The state government has reversed the decision made by the Noida Authority in February 2021 to cancel the lease of 1.08 lakh square meters of commercial land allocated to Wave Group, highlighting the potential economic advantages of the project. Wave had challenged the cancellation, claiming procedural flaws, and the government reinstated the lease with revised compliance terms. Under the new arrangement, Wave's dues of INR 1,156 crore will be recalculated without penalties during the cancellation period. Despite project delays since its 2011 launch due to external regulatory challenges, Wave warns that lease cancellation could harm retail buyers, as the company has made significant investments in the project.Read more

The Noida Authority plans to begin land acquisition for the New Noida project following the state government's approval of its master plan. Designed as the Dadri Noida Ghaziabad Investment Region (DNGIR), the new urban hub will span about 20 villages in Gautam Budh Nagar and 60 in Bulandshahr, addressing Noida's saturation and facilitating investment arrival into the National Capital Region (NCR). The development will occur in four phases, starting with 3,165 hectares by 2027, and will allocate 40% of the land for industrial use. This initiative is expected to enhance economic growth, particularly with the upcoming Noida International Airport in Jewar.Read more

The district administration of Noida has mandated that building owners and Resident Welfare Associations (RWAs) register their lifts within six months as part of the UP Lift Act. Chaired by the district magistrate, a new panel will meet quarterly to review compliance and address concerns. Owners failing to meet the norms will face fines and potential suspension of lift operations. Additionally, lift manufacturers must also register, and operators are required to maintain an accident logbook. Complaints regarding lift accidents can be filed with the local administration, leading to investigations and possible legal action.Read more

Greater Noida has witnessed the registration of over 8,100 flats since February, following developers' adoption of a UP government policy aimed at reviving stalled real estate projects. A GNIDA report forecasts that an additional 8,000 flats will be registered by March. This policy requires builders to pay 25% of their recalculated dues upfront to qualify for a zero-interest waiver. Currently, 73 group housing projects with 32,435 unregistered flats are participating in the program. Additionally, GNIDA has approved a new policy to streamline flat registrations at the Senior Citizen Home Complex Welfare Society, enhancing protections for homebuyers.Read more

The Noida Authority has approved two projects under the Uttar Pradesh government's co-development policy to address stalled real estate developments. Nimbus Projects will oversee Sunworld Residency in Sector 168, and Theme County will manage a project in Sector 115, benefiting approximately 1,000 homebuyers. The initiative follows the Hawelia Group's takeover of Shree Radha Sky Garden in Greater Noida. The new developers are required to settle dues and secure funding to complete the projects. With around 190,000 housing units worth INR 1 lakh crore currently stalled in the region, this policy aims to revitalize the market.Read more

The Noida Authority has implemented a mandatory tripartite sale agreement for builders and homebuyers in new housing projects. This decision aims to increase transparency in real estate transactions by ensuring the buyer's identity is recorded at the time of the first payment, rather than at project completion. The agreement aligns with RERA guidelines and aims to prevent fraudulent sales and tax evasion. By formalizing the transaction process, the Authority seeks to protect homebuyers' interests while also boosting government revenue from stamp duty.Read more

Following the Supreme Court's directive, registrations for flats at Lotus 300 in Sector 107 have begun, with 16 of over 100 homebuyers successfully completing the initial phase. The court upheld an Allahabad High Court order, mandating Noida Authority to proceed with flat registrations despite pending dues from the developer, resolving a decade-long battle for buyers. Efforts to complete registrations for all units and issue occupancy certificates are ongoing, providing long-awaited relief.Read more

The Uttar Pradesh government has introduced a new e-auction scheme for institutional plots, aiming to boost the integrated development of Greater Noida. The Greater Noida Industrial Development Authority (GNIDA) is offering 13 plots across key sectors, including KP-05, MU, ETA-02, and Techzone-4, with a total reserve price of INR 170 crore. These plots, ranging from 1,000 to 10,005 square metres, are designated for schools, hospitals, vocational training centres, and other educational institutions. Applications are open until November 18, while the scheme also includes commercial shops, offices, and kiosks.Read more

The Uttar Pradesh government has approved two ambitious master plans for Noida and the Yamuna Expressway Industrial Development Authority (YEIDA), aiming to transform the region into a major industrial and residential hub over the next 15 years. The Noida Master Plan 2041 focuses on the expansion of the Dadri-Noida-Ghaziabad Investment Region (New Noida), covering 80 villages and accommodating 6 lakh residents, with significant land allocation for industrial, residential, and green spaces. The YEIDA Master Plan spans 226 villages, with a focus on expanding the Noida International Airport and developing aviation-related industries. Additional highlights include a logistics hub, Olympic Park, and international investment zones like a 'Korean City' and 'Japanese City.'Read more

The stamps and registration department has proposed a 25-30% increase in circle rates for residential areas, 10% for industrial, commercial, and IT sectors, and 15% for farmland, marking the first revision in five years. This adjustment will raise property prices and stamp duty costs for buyers, aligning them with current market trends, especially in Noida and Greater Noida where property values have surged. Circle rates, used to calculate stamp duty, remained unchanged from 2020 to 2023 due to the pandemic's impact on the real estate sector. The proposed revisions aim to reflect the rising real estate prices, ensuring fair taxation and supporting market growth.Read more

