Something good for the people living in Noida. GNIDA (Noida Industrial Development Authority) announced on Saturday that people living in Greater Noida will now receive Ganga water from next month. Work was going to start at Bisada Village and it was only waiting for a clearance from the authorities. GNIDA could not begin shoveling the land there for inserting the pipes because of an Indian Oil pipeline that was already present there. But once the authorities have given a go the work has started.
Ganga water was promised by GNIDA but the project got stalled due to the pandemic situation. Commencing of the project was waiting for authorization from the authorities to start work at Bisada village.
Ganga water was going to be supplied by GNIDA( Noida Industrial Development Authority) next month but due to the Covid pandemic, this project got postponed. Starting of the project was waiting for authorization from the authorities to start work at Bisada village.
To bring 85 cusecs into the town a total amount of approximately Rs 800 crore will be spent. Ganga water will be supplied from a canal in Muradnagar and then it will be sent further for distribution.
GNIDA (Greater Noida Industrial Development Authority) administrators also declared that only 1,500 of 19,000-odd farmers were left to provide developed plots for the land they had given up for different projects. The first round of compensation has been given out and in the next round, 387 farmers from Sakipur and Dadha villages would be given plots. These plots have already been developed and the land department is preparing a checklist that will be issued to execute registries of the land to each farmer in the area.
On Sunday, Aug 8, 2021, Greater Noida Industrial Development Authority officials traveled the industrial spaces in the Ecotech sector. Numerous complaints regarding water supply from various businessmen about poor drainage networks, water supply were also registered. Once the pipeline will be in place, the residents of Greater Noida will get access to clean ganga water.
While inhabitants of several illegal colonies were granted ownership privileges for their properties under the PM-UDAY scheme, some of the properties are still awaiting news about their fate. Many are waiting for these rights which include Residents of 69 ‘affluent colonies’ in the city, comprising S Mahendru Enclave, Sainik Farm, Anantram Dairy etc.
RWAs of the areas awaiting ownership rights had denied supporting any political party with the municipal elections slated to be held early next year if they failed to stand up for their cause.
The RWAs of these areas have shown resentment in supporting any political party during the municipal elections to be held early next year if they failed to stand up for their cause.
The RWAs have come together collectively to bring about the issue of ownership rights with the Centre, lieutenant governor, and Delhi Development Authority. The group scheduled a meeting to talk about prospective actions before pursuing a discussion with the LG and DDA ministers after August 15.
The representative of these colonies and resident of Sainik Farm, Raman Aggarwal said in an interview with The Economic Times that “In December 2019, the Centre gave ownership rights to residents of 1,797 unauthorized colonies. But even after two years, there has been no clarity on the future of 69 colonies. We have already written to the Prime Minister’s office, housing, and urban affairs ministry, and DDA for including us in PM Uday Yojna,”
In the same interview, the President of Western Avenue Residential Welfare Association at Sainik Farm, Hardeep Bhalla, proclaimed that a maximum of these provinces belongs to private agricultural land. He further asserted that by delaying the problem, the government is losing out on revenue. “All that the government has to do is to add a slab for plots that are bigger than 250 sq.m,” Bhalla added.
Vani Aggarwal, general secretary of the New RWA Chattarpur Phase-II, announced that in the absence of homeownership freedoms and rights, citizens are worried about the future and areas also they are also lacking growth.
Till now there was no response from DDA on the problem.
Projects in the area of Noida and Greater Noida seem to accomplish several infrastructure plans announced openly in the past few years. With already existing good road connectivity and the approaching Noida Airport in Jewar, the area is likewise in the spotlight for bullet train connectivity soon.
NHSRCL (National High-Speed Rail Corporation Limited) has held an introductory meeting with the Gautam Budh Nagar administration over land provisions for the two stations in Noida, in Sector 144, and other at Noida airport terminal, located in Jewar.
NHSRCL (National High-Speed Rail Corporation Limited) has held an introductory meeting with the Gautam Budh Nagar administration over land provisions for the two stations in Noida. One requirement will come up in Noida Sector 144, and the second one at Noida airport terminal located in Jewar.
