Friday, 17 September 2021

Dues mount, Noida to cancel allotment of 2 plots off e-way to Logix group | Noida News

Noida: The Noida Authority has decided to take back possession of two land parcels allotted in 2010 to the Logix group for which, officials say, it hasn’t been able recover dues of Rs 1,384 crore.
The plots – in sectors 105 (seven acres) and 124 (nine acres) – had been transferred to Logix subsidiaries in June 2010 and December 2010. The group was to develop a retail unit – mall and multiplex – and office space in Sector 105 and had similar plans for Sector 124 with a limited number of residential suites.

Officials said the group failed to pay up its instalments along with compound interest to the Noida Authority. For the Sector 124 plot, the Noida Authority claims its dues amount to Rs 796 crore while for the Sector 105 plot, it is yet to receive Rs 588 crore.
Kumar Sanjay, officer on special duty at the Noida Authority who heads the commercial division, said Logix Group subsidiaries were given a lot of time to come to the table and pay up the dues. “But we decided to cancel the allotment as we got no concrete response from them,” he said.
Both plots lie close to the Noida-Greater Noida Expressway. No construction work has taken place at the sites.
TOI got in touch with Vikram Nath, a director of the Logix group, but he declined to comment.
The decision to cancel the allotments made to the Logix group is the latest in a series of similar measures Noida has taken this year. Over the past few months, the Noida Authority has acted against more than 22 allottees for dues that it claims amount to more than Rs 7,500 crore. The biggest of these was in April when prime commercial land Sector 32 was taken back from the Wave group.
The Noida Authority has also issued recovery certificates to four other companies, among them the Supertech group (Rs 27 crore). The three other companies are MMR Saha Infrastructure Pvt Ltd for land allotted in Sector 52 for which Noida claims it has to recover Rs 869 crore, Granite Hills Properties Ltd for its property in Sector 98 (Rs 350 crore) and ET Infra Developers Pvt Ltd for a plot in Sector 16 (Rs 63 crore).

https://pakkikhabar.in/dues-mount-noida-to-cancel-allotment-of-2-plots-off-e-way-to-logix-group/

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NBCC auctions unsold FAR at Amrapali Group’s Princely Estate project in Noida for Rs 43 crore

“The first unused FAR has been successfully auctioned for Rs 43 crore,” sources said, adding the payment would be made in the next six months.


Vandana Ramnani

The government’s construction arm NBCC which is tasked with delivering 38,159 flats by the erstwhile Amrapali Group by 2023, has auctioned unused floor area ratio (FAR) in the housing project of embattled real estate developer Amrapali Group Princely Estate at Sector 76, Noida for Rs 43 crore, sources told Moneycontrol.

It had invited bids for sale of unused FAR at Princely Estate in the second week of August with a reserve price of Rs 40 crore. “The first unused FAR has been successfully auctioned for Rs 43 crore,” sources said, adding the payment would be made in the next six months.

It is expected to raise Rs 1500 crore from the sale of unused FAR in the housing projects of Amrapali Group across seven locations. “We are targeting next month for the sale of two more FARs,” sources said.

"The total unsold FSI that has been auctioned is around 2.6 lakh sq ft. The amount will go into completion of unfinished units of erstwhile Amrapali Group," sources told Moneycontrol.

The last date of submission of the pre-bid was August 29, 2021, and the earnest money deposit was Rs 4 crore, the document said.

The Supreme Court had earlier directed the Metal Scrap Trade Corporation (MSTC) to sell the unsold FAR.

Floor Area Ratio (FAR) is the ratio of the total floor area of a building to the land area on which the building has been constructed. It indicates the total area on all floors that can be built on a plot of land. FSI of 150 means that 1.5 times the land area can be constructed on the land.

Earlier, NBCC had invited bids from property consultants to take over the sale of over 5,000 unsold units of the erstwhile Amrapali Group. Four brokerage firms were in the race of which Anarock emerged as the successful bidder.

The court had in 2019 asked the government’s construction arm to finish and deliver 38,159 flats by the erstwhile Amrapali Group by 2023 after several homebuyers sought its intervention, complaining about years of delay in handing over their homes.

The total cost of completing all stuck projects by Amrapali Group is approximately Rs 8,500 crore. NBCC is executing these projects as PMC and would get 8 percent as fees. It is not using its funds, which are being facilitated by a receiver appointed by the Supreme Court.

The SC on October 13, 2020, had permitted the court receiver to incorporate a special purpose vehicle (SPV) to enable flow of funds from SBICap for completion of unfinished projects. SBICap has agreed to fund Rs 650 crore for around 7,000 stuck units.

