The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for 2024-25, driven by upcoming projects like the Greater Noida West Metro and Multimodal Logistics Hub. This increase applies to industrial, residential, commercial, institutional, and builder properties, effective April 1. The board also approved revised lease rent payments, increased Floor Area Ratios near the Metro route, and extended deadlines for lease deed execution and completion certificates, aiming to support regional growth and property demand.Read more

GNIDA is set to open an exhibition-cum-convention centre in Sector Chi in a planned city 45 km away from Delhi. The convention centre will also facilitate hospitality and hotel facilities for visitors and exhibitors. According to officials, with the first phase of Noida International Airport to be unveiled in December, demand for such a facility will increase. In the same meeting, the authority approved the construction of a Gati Shakti Cargo Terminal in Dadri, for logistics and handling of rail cargos. This project will help to boost investments and handle cargo efficiently across the country.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) plans to develop a new city on 6,065 hectares of land acquired from 40 nearby villages over the next two years. The authority aims to spend INR 63,000 crore to build infrastructure like roads, parks, utilities across sectors. A budget of INR 14,000 crore has been set aside for land acquisition. The new city will have sectors dedicated to various countries and industries such as a Fintech City and industrial parks for EV, plastics and more. YEIDA is also planning to revise its e-auction policy for land allotment and project contracts, whereby the auction or tender will be cancelled if only one bidder remains after the third round.Read more

The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) is promoting a regulation aimed at expediting project completion and handover of flats in Noida. Under this regulation, if developers apply for an Occupation Certificate (OC) or Completion Certificate (CC) and don't receive a response within a specific timeframe, the certificate is considered "deemed approved." This clause addresses delays in obtaining OC/CCs, benefiting both developers and homebuyers. While not a panacea, it offers a potential solution to streamline processes and promote efficiency in Noida's real estate market, ensuring adherence to regulatory guidelines while facilitating faster project completions.Read more

The Suraksha Group is set to pay the first instalment of INR 133 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) before August 24. This payment is a crucial step in the ongoing resolution process. The Suraksha Group's commitment to making this payment highlights progress in their financial obligations. Meeting this deadline signifies attachment to the agreed-upon terms, demonstrating a positive stride towards resolving financial matters with YEIDA. The payment of INR 133 crore within three months marks a significant development in the ongoing discussions between Suraksha Group and YEIDA, contributing to the compensation to farmers and continued progress of the resolution process.Read more

Hundreds of buyers in Noida's YEIDA NRI Township project await plot registry for over 13 years, encountering fresh obstacles. YEIDA mandates additional compensation for farmers and higher lease rent before resuming registry, following SDS Infracon's failure to clear INR 700 crore dues. Buyers also need an NOC from SDS Infracon, complicating matters. Despite promises of amenities, residents lack essential services. Increased farmer compensation and NOC requirements escalate financial burdens on buyers. The NRI Township Yamuna Plots Owners Association urges YEIDA to hold the developer accountable and prioritize buyer welfare. Uncertainty looms over the project's future as buyers await resolution.Read more

The Greater Noida Industrial Development Authority (GNIDA) demolished illegal structures in Tusyana village, reclaiming approximately 75,000 square metres of land worth an estimated INR 150 crore. Acting on the CEO's directives, bulldozers cleared ongoing unauthorised construction by local colonisers attempting to develop an illegal colony. The authority warned against land-grabbing, instructing vigilance and action against encroachments. Officials cautioned the public against investing in unauthorised colonies and advised verifying details with GNIDA before purchasing land in Greater Noida to avoid legal issues and unplanned development.Read more

Nearly 20,000 homebuyers in Noida have positive news as construction on stalled Jaypee Wish Town projects resumes. Suraksha Group, which won the bid to take over Jaypee Infratech Ltd (JIL), has started work after a National Company Law Appellate Tribunal (NCLAT) decision on May 24, 2024. The tribunal upheld the takeover plan and directed Suraksha to pay INR 1,335 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) for farmers' compensation within four years. With a new board and a working capital infusion of INR 3,000 crore, Suraksha aims to deliver homes within 3 to 3.5 years.Read more

The Federation of Noida Residents Welfare Associations (FONRWA) is advocating for the regularisation of unauthorised constructions, particularly in LIG, MIG, and HIG housing. This initiative aims to address the housing needs of lower and middle-income residents, including migrant workers. FONRWA emphasises that the lack of affordable housing, compounded by luxury developments, necessitates this regularisation. They also call for new affordable housing projects under the Pradhan Mantri Awas Yojana, ensuring housing accessibility and generating revenue for the Noida Authority.Read more

Residents of 14 high-rise apartments in Greater Noida West will soon receive visits from Noida Power Company Limited (NPCL) officials as part of a new multi-phase inspection program. Triggered by recent power outages affecting buildings like Panchsheel Hynish and Supertech Eco Village 1, the initiative aims to assess and improve the electrical infrastructure within these societies. NPCL teams will evaluate the capacity, maintenance, and safety of internal power networks, issuing notices for required repairs. This effort seeks to address resident concerns, enhance electrical safety, and reduce future outages, with plans to eventually inspect all 104 high-rises in the area.Read more

The Noida Authority sold 149 plots in FY24, securing INR 1.03 lakh crore in investment commitments, surpassing their target of INR 90,000 crore. The plots were allotted across housing, IT/ITES, industrial, and commercial sectors, with major companies like County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon, and Experion Developers among the buyers. The projects are expected to create approximately 440,000 jobs in the next three years. Work has begun on 50 plots, with the remainder starting soon. A report has been submitted to the Uttar Pradesh government, which plans a groundbreaking ceremony to launch these projects. Progress will be tracked via government portals.Read more

