Latest Property News on 'Noida'

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

Buyers beware: Land mafia on prowl in Noida Extention

Illegal sale of plots to unsuspecting buyers is on the rise in Noida Extension. About 20 builders/developers, mostly from Delhi, are buying land, already notified for acquisition by the government, from farmers and selling plots to those looking for cheap land for housing.

The Greater Noida authority has formed teams to probe the matter, lodge FIRs and raze all illegal structures coming up on such plots.

Sources said some builders are even getting roads constructed and electricity poles installed in order to lure homebuyers.

Anil Nagar, an office-bearer of Gautam Buddha Nagar Bar Association, warned, “These developers are fooling buyers by selling plots in notified areas.

It is illegal.“ However, the developers claimed to have paid developmental charges to the authority. They said they are buying only abadi land, which is never notified for acquisition, and selling plots there. Recently, the Noida authority had demolished structures in Shahberi and Jalpura villages.

“We have sold 25 bighas of land in Jalpura. And now have launched another project spread in 15 bighas. We are selling a 100 yard plot for R8 lakh only,“ said a senior executive of LR Techno build Pvt Ltd. The firm claimed its project has been approved by the authority. Another firm, Sharma Associates in Shahberi, also claimed their project is legitimate. Officials have, however, warned buyers to be alert.

“We have prepared a list of villages, which include Shahberi, Jalpura, Kundi Khera, Devla, Haibtapur, Kulesra and Dhummanikpur, where developers are selling plots,“ said Akhilesh Singh, deputy chief executive officer (DECO) of the authority.

“In such deals, buyers will suffer in the end. We will take strict action against the offenders.

These unauthorised colonies will have to survive without roads, electricity, sewerage system and storm water management because maps are not approved by the authority,“ said Singh. He said those who have entered into a deal of any plot in notified areas should lodge an FIR against the coloniser before it’s too late.

In July last year, the Supreme Court quashed land acquisition in Shahberi. Later, the Allahabad HC did the same in village Patwari.

These unauthorised colonies will have to survive without roads, sewerage system.
AKHILESH SINGH , Authority

Source: http://www.hindustantimes.com/India-news/UttarPradesh/Buyers-beware-Land-mafia-on-prowl-in-Noida-Extention/Article1-800798.aspx

Noida e-way likely to become toll road soon

Greater Noida/ New Delhi: The free ride on the Noida-Greater Noida Expressway is likely to end in the next few months.Sources in the Uttar Pradesh government said the management and maintenance of the 24.5-km expressway was likely to be handed over to the Jaypee group in the coming months after which the private developer can charge a user fee from commuters.

The toll plaza is likely to come up about 500m before the Hindon river crossing from Noida side,after the city authority clears land for the toll gates.Sources said that as per the agreement between Jaypee Group and the state government,the expressway will be handed over from the date the developer starts collecting toll on the Yamuna Expressway.The commercial operation of that expressway,linking Noida and Agra,could start by April.

Source: Noida e-way likely to become toll road soon

Jaypee group to take over Noida e-way,but will pay 330 crore

Greater Noida/New Delhi: The Jaypee Group would take over the Noida expressway soon.A Jaypee official has confirmed this,but said they have not yet decided by when tolling on this stretch would start.Sources added that the developer had raised the issue of land required to build the toll plaza,but so far,the government had not sanctioned it.

Officials privy to the government process said the concession agreement for Yamuna expressway,which also covers issues relating to the Noida expressway,clearly mentions that the developer would have to pay back a fixed amount Rs 330 crore to the Noida authority for taking over the Noida-Greater Noida link.

This would be paid at the end of 10 years of collecting toll on the Yamuna expressway and the amount will come to the authority in five instalments.

At present,the Noida expressway takes off from Mahamaya flyover and has six lanes.Though a plan has been prepared to widen it to eight lanes,a timeframe has not yet been fixed.The Noida-Greater Noida expressway became operational about a decade ago,but the Noida authority has failed on several counts to make the stretch safe for commuters.

The authority had made plans to deploy armed security guards on both sides of the expressway alongside recovery vans to help in case of accidents.They also wanted to place CCTV cameras and speed monitors to control errant driving, admitted an official,but little has been done so far.

Currently,the expressway is manned by only six patrol vehicles and six shelters on each carriageway.