It is for this reason that the company Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) has been floated. It consists of a court receiver, a forensic auditor and a chartered accountant. It is a not-for-profit company under Section 8 of Companies Act, 2013.

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At next board meet, Noida may slash property transfer charges | Noida News

NOIDA: The board assembly of the Noida Authority is predicted to happen on September 24. The Authority is considering to convey down the property transfer charges on the assembly, TOI has learnt.
Though officers say they’ve been requested to prepare to carry the assembly next week, they’re but to get the ultimate go-ahead from Authority chairman Sanjeev Mittal. The Noida chairman, additionally UP’s infrastructure and industrial improvement commissioner, is heading the particular investigation staff probing the Supertech Emerald Court case and has not but submitted his report back to the federal government.
At the board meet, the Authority may convey down the property transfer charges. Businessmen, RWAs and flat house owners have been petitioning the federal government to focus on the steep transfer charges they need to pay to the Authority whereas promoting their properties.
In June this yr, the Greater Noida Authority introduced down the transfer charges on properties, thereby encouraging secondary market realty transactions within the metropolis. However, Noida is but to rationalise the charges.
Institutional and business plot house owners, at current, need to pay 10% of the prevailing land premium as transfer charges. The Authority is considering to convey it down to five%, based on sources.
Similarly, for transfer of non-functional industrial plots, an allottee has to pay 10% to the Authority whereas for the operational ones, the charges are 8%. The Authority may scale back the charges by 50% for the 2 classes and scale back the identical to five% and 4%, respectively.
For flats and flats, the Authority is charging within the vary of Rs 720 per sqm to Rs 1,980 sqm as per the prevailing land premium of the sector. Transfer charges of the flats need to be determined. Residential plot house owners, store and kiosk house owners are paying 5% as transfer charges to the Authority whereas promoting their items to the brand new consumers. Charges for such allottees might be introduced all the way down to 2.5%.
General secretary of the Noida Federation of AOA, Rajesh Sahay stated, “The state government will continue to generate revenue from stamp duty as the number of transactions will go up.”
Meanwhile, the chief minister can also be anticipated to go to Dadri on September 22 and the district administration in addition to the event authorities are gearing up for his go to.

https://newslogic.in/city-news/delhi-news/at-next-board-meet-noida-may-slash-property-transfer-charges-noida-news/

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YEIDA gets board’s nod to earmark land for Film City

Greater Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday took the board’s approval to earmark a land parcel off the Yamuna Expressway in Sector 21 for developing Film City, the ambitious project of the Yogi Adityanath government.
Though the Authority had already identified 220 acres for the project, the board’s approval was required before starting development work. The bid document is expected to be ready this week and the process of selecting the bidder will start after the papers are vetted by the legal department.
The 220-acre land would be developed as part of the first phase.
Among other key decisions taken at YEIDA’s second board meeting this year, the Authority decided to launch a one-time settlement scheme for allottees from October 1.
“But this time, the scheme is going to be different from what it used to be in the past. We are going to waive the compounded amount,” said Arun Vir Singh, the chief executive officer of the development authority.
Though all the three industrial development authorities in the region have been launching one-time settlement schemes, YEIDA’s plan is aimed at resolving the differences with allottees over the interest rate.
The Authority will now levy only simple interest instead of compound interest.
The simple interest that prevailed at the time of allotment will be considered to recalculate the due amount.
Shailendra Bhatia, the head of the investment cell at YEIDA, said, “If the Authority commanded 8.5% interest on the premium, it would levy 11.5% compound interest at the end of the first default. For the second, a compound interest of 14.5% was levied. Basically, the default amount was compounded every six months. We are going to waive the compounded amount and levy only simple interest.”
The officer said the due amount should come down significantly after the recalculation. The scheme, he added, would be offered up to November 30.
Sources said the move would benefit about 32,000 allottees, including real estate groups that are executing group housing projects. YEIDA’s move is likely to put pressure on the Noida and Greater Noida authorities to introduce similar schemes.
YEIDA, officials said that, it had also decided to get a drone survey done of the populated villages under its jurisdiction.
The aerial survey will identify the houses in the villages and YEIDA will issue property cards to the families with demarcated boundaries.
At the meeting, the layout of the proposed Medical Device Park was finalised too. Planned over 350 acres in Sector 28, only 90 acres will be developed in the first phase of the project.
The size of the plots in the park will be kept between 1,000 and 10,000 sqmt and 89 such plots will be on offer.
YEIDA also got an approval to launch the Data Centre Park over 100 acres in Sector 28.
Heeding to the demands of entrepreneurs and individuals who had bought industrial and residential plots along the expressway, the Authority has decided to give time till December 31 to execute lease deeds.
Moreover, an extension till March 2022 has been offered to complete construction work.

