The Noida Authority is considering reaching out to the Economic Offences Wing (EOW) regarding developers who have not utilised the UP-government's rehabilitation package for stalled residential projects. Of 57 defaulting projects, 22 have accepted the package, which provides a two-year zero-period relief from April 2020 to March 2022. The remaining 29 developers, owing about INR 6,900 crore, are ineligible for this relief. Following recent directives from CM Yogi Adityanath, disciplinary actions will be enforced against non-compliant developers. Currently, 28 projects have recalculated dues of INR 1,020 crore, while 29 non-compliant builders face dues of INR 6,900 crore.Read more

The Greater Noida Industrial Development Authority (GNIDA) has unveiled a new scheme offering 22 commercial plots, ranging from 1,500 to 19,000 square metres, through an e-auction. With the upcoming Noida International Airport driving land demand, this initiative presents a rare opportunity for realtors. Registrations began on 29 August 2024 and will close on 19 September 2024. The plots, located in prime sectors, vary in Floor Area Ratio (FAR), offering flexibility in development. Allotments will be leasehold for 90 years, with the revenue directed towards Greater Noida's infrastructure development.Read more

The Noida Authority is set to revise building regulations to tackle land shortages by increasing the Floor Area Ratio (FAR) from 2 to 2.5 in industrial sectors. This change, impacting plots on roads wider than 24 meters and smaller industrial sites, aims to optimize land use and support vertical growth. The new FAR regulations also extend to IT and IT-enabled services (ITES) plots. This initiative seeks to enhance industrial capacity and accommodate Noida's rapid development, balancing economic expansion with sustainable urban planning. Public feedback will shape the final amendments, marking a crucial step in Noida's growth strategy.Read more

Trehan IRIS has teamed up with Marriott International to introduce the Courtyard by Marriott brand to Greater Noida West, marking its debut in the Noida region. This new hotel, part of the Iris Broadway Greno West project, will feature 135 rooms, banquet facilities for over 2,000 guests, and amenities like a swimming pool, terraces, and an all-day dining restaurant. The project, including retail and office spaces, represents a INR 400 crore investment and is expected to be operational by 2027. Designed by Benoy, it spans 3.4 acres and will include a high-rise office tower and various upscale features.Read more

The Supreme Court has cleared the way for the NBCC, a public sector undertaking, to construct nearly 8,000 additional apartments in six of the 24 stalled Amrapali projects in Greater Noida and Noida. The funds generated from the sale of these flats will be used to recover project costs and clear the dues owed by the bankrupt real estate developer Amrapali to the Noida and Greater Noida authorities. Amrapali had declared bankruptcy in 2017 and abandoned the 24 projects, leaving thousands of homebuyers in the lurch. The Supreme Court has allowed NBCC to pay INR 743.16 crore to the authorities for a higher floor area ratio (FAR) to expedite the construction work.Read more

The Noida Authority plans to reclaim 13 acres of a 24-acre plot in Sector 144, originally allotted to Unitech Group in 2011 for residential development but left undeveloped. The land is not part of an ongoing Supreme Court case involving Unitech's unfinished projects, enabling the Authority to cancel the allotment. Despite a proposal from Unitech to build new towers and houses on the vacant land to fund its incomplete projects, the Authority opposed it. A final decision from the Supreme Court is awaited to determine whether the Authority can proceed with reclaiming the land.Read more

The Noida Authority will impose strict penalties on property developers who have not adhered to the Uttar Pradesh government's rehabilitation package. Developers who failed to pay 25% of their recalculated dues face potential loss of lease deeds, allocated plots, and unsold inventory. Of 57 assessed projects, 27 paid the required advance, but 16 made no payments and 14 partial ones. The Authority is also targeting industrialists and businesses for construction delays and unauthorised land use. Measures to improve urban infrastructure and public health standards are also being implemented as part of a broader development strategy.Read more

The Greater Noida Authority is raising the one-time rent for residential properties to 15 times the annual rent after September 15. Currently, the annual rent for residential properties and group housing is 1% of the total premium, with a one-time payment set at 11% of the total premium. For other property types, including industrial and commercial, the one-time rent will also increase significantly. The new rates will apply to new allotments made after June 15, while those who have already paid will not be affected.Read more

Incuspaze, a leading coworking space provider founded in 2016 by Sanjay Choudhary, has expanded its portfolio by leasing 400,000 square feet in Noida's Alphathum building. This move addresses the increasing demand for flexible workspaces, particularly among multinational corporations (MNCs). With 44 centres across 18 cities, Incuspaze now manages 3.5 million square feet of coworking spaces. Partnering with Bhutani Group, Incuspaze aims to offer innovative office solutions featuring modern amenities and flexible leases. The collaboration reflects the growing preference for adaptable workspaces amid the rise of hybrid work models, positioning Incuspaze to meet the evolving needs of businesses.Read more

Kotak Investment Advisors Ltd. (KIAL) has committed INR 450 crore to revive Supertech's stalled project in Sector 94, Noida, alongside an additional INR 310 crore to repay existing lenders. The 5 million-square-foot development, already 50% complete, includes NCR's tallest residential tower. The project, expected to generate over INR 7,000 crore in revenue, will proceed with Supertech, KIAL, and the Noida Authority managing the escrow account. Supertech's liabilities total INR 8,000 crore, but with project receivables exceeding INR 14,000 crore, the company remains financially viable as it works to deliver over 15,000 homes.Read more