This distance is an aspect of the Mumbai-Ahmedabad High-Speed Rail Corridor. The newly built Delhi-Varanasi high-speed rail corridor will consist of 12 stations. Direct stations are Delhi, Noida, Jewar Airport, Mathura, Agra, New Etawah, South Kannauj, Lucknow, Raebareli, Prayagraj, New Bhadohi, and Varanasi.
More than 160 hectares of land is expected to be used from GB Nagar for the Delhi-Varanasi high-speed rail (DVHSR) bullet train corridor. A little over 60 hectares need to be acquired from farmers as the rest of the land belongs to the government.
There will be long detailed research performed which will also evaluate the population and traffic footfall in this area. This report is presumed to come between August-September 2021. The bullet train height of the raised corridor train will be approximately 9-10 meters.
On January 10 the light detection and ranging survey (LiDAR) was conducted for the required Delhi-Varanasi high-speed rail corridor from Greater Noida. LiDAR functions on the principle of light detection and varying where laser pulses are read from the helicopter to scan the ground. The information thus obtained over the full range is further taken care of and used to develop a digital geographical surface and digital elevation model.
On October 29, 2020, the Delhi Varanasi High-Speed Rail Corridor report has already been proposed to the Ministry of Railways. The DVHSR Corridor will connect the National Capital Territory (NCT) of Delhi with primary cities like Agra, Mathura, Etawah, Lucknow, Raebareli, Bhadohi, Pryagraj, Varanasi, and Ayodhya.
The High-Speed Rail (HSR) route will also attach the upcoming international airport project at Jewar. The Delhi to Varanasi corridor, which is nearly 800 km, will also be further attached to Ayodhya.
Aman Trehan, the executive director, Trehan Iris, said in the interview to The Economic Times, “The proposed Delhi – Varanasi Bullet Train project will offer many avenues for economic and Infrastructural development in Delhi NCR with Noida being the Ist and Jewar being the 2nd stop from Delhi on this iconic 865 Kms route. Easy & fast connectivity between Delhi – Jewar Airport – Varanasi covering all the pilgrimage destinations will have an immense impact on the future of real estate development. Residential demands will pick up and with the influx of more residents in this part of NCR; the demands for quality A-grade commercial & retail developments will also surge.”
Impact of this on real estate from this upcoming project
Director of Gulshan Group Deepak Kapoor, explains while talking to The Economic Times, “The immediate effect would be in sectors or projects near the proposed stations of the Bullet Train at Sector 144 and Jewar. The demand would go up, and the appreciation would be phenomenal in the projects close to the proposed stations. As with other connectivity or infrastructural announcements, we can foresee an appreciation. The other developments such as the Jewar Airport and Film City will also act as a catalyst for higher appreciation. Sector 144 is more likely to see the immediate effect as there are world-class projects already coming up here and some are ready for possession.”
The infrastructure push constantly works in endorsement of real estate development. Both Noida and Greater Noida remain to take over the attention in terms of infrastructure advancement. If you are a prospective consumer and planning to purchase here, you may now, make your best buying decision.
Approximately 66 percent of these units decline in the price frame of under ₹80 lakh just because of the lack of funding crunch going in the construction industry, the expectation for people who bought units in entirely stalled undertakings is terrible, while the possibilities for buyers in heavily postponed projects are hopeless.
The total price of the 1.74 lakh residences that are stuck across the seven leading cities presently surpasses ₹1,40,613 crore. Approximately 66 percent of these units decline in the price frame of under ₹80 lakh
Renowned Prashant Thakur, Director & Head, Research, Anarock Property Consultants, announces, “For our earlier 2019-end tally of stalled and heavily delayed projects, we had considered projects launched in 2013 or before. Now, more than one-and-a-half years later, we have included projects launched in 2014 as well. Thus, there is a rise in the numbers — as of H1 2021-end, we have nearly 6.29 lakh units that are yet to be completed across the top seven cities.”
