Tag: Noida

Latest StoriesRegulatory

GNIDA’s Plots to Unqualified Realtors Threaten Buyer Safety: CAG

NOIDA: An audit conducted by the Comptroller & Auditor General (CAG) has uncovered significant irregularities and policy violations by the Greater Noida Industrial Development Authority (GNIDA) in the allotment of group housing and builder plots from 2005-06 to 2017-18. The audit report, released on Wednesday—coinciding with the Supreme Court’s directive to the UP government to consider transforming the Noida Authority into a metropolitan council for improved fairness and transparency—highlights lapses over the years that have contributed to the ongoing real estate crisis in Noida’s twin city. Thousands of flats are considerably delayed, while registries are held up due to skyrocketing…

IndustryLatest Stories

GNIDA Issues Partial OCs for Builders Paying 25% Dues

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has authorized partial occupancy certificates for various stalled housing projects under the UP government’s rehabilitation policy, following the Kant committee’s recommendations aimed at reviving stalled real estate developments. So far, developers of 37 out of 98 halted projects in Greater Noida have paid 25% of their total dues, the minimum requirement to qualify for policy benefits, which include debt rescheduling and a waiver for defaults during the Covid pandemic. Under this new policy, developers who have made partial payments will receive occupancy and completion certificates (OCs/CCs) proportional to their payments, enabling the…

Latest StoriesRegulatory

SC mandates fresh SIT to investigate Noida officials and builders’ collusion

NEW DELHI: The Supreme Court has instructed the establishment of a new Special Investigation Team (SIT) by the Uttar Pradesh Police to probe allegations of collusion between NOIDA Authority officials and builders regarding inflated land acquisition compensation claims paid to farmers. A bench consisting of Justices Surya Kant and Joymalya Bagchi has ordered the formation of a new SIT comprising three IPS officers to replace the previous team. The Supreme Court has also prohibited project development in Noida without an Environmental Impact Assessment (EIA) and prior court approval of the report by the green bench. The court mandated that the…

Latest StoriesResidential

Noida Authority to Revoke Allotments of Encroached Plots

NOIDA: Residents in several Noida areas who are extending balconies, constructing extra rooms, or encroaching on Authority land may soon face plot cancellations if they disregard repeated warnings. The Noida Authority has opted to revoke the allotment of plots for owners engaged in encroachments, even after receiving two notices under Section 10 of the UP Industrial Area Development Act. CEO Lokesh M instructed officials on Friday to place notices directly on properties if the allottees do not acknowledge them, ensuring that no one can claim they were unaware. During a review meeting, he directed the asset department officials to compile…

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…