https://pakkikhabar.in/yeida-gets-boards-nod-to-earmark-land-for-film-city/

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Tuesday, 14 September 2021

ED tells Supreme Court it has attached properties worth Rs 4.79 crore of former Amrapali director

The court asked the forensic auditor to ascertain how much amount was diverted by the Amrapali Group to Prem Mishra and how much of it was spent in acquiring project assets.

Vandana Ramnani

The Enforcement Directorate on September 13 informed the Supreme Court that properties worth Rs 4.79 crore belonging to a former director with the embattled Amrapali Group, Prem Mishra, have been attached and that it is investigating other transactions by him concerning diversion of the amounts deposited by homebuyers.

Prem Mishra, a former director with the Amrapali Group, carved out a separate company and launched four real estate projects in Indore (Madhya Pradesh) after 2008. Mishra allegedly used cricketer MS Dhoni as his brand ambassador in all his projects, but never signed an agreement with him.

A bench of Justices UU Lalit and Ajay Rastogi was told by Additional Solicitor General Sanjay Jain, appearing for ED, that Mishra’s properties that had been attached were bought from homebuyers’ money that was diverted from the Amrapali Group with the help of fake invoices, bills and sham transactions.

The ED informed the court that forged bills, invoices were raised to divert homebuyers’ money and plots were bought for relatives and family members.

The court appointed forensic auditor Pawan Kumar Aggrawal, however, said that Rs 10.26 crore was outstanding against Prem Mishra and it is recorded in the forensic audit and the 2019 judgement of the court.

The court asked the forensic auditor to ascertain how much amount was diverted by the Amrapali Group to Prem Mishra and how much of it was spent in acquiring project assets. The top court asked Jain to furnish a copy of the ED's status report and the attachment order of properties of Mishra to the forensic auditor, so that he could collate the details and submit a report within two days.

The bench said that an official concerned of ED will assist Aggrawal in collating the relevant details with regard to Mishra.

The forensic auditor has been directed to submit the final report in a sealed cover by September 20, 2021, the next date of hearing.

Prem Mishra’s advocate Vikas Singh told the court validate his credentials and if he is found guilty he will deposit the amount and that if the Prevention of Money Laundering Act (PMLA) proceedings are to go before the court then he should not be asked to appear before the enforcement directorate.

Jain objected to the submission saying that his PMLA proceedings will continue as a case has been registered.

Kumar Mihir, counsel for homebuyers, asked the court to issue notice to DHFL in addition to present list of six banks which was accepted by the court. DHFL has been put to notice and has been asked to reply within two weeks.

On the Noida and Greater Noida interest issue, the court heard the Authority present its case. The Noida authority has moved Supreme Court seeking recall of the June 10, 2020 order by which the court had capped the interest at 8 per cent to be charged by authority on the outstanding dues of land as against 15 to 23 per cent.

Meanwhile, Square Yards has withdrawn its writ in Delhi High Court. The Supreme Court on September 13 said that NBCC will have the powers to take decisions with respect to selection of channel partners.

During the last hearing on September 3, NBCC’s legal counsel had pointed to the top court that a writ petition has been filed in the Delhi High Court by a firm seeking to be appointed as channel partner for sale of housing units and commercial areas of various erstwhile Amrapali Projects at Noida and Greater Noida. The bench had directed that the said writ petition be transferred to the top court.

On September 3, the Supreme Court warned that the flat buyers of Amrapali Group, who are not clearing their dues as per the payment plan, will have their units cancelled and will be considered as unsold inventory.

A special bench of Justice U U Lalit and Ajay Rastogi had observed that the home buyers are under the impression that the court is facilitating construction of their stalled flats and managing funds and they are at a convenience to pay their dues, whenever they like.

They will have to strictly follow their payment plans else their unit will be cancelled and will be considered as unsold inventory,” the bench said. The bench while referring to home buyers said, “It’s like you have been given lassi (buttermilk) and now you want malai (cream) on top of that”.

The top court remarks came after senior advocate R Venkataramani, appointed as court receiver submitted that some mistakes have been noticed in the list of 9,538 flats, which are unclaimed or booked on a fictitious name or are a benami property and is being corrected and the final list will be published in two-three days.