Maximum of the stalled stocks are in NCR
SWAMIH (The Special Window for Affordable and Mid-Income Housing) fund has attained the rescue of various projects, while the National Buildings Construction Corporation (NBCC) has also ‘adopted’ some others, particularly in NCR.
The first batch of 640 houses funded under the special window is handed over by the Finance Minister as NCR possesses a maximum stalled stock of about 1,13,860 units (rated at ₹86,463 crores) or 66 percent of the total across the top seven cities. MMR has 41,730 stalled units (value ₹42,417 crores) or 24 percent of the total affected stock.
Pune, the other primary Western market, has a 6 percent share of stalled units of approximately ₹5,854 crores.
Some southern cities like Chennai have no stalled programs. Together Hyderabad and Bengaluru possess 8,020 stalled units which is a sheer 5 percent share. The estimated value of stalled programs in these two cities is ₹5,788 crores.
In Bengaluru, of the total 3,870 stalled units, 44 percent are in the mid-segment, 32 percent in the premium segment, 17 percent in the luxury classification, and almost 7 percent in the accessible housing section; in Hyderabad, of total 4,150 stalled units, 55 percent are in the mid-segment, 28 percent in the premium segment and 9 percent in the luxury category, and the affordable housing section.
Kolkata has a mere 150 stalled units (estimated at ₹91 crores). All stalled units are priced at ₹80 lakh.
Approximately 6.29 lakh homes are either completely stalled or deteriorating under massive delivery uncertainties across the top seven cities. Launched in 2014 or before, the total value of the currently stuck/delayed housing stock exceeds ₹5.05 lakh crore. Nearly 28 percent (₹1,73,730) of these units are completely stalled.
Enforcement Directorate has provisionally affixed 3 land parcels worth Rs 106.08 Crore, located in Gurugram, Haryana for which the inquiry being performed against The Unitech Group. These packages had been bought by two dummy commodities of Chandra’s namely M/s Erode Projects Pvt Limited & M/S Kore communities Pvt Limited from the companies of Unitech Group.
ED started an investigation against Unitech Groups after several FIRs were filed by several homebuyers.
Recently ED inaugurated a money-laundering investigation as several FIRs were filed by homebuyers against Unitech Group & its promoters before Delhi Police. The entire proceeds of fraud, in this case, is Rs 5063.05 crore as discerned till now.
An inquiry by ED found that the above said parcels were obtained by M/s Erode Projects Pvt Limited & M/s Kore communities Pvt Limited from the proceeds of crime induced out of the scheduled offense. Both these companies are governed by the promoters of Unitech Group and Proceeds of Crime have been transmitted to these organizations after considerable layering in Singapore and Cayman Island.
On 4th March, ED (Enforcement Directorate) had performed an investigation operation at 35 premises of Shivalik Group, Trikar Group, Unitech Group & Carnoustie Group situated in NCR & Mumbai. After examination of seized records pursued by the revelations of several persons, the above diversion & layering of POC has been disclosed. Previously the Enforcement Direct ate had attached immovable properties to the tune of Rs 431 crore that belongs to Trikar Group, Carnoustie Group & Shivalik Group. With this attachment, the total attachment, in this case, reached Rs 537 Crore (approximately).
Various banks, from time to time, provide investors an opportunity to invest their money in properties and estate that is sold at prices cheaper than the circle rate. If you’re planning to purchase a house or agricultural land, or residential, then there is good news for the investors.
Those Investors who are planning to put their wealth on properties will be now prepared to bid for residential properties at a value lower than market prices in the forthcoming mega auction of the Indian Overseas Bank (IOB). The state-owned bank is planning to auction several properties in its mega auction, IOB Mega E-Auction, which is planned for July 23, August 17 and September 15. You can grab this opportunity to invest your money accurately in your dream property.
During the time of auction days, investors can bid for several types of properties that were confiscated by the bank from defaulters. These properties include residential properties such as flats, houses and plots, commercial properties, and agricultural properties.
Things to note before bidding for a property:
Here are some points that you should note before going for a property or bidding for a property: –
All possible investors will have to develop their accounts on the IOB bank’s website.
Secondly you have to verify your information and details with your mobile number and official email id.
