to take a holistic approach to improve inter-city transport facility. “The NCR Planning Board has come up with a detailed orbital rapid rail system. It will discourage a lot of unwanted vehicular traffic that come to Delhi everyday. Dedicated bus corridors connecting Delhi with neighbouring cities are also being planned,” transport expert PK Sarkar said.

While several private initiatives are being taken in Gurgaon to improve inter-city and intra-city transport, experts also believe that free movement of taxis and autorickshaws between the cities will help solve various problems.

Source: http://www.hindustantimes.com/India-news/NorthIndia/Connectivity-the-missing-link/Article1-803087.aspx

False start to Noida banks sealing drive, no action on ground

Noida: The sealing of banks and other establishments that are functioning in violation of land use clause by running commercial ventures out of residential and industrial plots, got off on the wrong foot on Friday with no sealing activity taking place. Noida Authority officials took rounds of the area in the morning and gave the banks “final” notices to vacate the plots. They were also told that the plot would be seized and the lease deed cancelled if operations did not stop at the earliest.
The Authority officials said that a key reason why no sealing took place was the lack of clarity on the directions of the Supreme Court.

On January 23, the court had given one week to the Authority to prepare a scheme for the rehabilitation of bank branches to commercial plots. It had also given a six week deadline for the entire relocation process to be completed. While the Noida Authority believes that the six week period does not mean that banks can continue operating during that time, bank officials said that according to the court they are under no obligation to shut shop immediately.

Captain S K Dwivedi, CEO of Noida Authority said, “Our legal team is trying to clarify the issue. But, we have sent notices. In the notice issued on January 25, there was a four week period for all establishments to be sealed. The needful will be done in that period.”

An official said now that a notice has been sent to all banks concerned, if they continue to operate then they could face contempt of court charges.

“The first Supreme Court order on December 4 wanted immediate closure and relocation to alternate plots. So, if they continue to function, they could be seen as disobeying court orders,” the official said.

He said that the notices were sent to small establishments like grocery stores as well time to wind up their operations. “We don’t want to destroy their businesses, and want to give them time to collect their belongings,” the Authority official said.

Despite no sealing taking place, shopkeepers and one bank began winding up on their own. A branch of the HDFC bank in sector 19, put up posters announcing the shifting of the branch to sector 16, with the lockers in the branch moving its sector 18 branch.

Source: http://www.financialexpress.com/news/false-start-to-noida-banks-sealing-drive-no-action-on-ground/904838/0

Society flats not registered, owners to be penalized

NOIDA: Owners of flats in housing cooperative societies have failed to register their premises individually as per the current circle rates as ordered by the Supreme Court even after being given six months to comply with it. Even as the stipulated time ended on Wednesday, the stamp department said that 3,000 such flat owners still haven’t registered their flats.

The members of such societies in Noida had earlier argued that they had purchased land at their own cost and, after paying stamp duty, the flats were developed and allotted to society members. As a result, the sub-lease does not make any sense. However, the Noida Authority and UP Stamps and Registration Department said that absence of sub-lease of societies is leading to revenue loss. The registration amount itself varies from area to area as circle rates are higher in posh areas.

As the deadline has passed, the owners of the houses are going to face strict action from the Noida Authority.

“We will meet on Thursday and take stock of all those individual house owners who haven’t registered their flats in spite of the Supreme Court order. We will take strict penal action against them,” said Capt SK Dwivedi, CEO of Noida Authority.

According to the stamp department officials, “there are 150 societies in Gautam Budh Nagar district and a significant chunk of flat owners haven’t registered their flats as yet.” “There are three sub-registrar offices in Noida and nearly 1,000 individual flat owners. Around 3,000 multiple registry owners have not registered their properties with the department,” the official informed.

Officials said that the societies registered under Indian Societies Registration Act had to pay 5 per cent duty while the societies that fall under UP Cooperative Housing Society are only charged 2.5 per cent duty.

Source: http://timesofindia.indiatimes.com/city/noida/Society-flats-not-registered-owners-to-be-penalized/articleshow/11644444.cms

Co-op society flat owners fail to register flats

Co-op society flat owners fail to register flats

NOIDA: Owners of flats in housing cooperative societies have failed to register their premises individually as per the current circle rates as ordered by the Supreme Court even after being given six months to comply with it. Even as the stipulated time ended on Wednesday, the stamp department said that 3,000 such flat owners still haven’t registered their flats.

The members of such societies in Noida had earlier argued that they had purchased land at their own cost and, after paying stamp duty, the flats were developed and allotted to society members. As a result, the sub-lease does not make any sense. However, the Noida Authority and UP Stamps and Registration Department said that absence of sub-lease of societies is leading to revenue loss. The registration amount itself varies from area to area as circle rates are higher in posh areas.