On August 13, the top court had said that there are two categories of home buyers--first category is of 9,538 home buyers who have neither registered so far in the Customer Data maintained by the office of the Receiver, nor have made any payments since the judgment of this court in July 2019. It had noted, in its order, that there is a second category of 6,210 home buyers, who have registered themselves in the Customer Data but have not made any payment since the judgment of this court in July 2019.

On September 9, 2021, Amrapali Stalled Projects Investment Reconstruction Establishment (ASPIRE), which has been formed to complete the stalled projects in Noida and Greater Noida, published a notice through an advertisement in a leading newspaper.

The apex court receiver has issued notice to homebuyers in Noida projects and a separate notice will be published for buyers of Greater Noida projects shortly. In the advertisement, the Supreme Court-appointed receiver said the notice is meant for those homebuyers who have taken no steps after the apex court judgement in July 2019.

Homebuyers named in the list have not filled in their data online through Office of Receiver's website receiveramrapali.in and have also not paid any amount of their outstanding dues into UCO Bank (up to August 17) as reported to the court. "Consequently, they are to be treated as defaulters and their units are liable to be cancelled," the notice said.

Former Indian cricket captain Mahendra Singh Dhoni is among over 1,800 homebuyers of Amrapali housing projects in Noida who have been asked by a Supreme Court-appointed receiver to start making payments of their outstanding dues within 15 days.

The allotment of flats booked by these homebuyers will be "automatically cancelled" if the flat owners fail to register their name in Customer Data maintained by the court receiver and also do not start making payment within 15 days from the public notice issued last week.

State-owned NBCC has been asked to complete construction of more than 20 housing projects with an estimated investment of over Rs 8,000 crore under the monitoring of a court-appointed committee.

The Supreme Court in its July 23, 2019 verdict had ordered the cancellation of the registration of the Amrapali Group under real estate law RERA, and ousted it from prime properties in the NCR by nixing the land leases.

Amrapali Group directors Anil Kumar Sharma, Shiv Priya and Ajay Kumar are behind bars on the Supreme Court’s order.

https://www.moneycontrol.com/news/business/real-estate/ed-tells-supreme-court-it-has-attached-properties-worth-rs-4-79-crore-of-former-amrapali-director-7462921.html

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Friday, 10 September 2021

Future of commercial real estate in India

 Asma Javed, VP, leasing, retail & commercial, Supertech, offers a glimpse


India's commercial real estate market has become stronger in the previous years or so. Strong occupier interest followed with the ascent of real estate land developers, and the section of institutional capital have gone about as catalysts for the development in CRE. The sector has earned strong interest from different sectors including technology, banking, financial services etc. With the rise in co-working spaces and development of flexible spaces a sustainable annual growth in office absorption is seen.

Indians, from time immemorial have invested in gold and real estate. Before, the real estate investment was limited to residential peripherals. Now with the changing times the investments in the industry are expanding boundaries. The future of this commercial real estate industry will be impacted by the following factors:

Real estate investment trust (REIT): a famous instrument all around the world, was presented in India a couple of years prior pointed toward drawing in interest in the real estate by tapping rent-yielding resources. With the beginning of REITs, the commercial sector could observer better capital appreciation, when contrasted with the residential sector. The arrangement of REITs isn't only an incredible shelter to financial backers, however a benefit to the developers also. For developers, it could open the worth of their business assets. They can view at REITs as a vehicle to exit, at an amazingly alluring capitalisation rate, subsequently, decreasing their significant debts.

Decline in covid cases: With the onset of this pandemic, real estate industry is the worst hit industry among others. It saw shutting down of the offices and hence reducing the demand of the commercial real estate. Now, with the situation normalising to an extent and the government relaxing the restrictions, office spaces are opening steadily.

Recovery across the metropolitan cities: The real estate industry is reviving in stages. More so in the cities, inferable from their high speed and versatile way of life. Be that as it may, Tier-2 and Tier-3 urban communities are additionally expected to drive recovery and development, going ahead. Reasons being the normalising of work distribution and work from anywhere-models by enterprises and clients alike.

Rise of co-working spaces: Co-working spaces will play a vital role in the future of the industry. The workforce is scattered and we have learnt to co-exist from anywhere within an enterprise during this past year. Accordingly a JLL Report predicts that by 2023 India’s co-working market is likely to cross 50 million square feet. It is further said that adaptable office space is probably going to develop by a normal of around 15-20 percent for each annum over the course of the following three-to-four years, albeit this trajectory won't be straight.