Bidders will have also to acknowledge the KYC standards of the bank by delivering the mandatory documents. The KYC procedure will generally take a day or two.
Also, all Investors will have to generate a challan to deposit the cash against the bids that they are moving to place during the auction days. You can use banking assistance to deliver your money as well.
All Investors are now all set to bid against the property that they prefer to purchase.
In all Indian homes, the kitchen is an area that needs just not functionality but is also known for its design and burnish too. Using beautiful and quality tiles in the kitchen area has become very popular in the past few years due to the simple maintenance it provides and the massive options accessible in the market, in terms of choosing a good design tile.
Choose the best kitchen tiles of good quality and enhance the beauty of your home. There are several options from which you can choose.
There’s an ample option of tiles desirable for kitchen walls and floors. Man-Made tiles are the most cost-conscious alternative and the simplest to clean and look after. Several layouts and complexions, either modest or patterned and a span of finishes mean you can develop a choice you adore. Natural stone is a higher-cost option but has refinement and originality. Stone tiles have stringent care conditions than man-made types but interpret the requirements and you can protect stone tiles from looking bad.
Here are some of the extensively popular kitchen tile structures and designs you should know about:
Types of kitchen tiles
There are three main types of kitchen design tiles:
Ceramic Tiles
Also recognized as non-porcelain, these kinds of tiles are prepared of clay. Ceramic tiles are varnished, to build a hard-looking texture. As it is sluggish, it is manageable to install. Due to its glazed quality, the surface prevents water splashes and falls. Though, these kitchen design tiles are accountable for damages.
Porcelain tiles
Porcelain tiles are carved with a combination of sand and clay. These tiles are generally stronger and heavier than ceramic tiles, as they are designed under fierce heat and pressure circumstances. These are also less permeable and can resist harsh climatic conditions, comprising severe humidity and warmth and high traffic areas such as kitchens. These tiles designed for the kitchen are also water-resistant but need great proficiency during installation because of their hardness.
Stone tiles
These tiles are Prepared with natural stones such as granite and marble, these are the most costly selections for your kitchen design tiles. These are exceptionally absorbent and have to be locked very strongly, to stave off them from tuckering out. It mandates closing off every two to three years. Also, such textures require smoothing which makes them soapy when wet.
On Wednesday, state-owned NBCC said that SBICAP Ventures has approved to support Amrapali Group by providing Rs 650 crores for completing six projects of erstwhile Amrapali Group in Noida (UP). In 2019, Supreme Court mandated NBCC to complete various stalled projects of Noida and Greater Noida. Presently, these projects are under the Receiver appointed by the Apex court.
The Supreme Court mandated NBCC to complete various stuck real estate projects of Noida and Greater Noida in July 2019. SBICAP Ventures Ltd has signed an MoU with court receiver and agreed to fund Rs 650 crores in six projects of erstwhile Amrapali Group.
SBICAP Ventures Ltd is managing the government’s special window fund of Rs 25,000 crore to revive stuck housing projects. On August 4, it has also signed an MoU with Court Receiver for infusing Rs 650 crore in six stalled projects of erstwhile Amrapali Group at Noida and Greater Noida (UP), officials said.
According to the MoU, the funding will help in paving the way in completing as many as 6,947 homes.
In the worst conditions of the Covid-19, some of the projects were hampered due to slow inflow of funds and inconsistent working due to the lockdown. The funding is for the projects: Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park-Low Rise, O2 Valley & Tropical Garden. The execution work of these projects was hindered by the slow inflow of funds and discontinuity caused by Covid-19. The funding provided by the SBICAP Ventures will expedite the work and aim to complete the stalled projects timely.
“The initiative got cemented under the able guidance and directions of the Supreme Court of India and Ld. Court Receiver R Venkataramani, Committee members- Ravi Bhatia (Forensic Auditor), DK Mishra (Chartered Accountant), and Pavan Agarwal (Forensic Auditor appointed by the court) as well as the team of NBCC under the leadership of CMD, NBCC PK Gupta,” the statement said.
