Tag: Noida

Latest StoriesResidential

Nimbus Group to invest ₹1,100 Crore in Noida housing revival

NEW DELHI: Nimbus Group plans to invest ₹1,100 crore in the development of Arista Luxe Phase II, a residential project in Sector 168, Noida. This 10-acre project, which was previously stalled, is being revived under the Legacy Stalled Projects Scheme with formal approvals from the New Okhla Industrial Development Authority (NOIDA). The initiative is being executed through a joint development agreement (JDA), with Nimbus participating as a co-developer. Arista Luxe Phase II will feature 342 apartments distributed across Towers 5, 7, 8, and 9, in addition to the completion of the clubhouse and communal areas. The project aims for completion…

IndustryLatest Stories

Noida Builders Push for Rehab Policy Amid Sports City Stalemate

NOIDA: Developers are calling on the UP government to establish a rehabilitation policy akin to that of stalled group housing projects, in order to break the deadlock surrounding Sports City. This request is based on the recommendations from the Amitabh Kant committee. The builders propose to settle their recalculated dues by paying 25% within 60 days and the remainder over a three-year period. This appeal is particularly significant as over 8,000 residents currently occupy homes in Sports City across sectors 78, 79, and 150, with another 20,000 awaiting possession. Credai (Western UP), representing builders, emphasized that although Sports City developments…

Latest StoriesRegulatory

HC Upholds YEIDA’s Decision to Cancel Greenbay Land Allotment

NOIDA: The Allahabad High Court’s Lucknow bench has issued an injunction against the Yamuna Expressway Industrial Development Authority (YEIDA) from canceling Greenbay Infrastructure’s land allotment for its 100-acre township project in Sector 22D. YEIDA is prohibited from proceeding with the cancellation until the state government addresses the company’s two revision applications seeking relief under the “zero period” policy, which concerns non-possession of 30-35% of the land. The “zero period” policy allows developers some relief from interest and penalties on unpaid land dues for projects that have been stalled. This interim order, issued on July 30, came just one day before…

IndustryLatest Stories

SC Hearing Next Week: Sports City Builders Begin Repayment

NOIDA: In response to notices from the Noida Authority, several builders engaged in the Noida Sports City projects have begun settling their outstanding dues. A notable action includes a consortium partner of the Sector 150 Sports City project, led by Lotus Green Constructions, which has made a payment of Rs 80 crore. Officials indicated that other consortium partners in this project have also shown readiness to make payments and are expected to do so shortly. Back in March, the Authority issued notices mandating developers to clear longstanding dues within one month, as per a high court directive from February. Outstanding…

Latest StoriesRegulatory

NGT Requests New Report on Illegal Noida Buildings

NOIDA: The National Green Tribunal has expressed concern over the Noida Authority’s inadequate response to issues of illegal residential and commercial constructions. The tribunal, led by Justice Prakash Srivastava on July 28, has ordered the Authority to provide a new affidavit within three weeks detailing individuals, properties, projects, and their specific locations. The projects identified by the petitioner’s lawyer, Akash Vashishtha, include Pristine Greens and Krishna Elite Homes in Bisrakh Jalalpur village, Greater Noida West, which are being developed on agricultural and residential land. Other projects named include Trinity High Street in Jalpura, Vihaan Heritage in Bisrakh, Subodh Bhati Market…

Latest StoriesRegulatory

HC: State can’t limit zero-period relief after land delay

NOIDA: The Allahabad High Court has affirmed that ‘zero-period’ waivers for real estate developers should be granted in full for delivery delays beyond their control. In a ruling dated July 25, the court annulled a Greater Noida Authority decision that denied the zero-period benefit to developer Empire E-Parks. The judgment mandates that the development authority provide the developer with a zero-period waiver on interest and penal interest accrued over the 18 years that construction was halted, due to the developer’s inability to take possession of the designated land. This decision, echoing a previous case involving Gaurasons India Ltd, could significantly…

IndustryLatest Stories

Noida Authority to Create New Policy for Construction Workers

NOIDA: In an effort to improve living conditions for the increasing construction workforce in the city, the Noida Authority is formulating a policy that may mandate developers and contractors to establish labor camps offering hygienic accommodation with essential amenities, such as toilets, clean water, electricity, and waste management systems, prior to commencing any construction projects. The proposed policy could also include welfare measures, providing access to medical assistance, regular health check-ups, and schooling for children accompanying their working parents. At present, many workers live in makeshift shelters near construction sites, which often lack safety and hygiene. “The planning department has…

Latest StoriesResidential

Uttar Pradesh: 1% Stamp Duty Relief for Women Buyers on Homes Up to ₹1 Crore

NOIDA: Women buying properties or land worth up to Rs 1 crore will now receive a 1% stamp duty waiver, following a recent update from the UP cabinet that raised the property cap for the discount from Rs 10 lakh. In Noida and Ghaziabad, stamp duty ranges from 6-7% of the total flat cost, plus an additional 1% processing fee for registration. The updated limit, effective from July 29, allows women to save up to Rs 1 lakh during property registration. Brijesh Kumar from the AIG-2 (stamp department) informed TOI that approximately 30% of properties registered monthly in Noida are…

Latest StoriesResidential

Homebuyers urge CJI, PM to let NBCC finish Supertech projects

Homebuyers from 16 halted housing projects by Supertech have reached out to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, urging intervention to transfer these projects to state-owned NBCC instead of the NCR-based Apex Group. The buyers are requesting the Supreme Court to lift a stay imposed on a December 2024 order from the National Company Law Appellate Tribunal (NCLAT), which directed that these projects be handed over to NBCC (India) Ltd for timely completion. This stay was placed following a revival proposal submitted to the Supreme Court by Apex Group. “After enduring over a decade…

InfrastructureLatest Stories

Centre Approves Noida Metro Aqua Line to Boraki Hub

NOIDA: The Centre has approved the extension of Noida Metro’s Aqua Line to Boraki, situated less than an hour’s drive from Jewar, moving the city’s transit network closer to the forthcoming Noida International Airport. The 2.6-km elevated section will feature two new stations—Junpat and Boraki—at a total investment of ₹416 crore. This project is projected to be completed within three years. The extension aims to connect the Aqua Line to the proposed multi-modal transport hub at Boraki. The UP government plans to merge the Delhi-Howrah rail corridor with an interstate bus terminal and a rapid rail line to Ghaziabad. The…