Tag: Noida

IndustryLatest Stories

Uttar Pradesh Cuts Rent Agreement Stamp Duty by 90%

LUCKNOW: The Uttar Pradesh Cabinet has approved new proposals allowing the registration of ancestral property partition deeds for a fixed fee of Rs 10,000. Additionally, the stamp duty and registration charges on rent agreements will be reduced by up to 90 percent. The State’s Minister of State (Independent Charge) for Stamp and Court Fee, Registration, Ravindra Jaiswal, shared this information during a press briefing after the Cabinet meeting led by Chief Minister Yogi Adityanath. The objective of these decisions is to alleviate family disputes, curtail informal agreements, and enhance legal security, thereby improving the ease of living in Uttar Pradesh,…

IndustryLatest Stories

Noida Authority Forms Panel to Resolve Sub-Lease Backlog

NOIDA: On Saturday, the Noida Authority board approved an eight-member committee to tackle the longstanding issue of non-registration of tripartite sub-lease deeds. This committee, chaired by the additional chief executive officer (group housing) of Noida, is responsible for analyzing the challenges associated with the non-registration of these sub-lease deeds and providing recommendations to resolve them, while ensuring the financial interests of the authority are protected. Officials indicated that the panel’s recommendations could lead to a standardized policy for regularizing sub-lease registrations in ongoing cooperative housing cases across Noida. The decision was influenced by ongoing challenges encountered by flat owners—both current…

Latest StoriesRegulatory

Noida Authority Issues Conditional OC to Sports City After SC Order

NOIDA: During its board meeting on Saturday, the Noida Authority issued a conditional occupancy certificate for the long-delayed Sports City project in Sector 150. This decision comes after the Supreme Court’s order from November 24, which approved a framework for reviving the Sports City SC-02 project developed by Lotus Green Constructions. The ruling enables construction to resume after nearly three years, offering a reprieve for approximately 20,000 homebuyers waiting for possession or registration of their properties. The Supreme Court mandated that the Noida Authority lift the ban placed on the developer in January 2021 within 30–45 days. Lotus Green plans…

Latest StoriesRegulatory

HC Rejects Noida Authority’s ₹168 Crore Lease Rent Claim

NOIDA: The Allahabad High Court has annulled a lease rent demand of approximately Rs 168 crore raised by the Noida Authority against Vision Town Planners concerning a commercial plot in Sector 94 that was initially allocated to BPTP International Trade Centre Ltd. On December 19, Justice Prakash Padia also mandated a refund of around Rs 7.4 crore collected as change in constitution (CIC) charges, along with 9% annual interest. The court ruled that the authority acted unlawfully by imposing lease rent without providing legal possession of the subdivided plot, and improperly retained CIC charges, despite established judicial precedents that deemed…

Latest StoriesRegulatory

SC Requests UP Government Files on Amrapali for Faster OC Approvals

Supreme Court of India NOIDA: The Supreme Court has directed the Uttar Pradesh government to provide documents related to the distribution of completion certificates (CCs) and occupancy certificates (OCs) for Amrapali Group housing developments. The court emphasized that the process should not be held up due to the absence of documents from the now-defunct developer. This order is part of ongoing efforts to address the longstanding case impacting thousands of homebuyers. A bench comprised of Justices Sanjay Kumar and Satish Chandra Sharma, during proceedings on December 11, instructed Noida Authority, Greater Noida Industrial Development Authority (GNIDA), and related agencies not…

Latest StoriesRegulatory

ED Seizes ₹100 Crore Assets of Amrapali Group

LUCKNOW: The Enforcement Directorate’s Lucknow zonal office has provisionally attached immovable assets valued at approximately ₹100 crore belonging to the Amrapali Group in relation to a money laundering investigation. The assets include the office and factory land and buildings connected to Mauria Udyog, a subsidiary of the Sureka Group founded by Navneet and Akhil Sureka of Amrapali Group. The investigation was prompted by multiple FIRs filed at various police stations in Gautam Budh Nagar, along with an order from the Supreme Court dated July 23, 2019, in the case of Bikram Chatterji & Others vs. Union of India & Others,…

InfrastructureLatest Stories

500 Acres in Sector 11 Set for AI & Finance Hub by Yamuna Expressway

Representative AI image NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) has designated approximately 500 acres in Sector 11 for creating a specialized hub focused on artificial intelligence (AI) and financial services companies. Officials indicate that the acquisition of most of the land has been completed, and efforts will now shift towards attracting businesses to this sector. YEIDA intends to solicit expressions of interest (EOI) from companies looking to establish operations in this area. In addition to AI and financial services, the land will also cater to data centers, banking technology firms, stock market services, and financial software development companies.…

Latest StoriesResidential

NBCC Auctions 417 Amrapali Aspire Units for ₹1,045 Crore

NEW DELHI: The state-owned NBCC (India) has wrapped up the e-auction for 417 residential units in two housing projects located in Noida and Greater Noida West, achieving a total sale value of approximately ₹1,045.4 crore, as stated in a regulatory filing by the company. The sold units are part of the Aspire Leisure Valley project in Greater Noida West, specifically in towers 7 and 8, as well as Aspire Silicon City, Phase IV in Sector 76, Noida, which comprises tower 5, under Sub-Package 4 of the project. According to the transaction agreement, NBCC will receive a marketing fee of 1%…

IndustryLatest Stories

Gaurs Group Secures ₹440 Crore via Non-Convertible Debentures

NEW DELHI: Gaurs Group has successfully completed its inaugural public offering of non-convertible debentures (NCDs), raising ₹440 crore, and the issue has been fully subscribed. Three mutual funds participated in the subscription. The debentures were issued by Gaursons India, the parent company of Gaurs Group, and will be traded on the National Stock Exchange (NSE). Kotak Mahindra Bank served as the sole arranger for this transaction. “This gives us enhanced flexibility to foster growth while ensuring a sound capital structure,” remarked Sarthak Gaur, director of the company. The entire process was concluded over a span of nearly three months. The…

CommercialLatest Stories

Noida Metro Rail Corp. Offers Commercial Space at 3 Stations

Representative AI image NOIDA: The Noida Metro Rail Corporation (NMRC) is leasing commercial spaces at Sector 81, Sector 83, and Depot metro stations along the Aqua Line. At Sector 81, NMRC is offering four commercial spaces: two on the ground floor (26 sqm and 172 sqm), one on the first/concourse level (315 sqm), and another on concourse level 2 (232 sqm). At Sector 83, a 226 sqm space is available on the upper ground floor, while at Depot metro station, there’s a 106 sqm area on the first/concourse level. As per NMRC officials, the successful bidder will be allowed to…