Latest Real Estate News on 'Noida'

Industries and real estate market in National Capital Region riding on Modi wave

Comments Off on Industries and real estate market in National Capital Region riding on Modi wave   |  May 17, 2014

NOIDA: Fed up with the poor policies, multiplicity of authorities and corruption, UP-NCR industries and real estate is riding on Modi wave. The experts believe that the stable government would rejuvenate the economy, and this will subsequently leave positive impact on the NCR market. The industries players have been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years. It is expected that implementation of proposed GST framework; tax benefits for buyers and real estate developers will percolate downwards benefitting the end buyer of affordable and mid-income projects while the consumer is expecting reduction in home loans and rationalisation in real estate pricing.

P Sahel, vice chairman, Lotus Greens Developers said Indian industries were awaiting a robust government, which will make the market viable for sellers and buyers. “The industry, for a long time has been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years. at the same time, the consumer is expecting reduction in home loans and rationalisation in real estate pricing,” Sahel said it is expected that implementation of proposed GST framework; tax benefits for buyers and real estate developers will percolate downwards benefitting the end buyer of affordable and mid-income projects. So considering all these factors, we hope the new government will surely roll out policies favouring realty sector,” Sahel said.

The experts said that positive sentiments were visible on Friday during the trend of early vote counts presented by media groups. The trends had injected a new wave in the economy and the BSE Sensex and Nifty rallied to record life highs, breaching the psychologically important mark, while the rupee strengthened high against the dollar.

“The real estate market is based on sentiment and the positive sentiment which was missing from the market again rejanuated with the Modi government. Entire industry and buyers were suffering from the slump. With the transparent policies to boost the industries and serving the common men, we are expecting good results in the couple of months. People who had put their investment on hold will hit the market for investment and I would suggest that this is the best time investment in real estate for earning handsome profit, said Amit Gupta, MD, Orris Infrastructure.

“There is need to focus attention of Government on the imperative urgency of reforming the current wasteful and dilatory process of Plan approval through multi-Agencies of Central and State Governments acting individually and adding to the time and costs of starting and completing any Urban Space Development Project. All objective Reports and studies state that the current dilatory, multi-Agency processing of Development Plans add up to 40% cost of the project,” Gupta said. “If implemented, industry can double housing stock, reduce sale prices up to 25%, increase state and central government’s revenue by 100% as well as local Municipal authority’s revenue doubles, establishment cost of government authorities at all level by 70% and increase GDP by 1.5%,” said Anil Mithas, CMD, Unnati Fortune Group.
“We are hopeful that the real estate market, which provides bread and butter to crores of people of this country would be revived soon. The positive sentiment was missing from the market, which is why some sectors were not doing well. With the functioning of the new governments, the market will witness more growth and strength. The real estate had started witnessing revival signings after four states polls outcome last year December and its a right time to buy property otherwise post elections rates would go up and put burden on the buyers pocket. We are expecting real estate full fledge revived by August this year,” said JK Jain, CMD, Designarch group.

“The UP-NCR industries were reeling under deep slump for a long time. For the last 13 years no big industry has turned up in Noida and Greater Noida due to maligned law and order and rigid policies. There is no back up for the industry, positive sentiments were missing and at the same time harassment has gone up. With the stable government, we are hoping that entire economy will revive soon and this will influence UP-NCR,” said Gaurav Kumar Bansal, social activist.

Source: TOI

NCR real estate hails polls surveys, hopes of market revival

Comments Off on NCR real estate hails polls surveys, hopes of market revival   |  May 17, 2014

NOIDA: Realtors and local players expect that the realty market, which offers thousands of jobs and a major contribution to the economy, will revive in a couple of months.

Real estate sector players said that with polls surveys, revival signing were visible. Indian stocks climbed to record highs just after exit polls. The players strongly believe that there would be control in price rise this will further help to reduce construction cost. Apart from that, companies and buyers who have been holding their decisions of investment for a longtime, will jump in the market.

Poll projections have floated a new wave of expectation in UP’s industrial and real estate sector. Experts believe that a clear mandate will lead to economic growth. They also believe that the market is sentimental and will respond very soon — possibly breach an all time high. Amit Gupta, MD, Orris Infrastructure said, “For the last few months the Indian real estate was witnessing major downslide. Even the results of four states assembly elections had left a positive impact on the Indian market. We are hopeful that the real estate market, which provides bread and butter to crores of people of this country, would be revived soon. There is no doubt that the mandate will pump the market. The positive sign will be visible in the coming days.”

Anil Mithas, CMD, Unnati Fortune Group said that positive sentiment was missing from the market, which is why some sectors were not doing well. With the functioning of the new government, the market will witness more growth and strength. “Real estate had started witnessing revival signings after four assembly polls last year in December and it’s the right time to buy property. Post elections, rates would go up and put burden on the buyer’s pocket. The poll surveys displayed by media houses are reflecting stable government,” Mithas said.