Source: http://timesofindia.indiatimes.com/city/delhi/Noida-e-way-likely-to-become-toll-road-soon/articleshow/11559963.cms

जीपीए से संपत्तियों की रजिस्ट्री पर लगी रोक

ग्रेटर नोएड : जरनल पॉवर ऑफ अटार्नी (जीपीए) के आधार पर लोग अब ग्रेटर नोएडा व यमुना एक्सप्रेस-वे औद्योगिक विकास प्राधिकरण क्षेत्र में संपत्तियों का ट्रांसफर व रजिस्ट्री नहीं करा सकेंगे। सुप्रीम कोर्ट के आदेश पर दोनों प्राधिकरण ने इस पर रोक लगा दी है। दोनों प्राधिकरण क्षेत्र में इस तरह के करीब पांच सौ मामले विचाराधीन है।

अधिकारिक सूत्रों ने बताया कि योजना निकलने के बाद अधिकतर लोग आवंटियों से भूखंड खरीद लेते हैं। नए सेक्टरों का लीज प्लान तीन वर्ष बाद बनाया जाता है। खरीददार तब तक जीपीए करा लेते हैं। सुप्रीम कोर्ट ने इस पर रोक लगा दी है। मंगलवार को कोर्ट के आदेश के प्रति प्राधिकरण को मिल गई। अधिकारियों के मुताबिक, कोर्ट के आदेशानुसार कोई भी व्यक्ति जीपीए से मालिकाना हक हासिल नहीं कर सकता है। जीपीए करने पर सिर्फ संपत्ति की देखरेख का अधिकार मिलता है। नोएडा व ग्रेटर नोएडा में जीपीए से संपत्ति हस्तांतरण के अनेक मामले हुए हैं। इस समय ग्रेटर नोएडा व यमुना प्राधिकरण में पांच सौ से अधिक मामले लंबित हैं। अधिकारिक सूत्रों का कहना है कि प्राधिकरण ने पांच माह पहले जीपीए के आधार पर रजिस्ट्री व ट्रांसफर फाइल जमा कराने पर रोक लगा दी थी। पुराने मामले ही विचाराधीन थे। मंगलवार को सुप्रीम कोर्ट के आदेश के प्रति मिलने के बाद लंबित मामलों पर पूरी तरह रोक लगा दी गई है। अब जीपीए के आधार पर किसी भी प्रकरण में संपत्तियों की रजिस्ट्री व ट्रांसफर नहीं होगा। संपत्ति व रजिस्ट्री विभाग में कोर्ट के आदेश की प्रति चस्पा कर दी गई है।

Source: http://www.jagran.com/news/state-8780401.html

Industrial growth takes a hit in Noida, Greater Noida

The year 2010-11 proved to be a bad year for industrial development in Noida and Greater Noida. A total of 319 units shut operations during the last financial year, more than 50% up from the figure of 205 a year ago. Also, in 2009-10, a total of 1,610 new units came up. But in the last financial year, only 1,360 units were set up. Poor power supply and deteriorating law and order situation remained the main issues.

Noida or New Okhla Industrial Development Area came into being as an industrial township in 1976, catering to Delhi’s commercial needs and addressing its concern over polluting industries. But today, manufacturing clusters make up only a fraction of the city’s 203-sq-km landscape.

Of the 6,644 units, the twin cities mainly have industries related to food products, hosiery and garments, paper and printing, basic metal industries, repairing and other services.

Industry bodies cite shift in priority by the authorities as the reason for the slowdown. Farmers are getting a lot of money for their land. Much of the land acquired has been allotted for real estate development.

“Initially, Noida witnessed rapid industrial growth as Delhi banned new units and they had no option but to shift to NCR towns, including Noida,” said general manager of district industry centre Ramesh Chandra.