Nirala World has acquired 2.6 acres of land in Greater Noida West for INR 180 crore to develop a commercial project, possibly a mall or high street. The project will begin once UPRERA approvals are obtained. The firm recently launched a luxury residential project, 'Nirala Trio,' and has already completed the 25-acre 'Nirala Estate' development, delivering 3,600 homes, with 450 more units to be handed over soon.Read more

The housing industry in Noida faces significant challenges, particularly with unfinished projects and unregistered flats, exemplified by the GH-1 group housing plot in Sector 120. Initially allocated in 2009 to develop 1,530 flats, 290 remain unregistered. This issue extends to 16 other projects, with developers depositing only INR 57.03 crore of the INR 740.87 crore owed, resulting in 6,152 unregistered flats. The Noida Authority has issued final notices to seven non-compliant developers, threatening referral to the Economic Offences Wing (EOW) for recovery. Proactive measures, including a two-year zero-interest period for financial relief, aim to expedite registrations and restore homebuyer confidence.Read more

Greater Noida's real estate market is experiencing a surge in demand, as evidenced by recent auctions conducted by the Greater Noida Industrial Development Authority (GNIDA), which attracted INR 1,500 crore, far exceeding the INR 738 crore reserve price. Developers like Eldeco Infrastructure, Nirala World, Godrej Properties, and Sobha have acquired prime plots for both commercial and residential projects. Nirala World, for instance, plans a commercial project in Greater Noida West with a INR 250-300 crore budget. The region's growing appeal to major national developers signals a robust future for Greater Noida's real estate sector, with significant growth expected in both commercial and residential spaces.Read more

The stamps and registration department hosted a special camp at Eldeco Aamantran in Sector 119, Noida, where 81 flats were registered, generating INR 2.4 crore in revenue. The developer chose not to participate in the UP-government's rehabilitation scheme due to low outstanding dues. Homebuyers expressed joy at receiving their registration papers, likening it to an early Diwali celebration. Nikhil Singhal, president of the apartment owners' association, noted that 950 out of 1,260 flats had been registered, with 310 still pending. The department plans additional camps, with the next one scheduled for October 22 at Great Value Sharanam in Sector 107.Read more

The upcoming Noida International Airport is attracting a wave of foreign investment in the surrounding region. The Yamuna Expressway Industrial Development Authority (YEIDA) has revealed plans for three new townships and three foreign university campuses, with land allocation requests from real estate firms and educational institutions in the US, UK, Japan, South Korea, and Belgium. YEIDA also aims to create two industrial cities for Japanese and South Korean companies, alongside 11 specialised industrial clusters. To improve connectivity, a 72-km rapid rail corridor is proposed, and an "aero village" with hotels and commercial projects is also being planned near the airport.Read more

Gaurs Group, a leading NCR-based real estate developer, plans to raise funds for a 5 million sq ft commercial project in Noida. The project, spread over 18 acres, will include 2.5 million sq ft of retail space, 2 million sq ft of A-Grade office space, a convention centre, and a hotel, requiring an INR 3,000 crore investment. Additionally, the company launched a 12-acre luxury project in Ghaziabad, selling 1,200 apartments in three days, and plans an ultra-luxury project in Noida's Jaypee Greens. Gaurs Group aims to reduce debt with INR 4,500 crore in receivables.Read more

The Noida Authority plans to hire a consultant to oversee land assembly activities, assisting in direct land purchases and legal acquisitions under the Land Acquisition Act. With the city rapidly expanding, around 200 hectares of land are projected for assembly, though this may change as development continues. The consultant will handle all aspects of land acquisition, from identifying parcels to managing legal and administrative processes. This move underscores the Authority's focus on addressing the growing demand for land, ensuring infrastructure projects are executed efficiently to support the city's development.Read more

The Allahabad High Court has stayed the Noida Authority's denial of construction permits to Satya Homes Pvt Ltd and others, instructing the Authority to reconsider the applications following proper legal procedures. The court highlighted that blanket restrictions without valid justification were not permissible. A fresh site inspection is to be conducted in November, with a report due by mid-November, allowing affected parties to raise objections before the next hearing scheduled for December.Read more

The government-appointed board of directors at Unitech Group has issued a stern warning to homebuyers who are defaulting on payments, indicating that construction of their flats could be halted and allotments canceled if payments are not made promptly. After nearly a decade of stalled construction, work has resumed on several Unitech projects across cities like Noida, Gurgaon, and Bhubaneswar. However, inconsistent payment compliance is hindering progress. For example, projects in Greater Noida have seen only a fraction of the demanded payments, with some buyers opting to pay penalties rather than dues. Unitech has urged defaulting homebuyers to settle outstanding amounts or face severe consequences.Read more

Earlier this week, 51 buyers of Amrapali Dream Valley Enchante in Greater Noida West received the keys to their long-awaited apartments, marking a significant milestone after years of delays. The NBCC began the handover process four years after taking charge of the stalled project. While some buyers celebrated their new homes, others are still awaiting possession. The Supreme Court's earlier intervention, holding Amrapali accountable for fund misappropriation, has paved the way for the ongoing completion of this project.Read more