Godrej Properties Ltd. (GPL) has emerged as the highest bidder in an e-auction by the Greater Noida Industrial Development Authority (GNIDA), securing two prime land parcels for INR 842 crore. The acquisitions, totalling approximately 17.5 acres in Sector Sigma III and Sector 12, offer a development potential of 3.75 million square feet. These sites are expected to generate over INR 5,000 crore in revenue from premium residential projects. This move highlights GPL's strategic expansion in the National Capital Region (NCR) and aligns with market trends favoring integrated living environments. The company aims to leverage Greater Noida's growth potential and enhance its presence in the region.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) has filed an appeal with the Supreme Court to protect its right to contest the NCLAT's order requiring Jaypee Infratech Ltd (JIL) to pay INR 1,335 crore to farmers over four years. YEIDA's move is urgent, given the 45-day window for appeal and the potential objections from the Uttar Pradesh government. The NCLAT's ruling, reducing YEIDA's original claim from INR 1,689 crore, follows a structured payment plan from Suraksha Group. The resolution is critical for over 20,000 buyers awaiting flats and highlights the complex legal and financial landscape impacting both farmers and homebuyers.Read more

The Supreme Court of India has directed the CEOs of Noida and Greater Noida Authorities to appear before it due to their failure to expedite housing projects by the Amrapali Group. Attorney General R. Venkataramani, serving as a receiver for Amrapali, criticised the authorities for obstructing progress and delaying approvals for building plans based on revised Floor Area Ratio (FAR) figures. The court's intervention follows allegations of fraud against Amrapali and ongoing efforts by NBCC to complete 16 projects valued at INR 8,017 crore. The court aims to ensure timely completion and delivery of homes to thousands of awaiting buyers.Read more

The Greater Noida Industrial Development Authority (GNIDA) has announced a six-month penalty waiver for around 40,000 homebuyers unable to register their flats due to developers' unpaid dues. Effective from July 22, this relief applies across 60 projects, allowing buyers to complete registrations without fines. Historically, GNIDA's penalties could reach INR 50-100 daily, creating financial strain. This initiative, influenced by homebuyers' associations, aims to rectify issues from unregistered flats and stalled projects. It is part of broader efforts to support homebuyers and stabilise the real estate market in Greater Noida.Read more

YEIDA is launching a project with 19 housing plots near Noida Airport, in Sectors 17, 18, and 22D. The project aims to meet housing demand driven by Noida International Airport and regional industrial development, creating at least 25,000 flats across affordable to luxury units. Plot prices range from INR 32,375 to INR 35,612 per square metre. CEO Arun Vir Singh expects increased housing demand from new industrial projects, with plans for 30 more group housing plots. CREDAI NCR leaders highlight the project's potential to balance supply-demand disparities and attract diverse buyers due to the new industrial corridor.Read more

The Noida Authority aims to sell over half a million square metres of land in FY 2024-25 to raise more than INR 3,700 crore. Land will be allotted across residential, industrial, institutional, group housing, and commercial segments through e-auctions. The Authority expects to generate INR 1,080 crore from group housing plots, INR 1,010 crore from commercial land, INR 705 crore from industrial plots, INR 650 crore from residential plots, and INR 315 crore from institutional plots. Additionally, INR 35 crore is expected from allotting empty residential spaces. Schemes for these categories will be launched soon.Read more

Eldeco Infrastructure and Properties Ltd. has acquired a 20,000 sq metre plot near the upcoming Jewar Airport for INR 96.86 crore through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA). Purvanchal Projects also secured a 40,000 sq metre plot for INR 149.47 crore. These strategic moves aim to capitalise on the anticipated development rise around the new aviation hub. Eldeco's expansion continues with acquisitions in Gurugram, including 11.2 acres in Sector 80 for INR 275 crore. The company's extensive portfolio spans the NCR and other key locations like Sonepat and Greater Noida West. Recent funding of INR 350 crore from HDFC Capital Advisors bolsters Eldeco's growth prospects.Read more

The Yamuna Expressway Authority (YEIDA) is re-examining 36 previously unsuccessful land acquisition attempts to expand its holdings and curb illegal constructions. The initiative covers over 6,317 hectares in various sectors. Challenges included farmer opposition over low compensation, leading to court stays. The survey also addresses encroachments, with notices issued to over 300 violators. Upon completion, YEIDA plans residential, group housing, and transport projects to foster regional growth. This effort aims to secure land for development, enforce proper use, and support infrastructure and economic expansion, ensuring transparent and fair processes in land management.Read more

Real estate developers in Noida who have paid the initial 25% under the state government's reschedulement policy are now eligible for additional relief on their dues. This follows earlier relief that eliminated penalties and interest accrued during the Covid-19 pandemic. The new waiver targets the period from August 14, 2013, to August 19, 2015, when construction was halted due to NGT orders. Out of 57 applicants, 10-11 developers are expected to benefit. Noida Authority CEO Lokesh M confirmed ongoing assessments, aligning with the UP government's efforts to revive stalled projects. The move, welcomed by CREDAI, aims to expedite project completion and address delays caused by external factors.Read more

Over 150 residents of La Residentia Society in Greater Noida West protested against the builder's failure to provide essential services such as water, electricity, sanitation, and functional lifts. Despite possessing only 1,500 of the 3,256 flats, residents face severe infrastructure issues, including power overload, water shortages, and dysfunctional elevators. They have protested every Sunday for three weeks, but the builder denies their claims and attributes the issues to residents' non-cooperation. The ongoing conflict underscores the necessity for developers to fulfill their commitments and ensure adequate amenities for residents, requiring collaborative efforts for sustainable solutions.Read more