The commercials real estate is gaining momentum. According to JLL Report, India’s net absorption of office spaces stood at 4.39 million square feet in Q2 bringing a 32% YoY growth in major cities. Owing to the smooth conditions that lay ahead, the future of commercial real estate looks promising.

https://www.constructionweekonline.in/people/19462-future-of-commercial-real-estate-in-india
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Noida has a vibrant commercial market even during Covid times

Over the years, Noida has established itself as a bustling destination for office spaces, backed by strong infrastructural development.


According to surveys, the office market in Delhi NCR witnessed increased net absorption quarter-over-quarter in Q1 2021. It was no surprise that Noida contributed more than half of the net absorption, leaving Gurugram well behind. Over the years, Noida has established itself as a bustling destination for office spaces, backed by strong infrastructural development.

Noida has surpassed other cities in terms of development and infrastructure and remains a popular destination. The office market continues to see significant commercial office space take-up, with strong demand from IT/ITES, BFSI, and law companies fueling growth momentum and demonstrating the city’s strong commercial growth.

Surprisingly, according to the JLL Office Market Update – Q1 2021 study, the total office market in India experienced a net absorption reduction of 33% quarter-on-quarter in Q1 2021. (Q-o-Q). Even though 2020 ended on a high note, there was still concern about the return to normalcy in the market. Occupants maintained a cautious attitude, focusing on reevaluating their real estate portfolios and long-term commitments.

To make matters worse, rising COVID-19 cases in the second half of March prompted occupiers to halt and postpone their real estate selections once more. Net absorption was boosted significantly by pre-commitments in new completions. In the first quarter, 31% of new launches were previously pre-committed. Leasing volumes in Delhi NCR increased somewhat from 1.9 million sq ft in Q4 2020 to 2 million sq ft in Q1 2021.

Occupiers keep exploring their realty portfolios and are embracing solidification and advancement techniques to justify space required while limiting expenses. The Noida market stayed up with the market necessity combined with serious costs contrasted with different urban communities of NCR made the city stand apart from the rest. The leasing momentum in the impending quarters will primarily rely upon the third flood of COVID-19 cases. Nonetheless, call attention to a couple of things give certainty that there is good reason to have hope. The expanding participation in workplaces before the third COVID-19 wave bears declaration to the certainty and responsibility of corporates to return to work from the office. It is significant that landlords keep on being open to the requests of inhabitants and offer adaptable choices, as far as space is just as worthy.

As of now the interest for good office property, which can yield great rental returns, is on the ascent on account of the coming up of REIT posting in the Indian market and as a result of the expanding number of necessities coming from the new work alternatives. With regards to commercial real estate investment in Delhi-NCR, Noida is the best recommendation.

The office areas (Sector 62 and 63) and Noida-Greater Expressway belt are particularly a dynamic zone. The nature of physical and social infrastructure in this zone is undeniably better than that of other regions. It is connected with Delhi, Gurugram, Faridabad and Ghaziabad through road network and the metro rail. The Noida International Airport is additionally in progress. At present, property costs in this locale are as yet unobtrusive, subsequently flagging remarkable investment benefits.

(By Gurcharan Singh, Director, Maasters Infra)

 https://www.financialexpress.com/money/noida-has-a-vibrant-commercial-market-even-during-covid-times/2325632/

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Monday, 6 September 2021

Supertech to file review petition against SC order; twin towers built as per law: chairman R.K. Arora

Realty firm Supertech Ltd. on Saturday said it will file a review petition against the Supreme Court order to demolish the company’s twin 40-storey towers in Noida while asserting that the buildings were constructed as per the bye-laws with approval of the competent authority.

Last week, the apex court had ordered to demolish the twin 40-storey towers, which are part of the Supertech’s Emerald Court project in Noida, Uttar Pradesh.

“While we respect the Hon’ble Supreme Court order, we have decided to re-present the matter before the Hon’ble Supreme Court in a review application as the towers were constructed as per the approval of the competent authority conforming to the building bye-laws,” Supertech chairman R.K. Arora said.

He said in a statement that the Apex and Ceyane towers are not linked to or part of any ongoing project of the company.

Supertech group is developing 10 crore sq ft across its projects, while Apex and Ceyane towers only constitute a mere 6 lakh sq.ft which is 0.6% of the total portfolio, he added.

“While we have already refunded most of the customers in this project after the Hon’ble High Court, Allahabad decision passed in 2014 — we will further comply with the Hon’ble Supreme Court directions as per the order passed,” Mr. Arora said.

Supertech’s chairman exuded confidence that the order will not have any adverse impact on the company as every project has its own independent RERA Account and cost centre.