Godrej Properties Ltd., a leading real estate developer in India, recently announced the sale of over 650 homes worth INR 2,000 crore from its project Godrej Jardinia in Noida's Sector 146. Launched in May 2024, Godrej Jardinia witnessed the highest ever sales value achieved for a GPL project in Noida. It marked the company's fourth project in the National Capital Region to cross INR 2,000 crore in sales over the past four quarters. Sector 146 is an upcoming residential corridor providing access to infrastructure like the Noida SEZ and connectivity to Jewar Airport, metro stations and highways.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) plans to launch an affordable housing project providing 6,500 residential plots in sectors bordering the upcoming Noida International Airport. The bulk of plots (6,000) measuring 30 sqm each are priced at INR 8 lakhs to promote home ownership among lower-income groups. A further 500 larger plots from 200-4,000 sqm will be allotted via lottery following guidelines. The scheme aims to enable housing for all socioeconomic classes as the airport area expands. Launch is scheduled post-elections once final approvals are in place.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) completed a survey to assess development work by Jai Prakash Associates Ltd (JAL) on the Jaypee Sports City project, whose land allotment was canceled in 2020 over dues. The survey, following an Allahabad High Court directive, aims to verify JAL's claims of substantial infrastructure investment. In related news, developers owe INR 44,700 crore in Gautam Budh Nagar, with YEIDA's share at INR 4,700 crore. Efforts to revive stalled projects involve agreements with developers like ATS, Greenbay, and Logix, benefiting 4,000 homebuyers through a government scheme.Read more

Leading real estate developer County Group has set a new benchmark in the industry by completing over 41.50 lakh square feet across its three housing projects - Coco County, Ivy County and County 107 - in just one year. This is a notable achievement given Noida's reputation for delays and litigation in real estate. The projects were delivered ahead of their committed RERA timelines, showcasing County Group's excellence and efficiency. Coco County is a 12.21 lakh sq ft premium project in Greater Noida, Ivy County is a 14.74 lakh sq ft luxury project in Noida, and County 107 is a 14.78 lakh sq ft ultra-luxury project in upscale Sector 107, Noida. All feature thoughtfully designed luxury living spaces. With a track record of on-time deliveries, zero complaints, and resale value appreciation, the company is trusted for landmark projects across NCR.Read more

Nimbus Realty released Nimbus The Palm Village, a luxury residential development near the Yamuna Expressway in Noida. The construction features 3 BHK independent floors, 1 BHK furnished flats, and High Retail street businesses, as well as Spanish architecture and ample green space. The property includes lavish amenities like a swimming pool, gym, and numerous gardens, which improve the living experience. The Palm Village, which is strategically positioned near major highways, metro connectivity, and the new Jewar International Airport, promises to raise luxury living standards while attracting investors and businesses to Noida.Read more

In Noida, 20 out of 57 real estate developers involved in stalled housing projects have paid 25% of their dues to complete homebuyers' registration, yielding approximately INR 450 crore for the Noida Authority. Four builders have already deposited INR 83.47 crore, with a total of INR 224.45 crore received by May 9, 2024. Pending registries and delayed possession remain critical issues. 18 builders have agreed to pay, with assurances from some in sectors 76, 78, and 168. 1,604 registries await completion. CREDAI representatives attended meetings with Noida and Greater Noida Authorities to address these challenges, following UP government directives.Read more

The National Company Law Tribunal (NCLT) has initiated the Corporate Insolvency Resolution Process (CIRP) against ATS Heights Private Limited, the developer of Knightsbridge luxury housing project in Noida sector 124. This comes after ATS failed to pay dues of INR 285 crore and INR 47 crore to lenders on time. ASK Trusteeship Services Private Limited, representing some ASK funds and investment managers, had filed a petition citing the default. The NCLT bench approved the petition and appointed Gaurav Katiyar as the Interim Resolution Professional (IRP) to oversee the CIRP. The NCLT in its order has made it clear that non-payment of debt when it is due and payable amounts to default as per the Insolvency and Bankruptcy Code (IBC).Read more

The Noida Authority has filed a review petition in the Allahabad High Court against an order directing it to register 330 flats in the Lotus 300 housing project. The earlier order came in February 2024, asking the Authority to grant occupancy certificates and complete registrations within a month. It also ordered an ED investigation against the builders for allegedly siphoning homebuyer funds. In its petition, the Authority argues it cannot register flats due to outstanding builder dues of INR 166 crore. This could set an undesirable precedent for other defaulters under the Authority. The project's developer, Hacienda Project Private Limited, is facing insolvency proceedings.Read more

Womeki Group has made a significant stride in the real estate sector with the acquisition of a sprawling 34,000-square-foot office space in Noida Sector 90, Alphathum, valued at INR 44 crore. This investment underscores their commitment to driving the region's business landscape forward, positioning them to capitalise on the anticipated surge in Noida's office space demand. The workspace, designed to accommodate over 400 employees, prioritises productivity and collaboration, catering to the evolving needs of today's workforce. Notably, it features the world's longest infinity pool, offering employees a serene environment to recharge. With excellent connectivity to key areas and modern amenities like a vibrant caf� and well-equipped conference rooms, Womeki Group's acquisition sets a new benchmark for office space design, emphasising employee well-being, functionality, and strategic location.Read more