“For that last one-and-a-half decades no big industry has associated its name with Greater Noida and Ghaziabad, which is called the industrial hub of Uttar Pradesh. Credit goes to poor infrastructure, maligned law and order and ‘gunda and jungle raj’. We are sure that a clear mandate and stable government will impact the NCR region as well,” said Aditya Ghildiyal, president, AGNI (Association of Greater Noida industries).

Source: TOI

SC stays demolition of Supertech towers

Comments Off on SC stays demolition of Supertech towers   |  May 6, 2014

NEW DELHI: The Supreme Court on Monday spared Supertech’s twin 40-storeyed residential towers from demolition for now but ordered that the controversial buildings remain sealed till further orders and added that the flats cannot not be further sold, allotted or transferred.

A bench of Chief Justice R M Lodha and Justices Madan B Lokur and Kurian Joseph passed this interim order pending a final verdict on appeals by the builder and flat owners who had challenged an Allahabad high court judgment ordering demolition of the towers on the ground that these were constructed in violation of building bylaws.

The Supreme Court bench was quick in giving interim relief against demolition of the Supertech towers but it was quicker to sniff an unholy nexus between the builder and Noida administration.

At the beginning of the hearing, the bench said if it finally ordered demolition of unauthorized floors built in collusion with Noida officials, the authority would have to refund to the builder the construction cost of floors to be razed.

As Supertech’s counsel Mukul Rohatgi and Noida, through additional solicitor general L N Rao, pointed out that there was no violation of any bylaw and that the HC misdirected it by ordering demolition of the twin towers, the bench asked some simple questions: “What were the number of floors sanctioned initially, when did the construction commence and when did it get permission to build 40 floors?”

From the history of the sanctioned plan, which kept increasing the number of floors in favour of the builder, the court found that the initial sanction in 2005 permitted the builder to construct ground plus nine floors. Next year, it was given a revised sanction for construction of ground plus 11 floors.

On November 26, 2009, the authority allowed the builder to construct ground plus 24 floors and construction started a month or two later, Rohatgi said.

The bench asked, “If you had sanction for 24 floors, the foundation of the towers must have been of the nature to sustain the load of a 24-storey building. How did you (the builder) add 16 more floors? Are you not putting the lives of people in danger?”

Rohatgi surprised the bench by saying, “At the time of laying the foundation, the builder knew that he will get permission for constructing 40-storey building.” Surprisingly, sanction for ground plus 40 floors came two-and-a-half years after the builder started construction of the towers, which was supposed to be ground plus 24 floors high.

This meant the builder knew two-and-a-half years in advance that he would get sanction from Noida administration to construct 16 more floors than the sanctioned plan with which he started construction.

The bench said in surprise, “Is it not a sad state of affairs? It is frightening actually. What is Noida doing? Are these sanctioned constructions as per building bylaws?”

Both Rohatgi and Rao said no building bylaws were violated and assured the court that even the national building laws were scrupulously followed in according sanction and the builder had followed it.

The residents’ welfare association of the Supertech complex, which had successfully petitioned the HC against the 40-storey twin towers, drew the court’s attention to how the two towers were built on part of the plot originally earmarked for green area.

The bench asked Noida, “How is this realignment of green area allowed? Merely because the builder was allotted more land, can he shift the green area wherever he wants? If green area was near an existing tower, just because the builder purchases extra FAR, can he shift the green area to another corner? What is the procedure for realignment of green area?”

All these questions will have to be answered by Noida administration and Supertech when the court hears the matter again after getting response to their petitions from residents association, the petitioner before the HC.

Source: TOI

Supertech verdict may lead to activism in real estate

Comments Off on Supertech verdict may lead to activism in real estate   |  May 4, 2014

NEW DELHI: Sohan Mishra has been driven to wits’ end over a real estate builder reneging on the delivery date of his dream house in Noida. A delay of over one-and-a-half years has forced him to extend his rent agreement. This has strained his finances, as he is also paying back his home loan in fixed monthly installments. However, there is now a glimmer of hope.

Allahabad High Court’s order last month to demolish Supertech’s two 40-storey towers in Noida for violation of building norms has opened a window of opportunity for disgruntled home buyers. They are now considering legal action against builders who have ignored pleas for timely delivery or bilked them.

Lawyers involved in cases against real estate developers say they have received several enquiries from homebuyers over the last few weeks, with issues ranging from delayed delivery of apartments, one-sided clauses to maintenance issues after getting possession.