“Supertech is a financially stable and strong group. Work is going on at all our project sites as scheduled.

“We would like to reassure all our customers, bankers, vendors and other stake-holders that we will deliver all our projects in the scheduled time frame,” Mr. Arora said.

In its order, the Supreme Court directed that the entire amount of homebuyers be refunded with 12% interest from the time of the booking.

The Residents Welfare Association be paid ₹2 crore for the harassment caused due to the construction of the twin towers.

A Bench of Justices D.Y. Chandrachud and M.R. Shah had said that the April 11, 2014, verdict of the Allahabad High Court, which directed demolition of twin towers, does not deserve any interference.

The Bench had said the construction of Supertech’s twin 40-storey towers having 915 flats and shops was done in collusion with Noida authority and the High Court was correct in holding that view.

The apex court ordered that demolition exercise of the twin towers be carried out within three months under the supervision of Noida authority and an expert agency, and the cost of the entire exercise has to be borne by Supertech Ltd. 

https://www.thehindu.com/news/national/supertech-to-file-review-petition-against-sc-order-twin-towers-built-as-per-law-chairman-rk-arora/article36288314.ece

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'Given lassi, now you want malai too': SC lambasts Amrapali home buyers

 4 min read . Updated: 03 Sep 2021, 11:03 PM IST

  • The top court has asked all the homebuyers and particularly of the 2000-2500 units to ensure payment by 15 October, but for the last 5% to clear all dues positively or else their entitlement to the flats may be cancelled


The Supreme Court today warned the prospective Amrapali homebuyers who are not clearing their dues according to the payment plan should not be in any kind of delusion as their units can be cancelled and will be considered as unsold inventory.

A bench of the SC headed by Justice Uday Umesh Lalit was hearing the issue of Amrapali homebuyers and getting of their flats on a reasonable time frame.

The top court has asked all the homebuyers and particularly of the 2000-2500 units to ensure payment by 15 October, but for the last 5% to clear all dues positively or else their entitlement to the flats may be cancelled.

Justices Lalit and Ajay Rastogi observed that the home buyers are under the impression that the SC is facilitating construction of their stalled flats and managing funds and they are at a convenience to pay their dues, whenever they like.

“They will have to strictly follow their payment plans else their unit will be cancelled and will be considered as unsold inventory," the SC bench said.

The bench while referring to home buyers said, “It’s like you have been given lassi (buttermilk) and now you want malai (cream) on top of that".

“Homebuyers want the flats but don't want to pay the money. They just want the NBCC to construct the flats and hand over to them", the bench observed.

The SC remarks came after senior advocate R Venkataramani, appointed as court receiver submitted that some mistakes have been noticed in the list of 9,538 flats, which are unclaimed or booked on a fictitious name or are a benami property and is being corrected and the final list will be published in two-three days.

The bench asked Venkataramani, that why there was such delay by home buyers to pay their dues and suggested that he should issue notice to the persons, who have not cleared their dues saying that if the payments are not paid, their allotments will be cancelled.

Venkataramani said that most of the home buyers are paying their dues as per the payment plan except for those whose payment is through bank loans, which have been stuck for one problem or other.

Lawyer ML Lahoty, appearing for many homebuyers, submitted to the Apex Court that according to NBCC, if 200 crores are made available to construct the unfinished projects in Noida and Greater Noida, then this amount would be able to be handover and ensure giving 2,000-2,500 flats by December 2021.

Six banks have formed a Consortium and are likely to start funding the projects in a month, Lahoty said.

Unused FAR (Floor Area Ratio) likely to fetch over 1,000 crores and NBCC (National Buildings Construction Corporation) would engage a channel partner and the Writ Petition filed in Delhi High Court against appointing channel partner is directed to be transferred in the Supreme Court, Lahoty told the Supreme Court.

The subvention issue affecting a large number of homebuyers was argued by Lahoty and the top court has asked the respective banks to respond within a week.

On August 13, the top court had said that there are two categories of home buyers--first category is of 9,538 home buyers who have neither registered so far in the Customer Data maintained by the office of the Receiver, nor have made any payments, subsequent to the judgment of the Court in July-2019.

It had noted, in its order, that there is a second category of 6,210 home buyers, who have registered themselves in the Customer Data but have not made any payment since the judgment of this court in July 2019.

Senior advocate Siddharth Dave, appearing for NBCC said that despite the implications on account of COVID-19 Pandemic, NBCC is making all efforts towards the successful completion of various projects of the Amrapali group situated in Noida and Greater Noida.

