Wave Group is divesting part of its land bank in Wave City, Ghaziabad, to boost cash flow, with plans for approximately 12 million square feet of development by various builders. The company also aims to launch a project offering seven million square feet of premium and affordable housing. Demand for premium apartments has surged, causing a nearly 30% price increase in the secondary market. In contrast to prices in Noida and Gurgaon, which exceed INR 15,000 and INR 20,000 per square foot, Wave City offers rates below INR 9,000. Currently, over 4,000 families reside in the township.Read more

Ghaziabad has hiked circle rates for properties by up to 15%, with significant increases in key areas like Wave City, Aditya World City, and Indirapuram. Residential plot rates in Wave City rise from INR 17,300 to INR 35,000 per sqm, while Indirapuram's circle rate jumps from INR 58,000 to INR 95,000 per sqm. Commercial and agricultural properties see similar hikes, with rates increasing by 10%. The rise follows infrastructural developments, including metro and expressway expansions. The stamp and registration department aims to boost revenues from INR 125 crore mid-year to the fiscal target of INR 3,104 crore.Read more

The long-awaited handover of Indirapuram from the Ghaziabad Development Authority (GDA) to the corporation, a process underway since 2016, is nearing completion. Following a recent board meeting, the GDA agreed to transfer INR 185 crore to the corporation, allocated for infrastructure repairs and development, including road, sewage, and water systems, along with funding for a waste transfer station and material recovery centre. Payments will be delayed over 10 months, with initial funds provided upfront. The transfer had been delayed due to disagreements over the amount, but recent directives and agreements have set the process in motion.Read more

The Ghaziabad Development Authority (GDA) is poised to implement the Transit Oriented Development (TOD) Policy introduced by Uttar Pradesh in 2022. With community concerns addressed, the policy will take effect next month. The TOD policy aims to boost urban living by encouraging high-density, mixed-use developments near mass transit hubs, promoting connectivity, economic growth, and sustainability. Expected to increase GDA revenue by INR 1,500 crore annually, the policy also focuses on reducing traffic congestion and pollution, creating a more livable and accessible environment in Ghaziabad.Read more

The long-awaited handover of Indirapuram from the Ghaziabad Development Authority (GDA) to the Ghaziabad Municipal Corporation (GMC) is approaching, following a joint survey to assess infrastructure needs. The GMC has requested INR 365 crore for the transfer, citing necessary upgrades to roads, drainage, and lighting, while the GDA disputes this. The process, stalled since 2016, was delayed further by the election code of conduct. Additionally, the GDA's recent urban development policies include establishing TOD zones and revising hotel construction bylaws, aiming to enhance infrastructure and boost local tourism.Read more

Nearly 3,000 homebuyers in Ghaziabad anticipate progress on the Wave City project as the GDA meets this month to discuss its approval. Delays have plagued the 4,000-acre development, with a decade-long wait due to unpaid land conversion fees of INR 401 crore. If approved, the developer may need another six months to prepare the land, benefiting 5,000 families already allotted plots. A committee led by the chief secretary has pushed for prioritizing homebuyers' interests, aiming to resolve long-standing issues and enable property registrations.Read more

Ghaziabad is set to increase its circle rate by 20% for residential and commercial properties. The circle rate, established by the state government, is the minimum price below which a property cannot be sold and is used to calculate stamp duty and registration charges. This proposed hike comes after significant infrastructural developments, such as the Delhi-Meerut Rapid Rail, which have raised property values. If the proposal is approved, higher circle rates will result in increased stamp duty and registration fees, thereby raising overall property prices. Public feedback will be sought before finalising and implementing the revised rates.Read more

The Ghaziabad Development Authority (GDA) is set to audit its lands and properties, aiming to facilitate new residential and commercial projects on vacant lands. With properties worth over INR 1,000 crores in Indirapuram alone, the audit will identify the status of unused and encroached lands, paving the way for development. The Land Acquisition Department will gather detailed information, which will be digitised for streamlined decision-making. This initiative will also address pending legal disputes, boosting investor confidence. The audit aligns with urban development and sustainability goals, promising new infrastructure and a more organised use of resources for Ghaziabad's future growth.Read more

The Ghaziabad Municipal Corporation (GMC) is intensifying efforts to collect INR 19.1 crore in unpaid property taxes from 2,900 defaulters across five zones, following a revenue shortfall in the 2023-24 financial year. Defaulters include residential properties, hotels, and industrial units. GMC has begun issuing notices and may halt essential services like garbage collection and water supply for non-payment. Since August, the GMC has digitised the tax payment process, enabling residents to pay online. While INR 28.9 crore has been recovered from 1,562 defaulters, GMC aims to collect the remaining dues to fund vital services and infrastructure improvements in Ghaziabad.Read more

Indirapuram has been grappling with poor civic amenities due to an elongated deadlock between the Ghaziabad Development Authority (GDA) and the Ghaziabad Municipal Corporation (GMC) over the handover process. However, there are signs of resolution as a joint committee has been formed to assess the town's condition and determine the cost for the handover. With the final survey nearing completion, the handover could take place by July's end, paving the way for the release of development funds and improvements in infrastructure like roads, drainage, and garbage management.Read more

