Latest Property News on 'Noida'

PE Firm Red Fort to Invest in Greater Noida Project

Red Fort Capital, an India-focussed private equity (PE) firm, on Thursday announced a Rs 200-crore investment to pick up an undisclosed stake in a residential housing project to be developed by Noida-based real estate firm, 3C Company. The funds will be used to develop around 3,500 apartments in the project, spread across 41 acres at Sector 110 in Noida.

ET was the first to report the news in its edition dated February 3. Although the exact stake picked by Red Fort Capital could not be ascertained, a senior executive in the real estate sector familiar with the development said the PE firm bought around 50% equity in the project. Read More »

FIR against Unitech’s Grande Project in Noida

Unitech sold its apartments in the Grande project in Noida in 2007 without getting the requisite layout and building plan sanctioned alleges an FIR registered by the Economic Offences Wing (EOW) of Delhi Police.

Interestingly, the developer had bought the land from the Noida Authority in an auction to develop a township in June 2006. The Authority sanctioned the layout plan in 2008 and the building plan for the project is yet to be cleared. The developer in its response said it had submitted the plans to the Noida Authority in January 2007. Read More »

3C Company Come Up with India’s Largest Green Residential Estate

The 3C Company, a leader in conceptualising green buildings in the country and Noida’s largest developer of commercial and IT office space, today announced the launch of India’s Largest Green Residential Estate - “Lotus Boulevard”. The 3C Company has planned the 40 acres housing project with an outlay of Rs.1,550 crore. The first part of this landmark project, spread over 30 acres, has been funded jointly with Red Fort Capital, the leading international real estate private equity fund.

Lotus Boulevard is strategically located in Sector 100 of Noida amidst the already habitated sectors – 46 & 47 and right off the Greater Noida expressway. This Green residential estate enjoys excellent connectivity with the key locations in Noida – DND Toll Bridge, Sector-18 Market, upcoming DMRC station, schools, hospitals etc. Speaking at the launch, Mr. Vidur Bharadwaj, Director, The 3C Company said, “Lotus Boulevard will strengthen our vision to be an integrated green developer creating buildings which are truly sustainable in form, function and use. It reaffirms our commitment to provide world class facilities which are not only user friendly but also contribute in reducing carbon footprints.” Read More »

Affordable Housing Picks up Market in Delhi- NCR

After a bad year for the property market sales for affordable houses finally seem to be picking up in Delhi-NCR and right pricing and location seems to be doing the trick. Two housing projects in Delhi-NCR have been fully booked within days of launch. According to data available, 3300 flats in Jaypee Greens new project ‘Aman’ on Noida-Greater Noida expressway were booked on day 1. These flats were priced at Rs 2100 per square feet. Last year Jaypee had launched flats in the range of Rs 4500-6000 per square feet along the same expressway. Also, 1000 independent floors in BPTP’s project Park Elite in Faridabad were over subscribed. BPTP received 3700 bookings worth Rs 80 crore for the project. Analysts say that builders have finally come around to target middle class customers with more liquidity being made available and interest rates going down further.

Santosh Kumar, CEO of operations at JLLM, said, “Prices are realistic, which is basically the developer making a 25-40 per cent margin. Secondly the new government is focusing on infrastructure, so there’s also an indication that interest rates may go down again.” However, it’s not only end users who have started queuing up for affordable houses. Reports suggest atleast 30 per cent of these flats have been booked by investors and brokers. Anuj Sharma, a real estate analyst said, “Investors have made a lot of bookings and in future they will get a good premium out of it say 10-15 per cent.” Well, the apprehension that real estate prices have approached the bottom has finally seen demand picking up for affordable projects. But the big question is whether these projects will be completed on time.

Assotech Ltd. finalises media city project

Assotech Ltd, a real estate solution provider company has finalised a media city project which will be spread over 250000 square feet area in Noida. Elaborating on the need of media city, Srivastava, managing director, Assotech Ltd. Said, “Our projects are demand-driven. A lot of media companies are looking for space in the NCR region. As majority of people’s housing are in the areas like Noida and Indirapuram, it will be good for companies to have workforce from the nearby areas.”

The ongoing residential projects of Assotech in the NCR are Crossing Republic in Ghaziabad and Celeste Towers in Noida. According to Srivastava, Celeste Towers is the luxurious abode of the 21st century Monarchs. “It is right opposite the Noida golf course, botanical garden and metro station. The 120 m high, 35 level storied Celeste Towers will be the tallest landmark in the NCR and will cost one crore plus,” he said. Other residential projects of Assotech are going on in cities like Gwalior, Bhubaneshwar, Orissa, Uttranchal, Patna and Bihar. Elaborating of the uniqueness of its residential projects, Srivastava said: “Our residential projects have always been a hit, for we understand our customers’ demands. We offer them lifestyle products. Notably, we maintained subsidy in the last three to five years, when property rates touched sky, especially in the NCR region. Besides, the two-year warranty that we offer to our customers after possession proves to be of great relief to them.” Read More »