He said that at present, 10 projects in Noida and 12 projects in Greater Noida are under execution involving 45,957 units with sanctioned project cost of 8025.78 Crores.

Lahoty suggested that sale of unused/permissible FAR (Floor Area Ratio) can fetch an amount of over 1000 crores and therefore, the said issue can be considered by the court on priority.

He said that large numbers of home buyers, who have booked the flat in Amrapali projects under the subvention scheme, are suffering due to the default of the developer, as the flat buyers have started receiving demand notices from the Banks and have been threatened with recovery proceedings.

The top court asked the banks to respond to the intervention applications filed by such home buyers within a week.

Venkataramani told the bench that six banks, which include Bank of Baroda, UCO Bank and Bank of India, have formed a consortium to fund the stalled projects of Amrapali Group and are likely to start funding the stalled Projects within a month.

Amrapali Group directors Anil Kumar Sharma, Shiv Priya and Ajay Kumar are behind bars on the top court's order.

The apex court fixed the matter for further hearing to 13 September.

https://www.livemint.com/news/india/given-lassi-now-you-want-malai-too-supreme-court-lambasts-amrapali-home-buyers-over-dues-11630686257327.html

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Greater Noida: Housing plot scheme near Jewar airport site


GREATER NOIDA: The 
Yamuna Expressway Authority plans to launch a residential plot scheme in sectors 17 and 22D near the upcoming international airport at Jewar by October this year.
Officials have been told to locate about 1,000 feasible plots ranging from 120 to 300 sqm in these two sectors.

GNIDA is also preparing to launch a built-up residential housing scheme in sectors Xu 1, 2 and 3 by the middle of this month.

“Work is underway to locate plots for the residential plot s ..


Read more at:
http://timesofindia.indiatimes.com/articleshow/85882888.cms

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Noida authority initiates action against officers in Supertech’s illegal tower case


Noida authority has initiated departmental enquiry against official who misguided the senior officers during the hearing in the matter Supertech’s Emerald Court demolition hearing in the Supreme Court.


The authority has said that it will take action against the builder and officers posted at that time, who sanctioned the building plans violating the prescribed norms.

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https://economictimes.indiatimes.com/industry/services/property-/-cstruction/noida-authority-initiates-action-against-officers-in-supertechs-illegal-tower-case/articleshow/85826794.cms

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Noida: SC orders demolition of Supertech twin towers, directs firm to refund home buyers with 12% interest

 


The 40-storey twin towers project, constructed in Uttar Pradesh's Noida by real estate firm Supertech, will be demolished over the violation of construction by-laws, said Supreme Court on Tuesday. The court verdict said that the construction of the twin towers containing around 1,000 flats was done in violation of the rules and must be razed within a period of two months by Supertech at its own cost. The order also said that real estate firm Supertech has to reimburse the booking money to all the flat owners within two months, with 12 per cent interest.

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/noida-sc-orders-demolition-of-supertech-twin-towers-directs-firm-to-refund-home-buyers-with-12-interest/videoshow/85795664.cms

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Sunday, 5 September 2021

Noida starts online facility to approve building occupancy certificate

 

Vinod Rajput UPDATED ON AUG 27, 2021 04:04 PM IST

The authority had started approving online OCs only for industrial and residential plot departments in 2019. Now, it has extended it to all kinds of buildings, including commercial, group housing projects, mixed land-use and institutions.

The Noida Authority on Tuesday began an online facility to approve building occupancy certificates (OC) for a hassle-free and transparent system to allot properties.

The authority had started approving online OCs only for industrial and residential plot departments in 2019. Now, it has extended it to all kinds of buildings, including commercial, group housing projects, mixed land-use and institutions.

The allottee may visit the portal https://noidaauthorityonline.in/ to apply for the permit.

“We have fixed a time limit of 90 days to issue an OC after an inspection provided all requisite documents, such as no objection certificates (NOC) with regard to fire, environment and financial dues, among others, are in order,” said Ritu Maheshwari chief executive officer of Noida Authority.

According to the building bylaws, an OC certifies that a building is fit for living. It is granted after at least 35 certificates, including fire safety, financial dues, lift safety certificate and rainwater harvesting system, are presented to the authority. A planning official then inspects the building following which a recommendation is made to allow or disallow the OC.

Since mid-2019 the authority received 1,626 applications for OCs, but nearly half are yet to be granted as building owners did not submit the required certificates, said Ishtiyaq Ahmed chief architect and town planner of the Noida authority.

Architects are authorised to apply for the OC with requisite certificates and plans.