Prestige Estates Projects has announced the acquisition of 62.5 acres of prime land in Indirapuram Extension, NCR for INR 468 crore to develop a large mixed-use township project spanning over 10 million square feet with a projected value of over INR 10,000 crore. The project will include residential, retail, education and recreational spaces under the Prestige Group's vision of integrated communities. This strategic land buy demonstrates the company's commitment to the NCR market and expanding its national footprint.Read more

The Uttar Pradesh Housing Board has taken a proactive step to boost the real estate market by reducing the prices of 4,720 flats in Siddharth Vihar, Mandola, and Vasundhara by up to 42%. Originally priced between INR 69.4 lakh and INR 1.1 crore, these residential units have faced challenges in attracting buyers over the last decade. The price adjustment is part of the board's strategy to address subdued demand and stimulate interest among potential homebuyers.Read more

The Uttar Pradesh Housing Board, in a strategic move, has decided to offer a 35 percent discount on around 5,000 unsold flats in Siddharth Vihar, Mandola, and Vasundhara. This initiative, aimed at revitalizing the housing market and providing affordable housing solutions, follows a lukewarm response to a previous 20 percent discount. Online registrations for the discounted properties opened on Diwali, with specific allocations for each location. The housing schemes include approximately 4,700 unsold units, and awareness campaigns are planned to boost their popularity. The move aligns with the board's commitment to affordable housing, potentially addressing the demand surge in Ghaziabad.Read more

The Ghaziabad Development Authority (GDA) has introduced an online platform to facilitate the sale of 1,629 units across various housing schemes, making property purchases more accessible. The units span a wide range, from affordable 1BHK and 2BHK apartments in Koyal Enclave and Indraprastha, to premium 2BHK, 3BHK, and 3BHK with a study in Madhuban Bapudham Pocket C. There are also 19 affordable MIG flats in Madhuban Bapudham Pocket B. Prices vary from Rs 10.8 lakh to Rs 69.4 lakh. Prospective buyers can reserve units by paying 10% of the flat’s cost online and can spread the remaining amount over 12 instalments within three years.Read more

Garbage collection in Crossings Republik, with 14,000 flats, has been halted due to a lack of waste processing facilities, in line with Solid Waste Management Rules. The housing societies and commercial units generate a significant amount of waste daily. The Federation of Crossings Republik AOA may request a two-month extension to establish processing facilities. The Municipal Commissioner has not received such requests and emphasizes holding builders accountable. Compliance with waste management rules is being verified in integrated townships, highlighting the importance of responsible waste management in growing urban areas. The outcome will impact residents and the environment.Read more

The Ghaziabad civic body is considering taking strict actions against integrated societies that violate waste management norms. They might communicate with the Ghaziabad Development Authority (GDA) to potentially revoke the completion certificates of such societies. This move highlights the seriousness of waste management regulations and the commitment to enforcing them. The potential cancellation of completion certificates serves as a deterrent to encourage integrated societies to adhere to proper waste disposal practices and contribute to a cleaner environment. About 66 Vaishali and Vasundhara societies now manage waste independently.Read more

The Ghaziabad Development Authority (GDA) is combatting illegal constructions by notifying nine banks to verify property legality before granting loans. The move comes in response to unauthorized building in GDA zone 7. The goal is to prevent multi-storey constructions on single-storey plots and deviations from sanctioned layouts. While GDA can take actions like demolition, the challenge lies in banks granting loans without checking legality. GDA directs banks to verify layout plans and cease loans for illegal properties. However, some bank officials suggest that RBI's clear directives are essential for effective change. GDA's collaboration with banks aims to ensure lawful urban development and curb unauthorized constructions.Read more

An ongoing independent survey directed by the Meerut divisional commissioner has uncovered around 5,000 multi-storey buildings erected on single-use plots within Vasundhara township. The committee's investigation, triggered by complaints of land use violations received by the DC's office, aims to address these concerns. The forthcoming report will be submitted to the state government for action, possibly involving extensive demolitions,. Residents have expressed dismay over the impact on infrastructure, while questions arise about regulatory oversight. Officials suggest banks verify legality before granting home loans.Read more

The implementation of recovery certificates issued by the Real Estate Regulatory Authority (UP-RERA) in Ghaziabad has been disappointingly low, with only 15% of the certificates being successfully executed. Out of 781 recovery certificates, only 117 have been reclaimed, amounting to Rs 17.3 crore. The district administration faces challenges in enforcing the certificates, especially for developers based outside their jurisdiction. Legal complexities, including cases in the National Company Law Tribunal (NCLT) and various courts, further hinder the execution process. However, alternative approaches through the Revenue Recovery Act of 1890 offer a glimmer of hope.Read more

Residents near the Mahagun Millennia project in Crossings Republik have lodged a police complaint against the developer due to concerns over a deep pit on the construction site. The pit, filled with water from recent rains, is causing seepage and endangering nearby buildings' foundations and boundary walls. Sections of the service road and the mall's under-construction wall have already collapsed. The complaint also accuses the developer of constructing a mall without necessary approvals and violating regulations. A committee has been formed to investigate the case, and the Ghaziabad Development Authority has requested the filing of a First Information Report (FIR) against the developer and Crossings Infrastructure Pvt Ltd (CIPL) for illegal construction activities.Read more