Choice Hotels, Amrapali Group to set up hotel in Noida

Choice Hotels India, an arm of Choice Hotel International, has tied up with Amrapali Real Estate Group for its Clarion brand hotel in Greater Noida. With this project, the Amrapali Group makes a foray in the Hospitality sector. The Clarion Hotel will be located in a township spread over 22 acres that will also have an IT park, service apartments and malls. This will be the only hotel in Delhi and NCR, which would have 60 per cent of its rooms as suites. The Amrapali group plans to invest Rs 120 Crores for the Clarion Hotel, which will be completed in the next 18-20 months.

The hotel will consist of 200 rooms, an oriental restaurant with 80 covers and an Indian restaurant with 50 covers, a bar and coffee shop and discotheque, a spa and swimming pool and a banqueting and convention facility spread over 5000 sq.ft.

Design Arch to invest in ‘green’ residential project

Real Estate developer Design Arch said that it will develop a residential project with application of green technology in Greater Noida. The company plans to develop 10 such e-house projects in the metros by 2010-11. “We have just announced our first e-home concept called Gardenia E-Homes at Greater Noida. It will be followed by another nine such project in various metros over next three years,” Design Arch Managing Director J K Jain said. He said that the company is investing Rs 150 crore for the Greater Noida project and expects a realisation of Rs 250 crore once the project is completed by mid 2010.

“A green building may cost a little more initially, but saves through lower operative cost over the life of the building. There are many benefits, such as improving occupants’ health, reducing pollution and land fill waste,” he added. He said that the company will develop both commercial as well as residential properties with this new concept. The structures would be electronic savvy, environment friendly, earthquake resistant besides other amenities. “The green buildings in our project area will have four components, including energy saving, water saving, better indoor air quality and hygienic conditions and reduction of construction material waste,” he said.

BPTP Makes Part Payment of Rs 955 cr for Noida Land

Delhi based realty firm BPTP has made a partial payment of Rs 955 crore towards the first instalment of Rs 1,237 crore for the Noida land deal, the largest in the country. The company said it was in the process of raising more funds to pay the balance Rs 282 crore in a month. The final deadline to deposit the first instalment is July 12. BPTP had bagged the Noida project for Rs 5,006 crore in March, outbidding larger rivals DLF, Omaxe and Ansal.

The Rs 955 crore - sourced through private equity deal and internal accruals - includes Rs 100 crore deposited by the firm as earnest money with the Noida authority. BPTP had recently raised $160 million (about Rs 640 crore) through stake sale in its four SEZs. BPTP managing director Kabul Chawla said a private equity investment in the parent company was in the pipeline to raise funds to pay for the balance of the first instalment. Read More »

Some Areas in Mumbai’s suburbs and Delhi could see a 10% Correction in Prices

Residential prices are expected to see a 5-15% decline in Gurgaon, Noida, Pune and Bangalore because of a surge in supply that outstrips demand in these overheated property markets, according to a report by Macquarie Research.

At present, prices in Gurgaon, Noida, Pune and Bangalore are between Rs3,500 and Rs7,500 per sq. ft. In South Mumbai, the limited scope for new supply will either see prices remaining flat or increasing by about 5%. This is however less than the 5-15% increase in prices the region has seen in the last 12 months. Read More »

Special Developments Zones being developed thru Greater Noida by TIDA

Taj-Express Industrial Development Authority (TIDA) is all set to develop a new township as special development zone (SDZ), along the non-stop 165 km long Taj Expressway. TIDA has invited applications for SDZ under open scheme. Land will be allotted in SDZ for core activities that include IT, industries, biotechnology, service sectors, commercial, residential and sports, according to the allocation policy. Explaining more about the on-going scheme, P K Agarwal, deputy chief executive officer, TIDA, says an application can be taken from the authority office by depositing a bank draft for Rs 1 lakh. And, additionally, the applicant has to pay Rs 1 crore, as security money, when submitting the duly filled in form. An applicant will be called for interview on the basis of merit. In the first phase of this project, from Greater Noida to Jewer, 35,000 hectare of land will be developed as special development zone. According to allocation policy, SDZ is split into morethan-1000 hectare, and the less-than-1000 hectare category.

Lalit Srivastava, chief executive officer, TIDA, says that the SDZ is located between the Yamuna and GT Road. It will have much bigger sectors compared to what places in Noida-Greater Noida can boast of. The Taj Expressway Zone (TEZ) will be developed in three phases. In phase one 35,000 hectare will be developed, which will stretch up to Jewar. Large projects that can not be accommodated in Noida or Greater Noida will come up here. There could, for instance, be an educational project. But, it will have to be large in area, say 1000 acres. This zone will include residential, industrial, institutional and commercial area. Read More »