“So far we cancelled the licence of one architect who had submitted wrong information,” said Ahmed.

https://www.hindustantimes.com/cities/noida-news/noida-starts-online-facility-to-approve-building-occupancy-certificate-101629827823676.html

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Saturday, 4 September 2021

Property survey in Noida by drones, deadline extended to June 2022


Vinod Rajput UPDATED ON AUG 27, 2021 11:45 PM IST

The Noida authority had in February started the property survey with the help of a government agency that was supposed to finish the job by December this year. However, the work got disrupted due to the Covid-19 pandemic restrictions, said the officials.

The Noida authority has extended the deadline of the property survey being conducted in the city by six months to June 2022. The survey will help the authority contain the unauthorised construction, officials said on Wednesday, adding that the survey is being conducted with the help of drones.

The authority had in February started the property survey with the help of a government agency that was supposed to finish the job by December this year. However, the work got disrupted due to the Covid-19 pandemic restrictions, said the officials.

The survey is covering all 54 villages and urban sectors, they said.

“We are conducting the detailed survey with the help of drones. Once it is done, the authority can make an assessment of the city, its land, properties and other resources properly and work accordingly in the interest of general public,” said Ritu Maheshwari, chief executive officer of the Noida authority.

Noida is spread on around 20,000 hectares. As per the initial estimates, the authority has not left with much industrial or residential land to be allotted for development.

“We may find some small patches of industrial land after the survey will be completed next year,” said Maheshwari.

The survey will also help the authority protect the government land from land grabbers, said the officials.

“Once the survey is completed, the authority can figure out new construction done in villages and what is the old Abadi land to take appropriate decision,” said Maheshwari.

https://www.hindustantimes.com/cities/noida-news/property-survey-in-noida-by-drones-deadline-extended-to-june-2022-101629916813656.html

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UP stamp department ready with replies to objections on circle rate hike

 

Vinod Rajput Noida, UPDATED ON AUG 27, 2021 11:49 PM IST

On the basis of circle rate, a property is valued and a stamp fee of 6% is charged on it. The stamp fee payment is mandatory in order to transfer a property from seller to buyer, said officials.

The Uttar Pradesh stamp and registration department said it had received objections against its proposal to hike the circle rate at which property cost is valued in Gautam Budh Nagar and is working to resolve them.

“At least 20 objections have been filed against the proposal pertaining to revision in circle rate. And the department is working on resolving the issues after which further action will follow,” said SS Pal assistant inspector general of UP stamp and registration department in Gautam Budh Nagar.

August 16 was the last date to file objections by all stakeholders including residents, realtors, factory owners and others.

According to the department’s proposal, the circle rates was to be hiked steeply to match the rates finalised by the local body authorities. In Noida’s A-category sectors 14A, 15A and 44, the circle rate is proposed at 1,94,250 per square metre (sqm) against the existing 1,03,500 per sqm — an 87% hike. In B-category sectors such as sectors 11, 12, 22, 70, 71, 72, 73, 74, 75, 76, 77 and 78, which are hubs of middle-income group housing complexes, the rate is proposed at 72,000 per sqm against the existing 52,500 per sqm — a 37% increase.

On the basis of circle rate, a property is valued and a stamp fee of 6% is charged on it. The stamp fee payment is mandatory in order to transfer a property from seller to buyer, said officials.

Realtors demanded that the circle rates and stamp fee be cut in view of economic slowdown in the realty market following the impact of the pandemic.

“Madhya Pradesh and Delhi government reduced the circle rates and also stamp fee. Therefore UP government should also cut down circle rate instead of a hike. The stamp fee should be reduced from existing 6% to 2% because homebuyers are in distress,” said RK Arora president of Uttar Pradesh national real estate development council (NAREDCO), a developers’ group that has written to UP Government.

The Gautam Budh Nagar additional district magistrate Vandita Srivastva said that the existing circle rates will be applicable for now. A committee headed by Srivastva to look into circle rates was to discuss the matter on Wednesday but was postponed.

“The committee will sit again after a week. We have prepared replies to the 20 objections filed. Now we will publish the same and do needful in this regard,” said Srivastva.

https://www.hindustantimes.com/cities/noida-news/noida-stamp-and-registration-dept-ready-with-replies-to-objections-on-circle-rate-hike-101629309159297.html

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Dues mount, Noida to cancel allotment of 2 plots off e-way to Logix group | Noida News

Noida: The  Noida Authority  has decided to take back possession of two land parcels allotted in 2010 to the  Logix  group for which, offici...