Tag: Uttar Pradesh

Latest StoriesRegulatory

Court Orders Seizure of ₹128 Crore in Uttar Pradesh’s 1st FEOA Case

Representative Image LUCKNOW: On Thursday, a special court ordered the confiscation of assets valued at approximately Rs 128 crore in connection with the fugitive economic offender proceedings initiated by the Enforcement Directorate (ED) against the Shine City Group based in Uttar Pradesh, along with its fugitive promoter, Rashid Naseem, accused of deceiving investors. Officials noted that this decision was made under the Fugitive Economic Offenders Act (FEOA) of 2018, marking the first case of asset confiscation via this mechanism in Uttar Pradesh. The ED will confiscate movable and immovable assets worth Rs 127.98 crore, which had been previously attached under…

Latest StoriesRegulatory

SC Grants One-Week Stay for UP Property Demolition Petitions

NEW DELHI: The Supreme Court on Thursday granted temporary relief for one week to two petitioners whose properties in Uttar Pradesh are slated for demolition. The court directed that the current state of affairs be preserved until the specified time. A bench comprised of Justices Vikram Nath and Sandeep Mehta instructed the petitioners, who claimed that partial demolition of their residential or banquet hall properties had already occurred, to seek further orders from the Allahabad High Court. The court cited the ongoing partial demolition as the basis for granting this week of interim relief. “Taking into consideration the aforementioned scenario,…

IndustryLatest Stories

UP Government Provides Stamp Duty Break for Lease Agreements

LUCKNOW: The stamp and registration department is introducing substantial concessions on stamp fees for rent agreements up to 10 years, simplifying the registration process. The cabinet approved this proposal on Friday. Currently, registration exists, but many landlords and tenants skip it due to high costs. Agreements that remain unregistered lack legal validity under the UP Regulation of Urban Premises Tenancy Act, making them prone to disputes. Finance Minister Suresh Khanna noted that while current regulations require registration for tenancy deeds over one year, most are either verbal agreements or, when written, remain unregistered. “These situations often arise during audits by…

IndustryLatest Stories

UP Govt Supports Noida Authority’s Plan to Cancel 29 Idle Plots

NOIDA: The Uttar Pradesh industrial development department has upheld the Noida Authority’s decision to revoke the land allotment of 29 industrial allottees due to failure to initiate construction, despite several extensions and relaxations from the state government. On October 23, additional chief secretary (industrial development) Alok Kumar dismissed a revision petition from Elevator IT Solutions Ltd, which contested the Noida cancellation order from July 10, 2023, deeming it arbitrary and inconsistent with lease terms. The dispute arose over a 4,130 sqm plot in Sector 62, originally allocated for IT/ITES activities in 2008. According to the lease deed executed on August…

InfrastructureLatest Stories

U.P. CM Tours Noida International Airport

File Photo GAUTAM BUDH NAGAR: Chief Minister Yogi Adityanath visited the under-construction Noida International Airport in Jewar on Saturday, where he was assured by officials that all outstanding work would be completed by November 15. The CM evaluated progress on the domestic terminal, the inauguration site, security arrangements, traffic management, and ongoing projects. He also led a meeting with Noida International Airport Limited (NIAL) officials, along with senior administrative and police personnel, to discuss these matters in depth. Describing the Noida International Airport as a testament to Uttar Pradesh’s development, Yogi cautioned officials against any negligence that could impede preparations…

IndustryLatest Stories

Nimbus Projects Gains ₹1,100 Crore Potential from UP Order

The Uttar Pradesh Industrial Development Authority (UPIDA) has instructed the Yamuna Authority to amend the land allotment for Nimbus Projects, granting an additional 1.1 million sq. ft. with a development potential valued at ₹1,100 crore. Following the company’s revision petition, the Principal Secretary of the Industrial Development Department, Uttar Pradesh Government, has directed the Yamuna Expressway Industrial Development Authority to reassess the land allocation, considering the interest previously paid by Nimbus. The revision petition was initiated after the company surrendered 55,219.178 sq. m. of a total of 102,995.70 sq. m. under the Project Settlement Policy (PSP). The Principal Secretary’s order,…

InfrastructureLatest Stories

UP CM Unveils Urban Revitalization Plan for Cities

LUCKNOW: Chief Minister Yogi Adityanath announced on Tuesday that Uttar Pradesh will implement a new urban redevelopment policy aimed at revitalizing cities, reorganizing land, and attracting private investment, all while protecting the livelihoods of families impacted by these changes. The policy will focus on upgrading outdated structures and neglected areas with modern urban infrastructure and ample public amenities, as stated by the UP government. Adityanath emphasized that the urban redevelopment initiative seeks to rejuvenate cities holistically across the state. While addressing a Housing Department meeting, he stated, “Our cities are not just collections of buildings; they are vibrant social entities.”…

Latest StoriesRegulatory

HC rejects UP govt’s order to cancel builder’s ‘zero-period’ waiver

NOIDA: The Allahabad High Court has overturned a state government order that withdrew a lease rent waiver granted to a realtor under the “zero period” policy. On October 8, Justice Subhash Vidyarthi from the Lucknow bench invalidated the January 9, 2024 directive from the Infrastructure and Industrial Development Commissioner (IIDC). This directive had rescinded the lease rent waiver initially granted to Express Builders and Promoters. This ruling follows two previous decisions where the high court also set aside the same January 2024 order concerning Great Value Projects India (April 23) and Pan Realtors Pvt Ltd (May 29). The court noted…

Latest StoriesRegulatory

I-T Flags Unreported Cash Deals in Bihar, Uttar Pradesh

NEW DELHI: The income tax department is scrutinizing cash transactions exceeding Rs 2 lakh in property deals, especially in Bihar and Uttar Pradesh, particularly in areas adjacent to Nepal. Numerous violations have been identified, and sub-registrars have failed to provide the necessary data. This nationwide initiative, following a Supreme Court directive from April, led tax officials to discover instances where entire transactions were conducted in cash. Tax authorities are baffled by the inaccurate reporting from sub-registrars in Bihar and UP. The department has escalated this issue to senior officials in both states, urging them to instruct sub-registrars to share information…

InfrastructureLatest Stories

Uttar Pradesh panel may reduce YEIDA to 300 villages

NOIDA: The Uttar Pradesh government has established a panel to assess the jurisdiction of YEIDA, which encompasses 1,149 villages from Gautam Budh Nagar to Agra, covering an area of 3.35 lakh hectares—almost three times the combined area of Noida and Greater Noida, which is 1.12 lakh hectares. The committee will consider reducing YEIDA’s scope to approximately 300 villages, aiming to balance long-term planning with immediate developmental requirements while ensuring that residents and investors in areas outside the approved master plans are not stuck awaiting necessary approvals or infrastructure. YEIDA CEO RK Singh commented that the panel’s goal is to create…