“There is a spurt in enquiries. People want advice. They have started to believe they can win against a builder, even if it takes time,” said Vaibhav Gaggar, partner at law firm Gaggar & Associates, which represented Gurgaon’s Belaire Owners’ Association in the 2010 case against DLF.

India’s real estate sector has perennially suffered long delays in delivery of homes and other real estate projects. A 2012 survey by Liases Foras showed that nearly half of the 323,000 homes that were to be delivered in 2013 were behind schedule while a third would not be ready before 2014.

“We have met the developers several times, but there is no commitment yet on the date of delivery,” said Mishra, an engineer who has booked a three-bedroom apartment in the housing project Homes 121. A group of over 25 buyers in the same project is now seeking legal advice on what should be done. Bangalorebased lawyer Arun Govindaraj, who runs Govindaraj Associates, said he’s seen a spate of enquiries in recent weeks. “People have been disgruntled with the system, but now they are becoming more curious about their rights,” he said.

Amit Kumar, who bought a retail shop in a mall in Ludhiana, said he is considering filing a petition in court against the builder, Omaxe Developers, for violation of building bylaws and for erecting the mall without environment clearance.

According to Kumar, the builder used more FAR than he was granted and that the building was occupied by a cinema even before occupancy certificate was granted by the authorities. “The Noida judgement makes me believe there is a chance,” Kumar said.

Omaxe refuted the claims. “We have all the approvals in place and have not violated any laws. The concerned individual is trying to seek undue benefits. No other customer of our mall has any issue except the said gentleman, who is also trying to coerce and instigate other customers against the company, which further raises doubts about his ill-intent,” Omaxe said in response to ET’s email query on the issue.

Vineet Gupta, director of Ajnara group, which is building the Homes 121 project along with another developer, Gulshan Homz, said there were other reasons for the delays.

“It is also because of many other external reasons, such as delay in approvals, shortage of labour. The developer is never interested in delays; his interest is in delivering on time,” Gupta said. “These cases of activism are welcome, as they keep us on our toes to deliver better. But we are worried about over activism.

In the Supertech case, residents complained that the two towers (Apex and Ceyane) were sanctioned without maintaining the mandatory distance of 16 m between the new towers and their building block Aster-2, as required by the Noida Building Regulations and Directions, 2010, “making their block unsafe, apart from blocking light and air”.

In 2011, the Competition Commission of India had imposed a .Rs 630-crore fine on DLF for unfair practices, abuse of market dominance and “brutal disregard of consumer right” by signed sale agreements that were one-sided. Here too, the developer had been accused of arbitrary changes in the building plan by the Belaire Owners’ Association in Gurgaon.

Source: ET Bureau – By Ravi Teja Sharma

Sector 71 residents unhappy with living conditions

Comments Off on Sector 71 residents unhappy with living conditions   |  March 15, 2014

NOIDA: Residents of Sector 71 have complained of abysmal living conditions in their neighbourhood. According to Pradeep Garg, RWA executive committee member, Sector 71, there has been no development of public faci- lities in the area in the past 10 years.

“Though the roads are better after getting re-laid recently, there are pockets where the need for repair is already being felt,” says Garg.

Apart from the condition of the roads, lack of basic amenities like chemists and postal services make life difficult in Sector 71.

“If one needs even a painkiller, he will have to spend Rs 20 worth of petrol to fetch it as there are no chemists here,” says Garg, who maintains that the Authority has turned a deaf ear to their woes.

Another major issue in the area is the lack of letterboxes in Sectors 53, 71 and 72. “The letterbox opposite Kanchenjunga market in Sector 53 was broken about a year ago and has not been reinstalled.” says A D Kalra, RWA general secretary, Sector 72.

Sector 72 RWA president, Mukesh Bhandari, added, “We don’t have a police station in the Sector. Currently all our complaints are handled by Sector 49 police station which is five kilometres away.” He’s apprised SSP Preetinder Singh of the issues, he said.

