Tag: Noida

Latest StoriesRegulatory

NBCC to Seek Supreme Court RERA Exemption for 11 Supertech Projects

NEW DELHI: State-owned NBCC is preparing to approach the Supreme Court for an exemption from RERA registration, as 11 out of the 16 Supertech projects it is required to manage will need additional funding, according to sources familiar with the situation. The Supreme Court recently upheld an NCLAT ruling requiring NBCC to complete 16 housing projects managed by the financially troubled Supertech Limited. However, upon review, NBCC identified that funds would need to be reallocated to finish these projects, which is not permitted under RERA regulations. “The NCLT lacks the authority to grant RERA exemptions, which are crucial for delivering…

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SWAMIH Fund Approves ₹115 Crore for Antriksh Valley Project

Representative AI image NEW DELHI: The SWAMIH Investment Fund I, supported by the government, has approved an investment of up to ₹115 crore for the completion of the stalled residential project Antriksh Valley (now known as The Valley) in Greater Noida West’s sector 1. As per the sanction letter, the fund’s investment committee has granted final approval for an investment of up to ₹95 crore, with an additional ₹20 crore contingent upon further internal approvals and project progress review. This investment will be made through non-convertible debentures (NCDs) issued by Diligent Builders, the project developer. The funds will be strictly…

Latest StoriesRegulatory

NCLAT Hands Over Supertech Projects to AoAs for Maintenance

NOIDA: The National Company Law Appellate Tribunal (NCLAT) has instructed that day-to-day maintenance of two Supertech housing projects—Ecociti (Sector 137) and 34 Pavilion (Sector 34)—be transferred to their registered apartment owners’ associations (AOAs) within 30 days. This decision empowers residents to manage essential services and maintenance through their elected representatives after enduring years of external management. A bench led by chairperson Ashok Bhushan and member (technical) Barun Mitra directed YG Estates Facilities Management Pvt Ltd, the respondent, to complete the transfer under the supervision of the interim resolution professional (IRP), as Supertech Ltd is currently in insolvency proceedings. In the…

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Uttar Pradesh to Use Vacant Society Spaces in Redevelopment Plan

LUCKNOW: Residents of Lucknow and other significant cities may join forces to redevelop existing housing societies. Following the example set by metro cities, a new redevelopment policy launched by the state government allows for the utilization of additional space in residential layouts to create larger units. If two-thirds or more apartment owners in a layout exceeding 1,500 sq mt (16,146 sq ft) consent, redevelopment efforts can commence to construct improved apartments. To support the project’s financial viability and attract private developers, various incentives will be available. The local housing development authority will provide a 50% rebate on development charges, an…

InfrastructureLatest Stories

Yamuna Authority Plans 500 Acres for Japan and Singapore Cities

LUCKNOW: The Yamuna Expressway Industrial Development Authority (YEIDA) has submitted a proposal to the state government for the development of Japan City and Singapore City along the Yamuna Expressway, officials reported on Thursday. YEIDA CEO R K Singh stated that the proposal, sent on February 18, notified the state’s Infrastructure and Industrial Development Commissioner about the identified land for these projects within the authority’s jurisdiction. He also mentioned that the authority has developed a land acquisition plan for both initiatives. Singh highlighted that this information was requested in light of Chief Minister Yogi Adityanath’s upcoming official visits to Japan and…

InfrastructureLatest Stories

Four Stations in Phase 1: NMRC to Revise Greater Noida West Metro

Here’s a rewritten version of the content: — NOIDA: Following the Union Cabinet’s approval of the Aqua Line extension from the Botanical Garden to Sector 142, the Noida Metro Rail Corporation (NMRC) announced it will develop a revised detailed project report (DPR) for the Greater Noida West metro corridor. The updated plan will feature only four stations in Phase 1, as opposed to the previously proposed eleven. In this revised plan, the metro corridor will include stations at sectors 61, 70, 123, and Greater Noida Sector 4 (Gaur Chowk) in the first phase. Initially, an 18 km track was suggested…

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Delhi court denies bail to ex-Jaypee Infratech MD in case

NEW DELHI: A Delhi court has rejected former Jaypee Infratech managing director Manoj Gaur’s bail application in a money-laundering case, emphasizing that the allegations involve cheating and criminal breach of trust affecting many individuals. The court remarked that while numerous homebuyers sought justice after investing their life savings in their desired homes, Gaur was benefitting from the alleged proceeds of crime. Additional Sessions Judge Dhirendra Rana examined Gaur’s plea, noting that Gaur was arrested by the Enforcement Directorate (ED) on November 13, 2022, in relation to a ₹14,599-crore fraud involving homebuyers. The ED alleges that the money collected from homebuyers…

Latest StoriesRegulatory

NCLT Forms Committee to Address Jaypee Infratech Complaints

NEW DELHI: The National Company Law Tribunal (NCLT) in Delhi has mandated the establishment of an independent expert committee to address the complaints of allottees involved in Jaypee Infratech projects, now under Suraksha Realty’s development. This ruling was issued on February 12, 2026. In a submission by advocates Ashwarya Sinha and Aditya Malhotra representing homebuyers, concerns were raised about excessive delays, unclear construction schedules, and unfair financial demands on buyers. The approved resolution plan included an independent monitoring committee (IMC), which was subsequently disbanded in May 2024 without notifying stakeholders. Following a review of all arguments, the court decreed that…

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YEIDA earns ₹389 crore from Noida airport plot e-auction

Representative AI image NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) raised a total of ₹389 crore from the e-auction of three group housing plots spanning approximately 13 acres. The combined reserve price for these plots was set at ₹283 crore, with final bids surpassing this figure by ₹106 crore, significantly boosting the authority’s revenue from the auction held on Friday. Provence Developers acquired one plot with a bid of ₹95 crore, Eldeco Infrastructure & Properties bid ₹105 crore, and Northwind Estate topped the auction with a bid of ₹189 crore. With these latest three allocations, the total number of…

InfrastructureLatest Stories

Metro extension from Noida Sector 142 to Botanical Garden Approved

NOIDA: The Aqua Line extension from Botanical Garden to Noida Sector 142, featuring eight stations, will increase the city’s operational metro network to over 61.62 km. On Saturday, the Centre approved the extension of the Aqua Line Metro corridor, with an estimated cost of Rs 2,254.35 crore. The elevated stretch of 11.56 km is scheduled for completion within four years from the sanction date, as per a statement from the Noida Metro Rail Corporation. The proposed stations along the corridor will include Botanical Garden, Noida Sector 44, Noida Office, Noida Sector 97, Noida Sector 105, Noida Sector 108, Noida Sector…