Source: http://www.hindustantimes.com/StoryPage/Print/798253.aspx#

पेरीफेरल हाइवे के लिए 12 गांवों की जमीन का रास्ता साफ

ग्रेटर नोएडा: जमीन अधिग्रहण के चलते लटका ईस्टर्न पेरीफेरल हाइवे का रास्ता साफ होने लगा है। जिले में 12 गांवों में जमीन अधिग्रहण की प्रक्रिया पूरी हो चुकी है। शनिवार को सड़क परिवहन एवं राजमार्ग मंत्रालय की तरफ से अधिग्रहण की अंतिम अधिसूचना जारी कर दी गई है। किसानों से 21 दिन के अंदर जमीन को लेकर आपत्तियां मांगी गई है। उम्मीद है कि जमीन अधिग्रहण की प्रक्रिया पूरी होने पर जल्द ही हाइवे का निर्माण कार्य पूरा हो जाएगा।

दिल्ली में बढ़ते वाहनों के दबाव को कम करने के लिए सड़क परिवहन और राजमार्ग मंत्रालय ने राजधानी के चारों तरफ एनसीआर को जोड़ते हुए ईस्टर्न पेरीफेरल हाइवे बनाने का निर्णय 2007 में लिया था। यह हाइवे हरियाणा के सोनीपत जिले से शुरू होकर बहादुरगढ़, बागपत, गाजियाबाद, गौतमबुद्धनगर, फरीदाबाद, गुडगांव व पानीपत आदि जिले की सीमा से होते हुए वापस सोनीपत पहुंच जाएगा। इसकी लंबाई 135 किलोमीटर होगी और यह छह लेन का होगा। हाइवे के निर्माण पर करीब 27 सौ करोड़ रुपये की लागत आने का अनुमान है। इस खर्चे को राष्ट्रीय राजमार्ग प्राधिकरण वहन करेगा। हाइवे के लिए कुल सात जिलों की 951 हेक्टेयर जमीन का अधिग्रहण किया जा रहा है। इनमें गौतमबुद्धनगर जिले के 16 गांवों की कुल 737 हेक्टेयर जमीन का अधिग्रहण का किया गया है। गौतमबुद्धनगर जिले में जमीन अधिग्रहण की प्रक्रिया 2008 में शुरू हो गई थी। किसानों को जमीन का मुआवजा सर्किट रेट पर दिया जा रहा था। किसान ग्रेटर नोएडा की तर्ज पर मुआवजे की मांग को लेकर आंदोलन करने लगे। जिससे जमीन अधिग्रहण का मामला अधर में लटक गया। मार्च 2008 से हाइवे का निर्माण कार्य शुरू करने का लक्ष्य रखा गया था। निर्माण कार्य शुरू होने के तीन साल के अंदर पूरा होना था। जमीन अधिग्रहण को लेकर प्रशासन व सड़क परिवहन और राजमार्ग मंत्रालय के बीच कई दौर की बैठक हुई। इसके बाद जाकर किसानों को मुआवजे देने पर सहमति बनी। जिले के गांव बिसाहड़ा, बैरंगपुर, शमाउदीनपुर, बंबावड़, कोट, कूड़ीखेड़ा, बील अकबरपुर, भोगपुर, इमलियका, लड़पुरा, सिरसा व फतेहपुर अट्टा गांव में जमीन अधिग्रहण की अंतिम प्रक्रिया का अधिसूचना शनिवार को जारी कर दिया जाएगा। इससे हाइवे का निर्माण कार्य जल्द शुरू होने की उम्मीद जागी है।

Source: http://in.jagran.yahoo.com/news/local/uttarpradesh/4_1_8770717.html

Flat owners allege delay in project completion by Jaypee

New Delhi: About 150 flat buyers in Jaypee Group’s well-known ‘Wish Town’ housing project in Noida today alleged that the builder has delayed completion of the project causing them financial burden.

The buyers who booked their flats in 2007 and early 2008 in four projects — Kalypso Court, Imperial Court, Pavillion Court and Pavillion Heights — have formed an association ‘Jaypee Wish Town Flat Owners Association’ (JPWTFOA) to exert pressure on the builder for early delivery of their flats.

Several retired professionals including retired airforce personnel, lawyers and government servants are members of the association.

“A large number of buyers booked flats in 2007 and early 2008. The Jaypee Group promised possession of flats in 36 months but promise has not been met,” JPWTFOA Vice-President Anant Trivedi said.

Jaypee Group’s spokesperson did not offer any comment.

The association alleged that the builder is not giving them a firm commitment on completion dates and is offering “ridiculous compensation” of Rs 10 per sq ft per month for the delay.

Source: http://www.financialexpress.com/news/flat-owners-allege-delay-in-project-completion-by-jaypee/899748/