फार्म हाउस योजना की होगी जांच

Comments Off on फार्म हाउस योजना की होगी जांच   |  March 14, 2014

अरविंद सिंह
नोएडा। लोकायुक्त के आदेश पर फार्म हाउस आवंटन योजना के आवेदनों की स्क्रूटनी करने के लिए प्राधिकरण ने समिति गठित कर दी है। दो से तीन माह में जांच प्रक्रिया पूरी हो जाएगी।
प्राधिकरण ने वर्ष 2008 व 2010 में यमुना किनारे फार्म हाउस योजना निकाली थी। योजना में एक हजार वर्ग मीटर से लेकर एक लाख वर्ग मीटर तक के भूखंड शामिल किए गए थे। ये फार्म हाउस मंगरौली-छपरौली, गुलावली, झट्टा आदि गांवों की जमीन पर यमुना किनारे बने बांध से एक्सप्रेसवे की तरफ स्थित हैं। साक्षात्कार के आधार पर कुल 152 फार्म हाउसों का आवंटन किया गया। उस समय करीब 3300 रुपये प्रति वर्ग मीटर की कीमत पर आवंटित हुए। बहुत से आवेदकों को फॉर्म हाउस नहीं मिल सके। इसके बाद आवंटन प्रक्रिया में धांधली के साथ ही तत्कालीन कई अफसर और नेताओं को गलत तरीके से फार्म हाउस आवंटित करने के आरोप लगे।
कुछ किसान नेता भी इसके विरोध में आ गए। उनका कहना था कि अगर उनकी जमीन खेती के लिए आवंटित करनी ही थी तो उनसे क्यों ली गई। किसान खुद ही उस पर खेती कर सकते थे। इसके बाद प्रदेश के लोकायुक्त जस्टिस केएन मेहरोत्रा के यहां यह मामला दर्ज हुआ। लोकायुक्त ने लंबे समय तक जांच-पड़ताल की। प्राधिकरण और शासन के कई आला अफसरों से पूछताछ हुई। कुछ माह पूर्व लोकायुक्त ने इसके आवंटन में गड़बड़ी न होने का फैसला सुनाया।
इसके साथ ही लोकायुक्त ने यह भी कहा कि प्राधिकरण खुद आवेदनों की फिर से जांच कर ले। आदेश का पालन करते हुए प्राधिकरण ने एक समिति बना दी है। इस समिति में ओएसडी मनोज राय व जीएम विपिन गौड़ भी शामिल हैं। यह समिति अब सभी आवेदनों की जांच करेगी। अगले दो से तीन माह में यह समिति जांच प्रक्रिया पूरी कर लेगी। अगर कोई अड़चन नहीं आई तो इस समिति की जांच पूरी होते ही आवेदकों के नाम फार्म हाउसों की सबलीज कर दी जाएगी।
अब सर्किल रेट पर देना होगा स्टांप
प्राधिकरण ने गठित की समिति, दो से तीन माह में पूरी होगी प्रक्रिया
152 फार्म हाउसों का हुआ था आवंटन
24 की उसी समय हो गई थी रजिस्ट्री
3300 रुपये प्रति वर्ग मीटर की कीमत पर आवंटित हुए
नोएडा। किसी भी प्रॉपर्टी के आवंटन के छह माह के भीतर रजिस्ट्री होने पर प्राधिकरण से तय आवंटन रेट पर स्टांप शुल्क देना होता है। जिन फार्म हाउसों की रजिस्ट्री छह माह के भीतर (करीब 24) हुई है उनके आवंटियों ने उस समय के आवंटन रेट करीब 3300 रुपये प्रति वर्ग मीटर के हिसाब से स्टांप शुल्क दिया था। छह माह की अवधि खत्म हो चुकी है, ऐसे में अब इन आवंटियों को मौजूदा सर्किल रेट के हिसाब से रजिस्ट्री करानी होगी। इस समय करीब दस हजार रुपये प्रति वर्ग मीटर सर्किल रेट है। रजिस्ट्री विभाग से जानकारी के मुताबिक कुल 152 फार्म हाउसों में से 24 फार्म हाउसों की रजिस्ट्री उसी समय हो गई थी। शेष 128 फार्म हाउसों की रजिस्ट्री बाकी है। इनसे स्टांप विभाग को करीब 64 करोड़ रुपये का स्टांप शुल्क मिलने का अनुमान है। ब्यूरो

Green panel to check illegal construction

Comments Off on Green panel to check illegal construction   |  March 6, 2014

NOIDA: The National Green Tribunal on Monday formed a panel of experts to examine unauthorized construction activities on a Sahibabad drain and over a green belt in Ghaziabad. The panel, which comprises officials of various government departments and agencies, has been directed to begin its inspection in a week.

The directions were issued by a NGT bench headed by Justice P Jyothimani, based on a petition filed by Ghaziabad-based environmental activist Hazi Arif. The petitioner complained of release of untreated industrial effluents into the drain and alleged that illegal construction on a green belt near Kaushambi Metro station has been leading to the depletion of groundwater, apart from affecting the green cover.

The panel formed by the tribunal comprises officials from UP forest department and UP Pollution Control Board ( UPPCB), among other agencies, and is headed by advocate Parul Gupta. The Ghaziabad Municipal Corporation has been directed to bear the expenses of the survey.

The committee has been asked to survey the entire green belt in Zone 5 in Vaishali, Ghaziabad to check illegal constructions on the green belt. The panel has been further directed to check into the issue of
discharge of untreated industrial effluents into Sahibabad drain No. 1 which ultimately empties into the Yamuna near Kalindi Kunj in Delhi.

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