As the deadline has passed, the owners of the houses are going to face strict action from the Noida Authority. “We will meet on Thursday and take stock of all those individual house owners who haven’t registered their flats in spite of the Supreme Court order. We will take strict penal action against them,” said Capt SK Dwivedi, CEO of Noida Authority.

According to the stamp department officials, “there are 150 societies in Gautam Budh Nagar district and a significant chunk of flat owners haven’t registered their flats as yet.” “There are three sub-registrar offices in Noida and nearly 1,000 individual flat owners. Around 3,000 multiple registry owners have not registered their properties with the department,” the official informed.

Officials said that the societies registered under Indian Societies Registration Act had to pay 5 per cent duty while the societies that fall under UP Cooperative Housing Society are only charged 2.5 per cent duty. The circle rates of each sector in Noida have been uploaded on the Gautam Budh Nagar district official website.

Source: http://timesofindia.indiatimes.com/city/delhi/Co-op-society-flat-owners-fail-to-register-flats/articleshow/11634684.cms

Citi Property to make an exit as Logix sells Noida buildings to IL&FS Investment

Citi Property to make an exit as Logix sells Noida buildings to IL&FS Investment

Logix Group is selling four office buildings in Noida to IL&FS Investment Managers, the only listed private equity fund in India, for Rs 600 crore.

Citi Property Investors, which holds 50% in the property Logix Cyber Park, will get an exit through this transaction, said an investment banker close to the transaction, who did not wish to be named. Last year, Apollo Global Management had acquired the real estate investment management group of Citigroup called Citi Property Investors.

Citi had invested around Rs 60 crore in 2006, for a 50% stake in the project. The four buildings with 300,000 sq ft of space in each are spread over 11 acres in Sector 62 in Noida and are certified Leadership in Energy and Environmental Design (LEED) Silver-rated buildings. A spokesperson for Logix group declined to comment on the deal. Emails sent to IIML and Citi Property Investors, which is now managed by Apollo Global Real Estate Management LP, went unanswered.

IL&FS Investment Managers had recently acquired 9.4% shareholding in an Indiabulls firm that is developing a project on Bharat Mills at Worli in Mumbai for Rs 200 crore. In the past one-year, private equity funds have been looking at investing in income producing commercial buildings and have set up a number of dedicated rental yield funds. In the past few months, some big-ticket transactions too have taken place.

Infrastructure Development Finance Corporation ( IDFC) recently acquired a 1.36 million sq ft IT park owned by DLF and The 3C Company in Noida for Rs 512 crore. Blackstone has bought an IT SEZ in Pune, which was owned by DLF and Hubtown, for Rs 810 crore. The fund has also bought a stake in an IT SEZ in Bangalore owned by Embassy.

Sources of funding for real estate developers have dried up in the last one-year as banks have become cautious while lending to these companies. In this period many developers have resorted to private financing at higher interest rates. Some developers are now raising money through sale of their developed income producing assets to deleverage their balance sheets rather than holding on to such assets like developers do in mature markets.

Like Citi Property Investors, many of the funds that had invested in Indian real estate between 2006 and 2008, after the sector was opened up for foreign direct investment, are now looking for an exit.

While a number of PE exits have already taken place in 2011, the number is likely to soar in 2012. Property consultancy Jones Lang LaSalle said in December report that 2012 is likely to see $3-5 billion worth of exits by private equity funds that have invested in Indian real estate.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/citi-property-to-make-an-exit-as-logix-sells-noida-buildings-to-ilfs-investment/articleshow/11635339.cms

No relief in sight for Greater Noida flat buyers

Uncertainty continued to loom large over Noida Extension home projects with the NCR Planning Board yet to clear the Greater Noida Master Plan 2021. “There is no chance of resuming construction of Noida Extension projects in the next four months as it will take at least 3-4 months for getting approval of the Greater Noida Master Plan,” NCR Planning Board member secretary Naini Jayaseelam told Noida Extension Flat Owners & Members Association (NEFOMA) today.

Construction on the residential projects has not resumed even after the Allahabad high court verdict of October 21 last year. The Greater Noida Authority was directed vide this verdict to get the recommendations of the NCR Planning Board implemented into its Master Plan 2021 before allowing construction activities to resume. However, even after three months, the Master Plan is yet to be cleared.

Homebuyers are braving double blows as they have not only exhausted their savings but are also reeling under the rising rates of interest on housing loans.

NEFOMA today met Jayaseelam in Delhi and requested for early approval of the Greater Noida master plan, NEFOMA president Abhisek Kumar said.

“Jayaseelam said the UP government is delaying resumption of the project. She said the Master Plan will be tabled in the planning committee and if approved, it will be tabled in the Board meeting. The construction work will be resumed only after the the plan gets nod of the board,” Kumar said.

“Although Jayaseelam did not give any deadline for approval of the Master Plan, she said it will be done within 3-4 months,” he said.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/no-relief-for-greater-noida-flat-buyers-as-ncr-planning-board-yet-to-clear-the-master-plan/articleshow/11606218.cms