On July 23, 2019, the government also presided over the errant builders and ordered the cancellation of the registration of the Amrapali Group under the RERA law of real estate.
The court also directed NBCC to complete the stuck projects of the group timely.
In the 2019 order, the court also directed the centre and the states to ensure that all the projects of real estate are completed timely and as contemplated in RERA, and homebuyers are not included in any malpractice in the whole process. Also, it had ordered the Noida and Greater Noida Authorities to give the certificate of completion to the homebuyers of Amrapali Group who are already living in various projects.
Homebuyers of Supertech were eagerly waiting for the announcement on the possession of their booked flats. There are 13 projects: five in Noida, four in Greater Noida, two each on Yamuna Expressway, and in Meerut, with 16,041 units that would be handed over from December 2021 till June 2023, they said. After the delay of many projects due to the worsening situations of Covid-19, Supertech will hand over 8,463 flats by December this year and 16,000 units by 2023, they said on Friday.
Uttar Pradesh Real Estate Regulatory (UP-RERA) reviewed all the delayed projects of the developer. They called a meeting with Supertech representatives and this announcement comes within two days of a meeting of Supertech representatives with the officials of UP-RERA.
Uttar Pradesh Real Estate Regulatory (UP-RERA) reviewed all the delayed projects of the developer. They called a meeting with Supertech representatives and this announcement comes within two days of a meeting of Supertech representatives with the officials of UP-RERA.
“The delay has been on account due to the two waves of Covid-19 which hit the real estate sector,” said the Chairman of Supertech RK Arora. He further said that “Supertech Group will complete all these projects from internal accruals and the group has a positive net worth to meet the funds requirements.” The projects for handover are: Romano, Crown Towers, ORB, North Eye and Supernova in Noida Eco Village, Eco Village 2 (Phase 1), Eco Village 2 (Phase 2), and Eco Village 3 in Greater Noida besides Upcountry, and Golf Country along the Yamuna Expressway, Meerut Sports City and Green Village, Meerut, according to the statement by Supertech.
RERA protects the right of every homebuyer and keeps track of all the activities of real estate developers. UR-RERA chairman Rajiv Kumar told PTI, “RERA’s objective is to see that every homebuyer gets their home. We review situations of all the projects from time to time and have met with 60 promoters involved in around 150 projects in the state this month.”
While the residential inquiries started drying up from the first week of April, the consequent lockdown from the third week of April-May created a lack of sales. But now, the month of June witnessed a pick-up demand in real estate because of the restrictions made earlier on the site visits. Deals on the verge of finalization were put on hold due to the worsening condition of the pandemic. In June, states started to open up and fewer restrictions lead to housing sales.
Dhruv Agarwal, Group CEO, Housing.com, Makaan.com, Proptiger.com said, “Due to the challenging situation during the April-June quarter 2021, when infections and causalities caused by the coronavirus hit a peak before subsiding towards the end of May, both demand and supply were hit during the first two months when most states put in place various restrictions and lockdowns to curb the spread of the virus. However. Some ground on both the numbers was covered during June when states started to open up. The same is reflected in the second quarter demand and supply numbers.”
In the three months, the abruptly rising cases of Covid-19 hit the economy, forcing Asia’s third-largest economy to slip into recession in 2020. The focus area of real estate developers continues to be affordable housing and offers. “While the impact of the second wave of the virus was universal some markets were impacted more as they were the hardest hit by the second wave of the pandemic. This has been reflected in the high levels of unsold inventory and higher inventory overhang in markets like NCR and MMR. This is especially true of the NCR market, where the inventory overhang is as high as MMR even though the unsold stock in that market is less than half of what is there in the MMR.” spoke Mani Rangarajan, Group Chief Operating Officer, Housing.com. Makaan.com and Proptiger.com
Slow sales and inventory overhang in various cities
Due to the slow sales of properties, inventory overhang increases. With a slight increase of 1 percent QoQ, housing stocks in these residential markets reached 711.215. The MMR and NCR have the highest overhang of 64 months each.
The lowest inventory overhang is of Hyderabad i.e. 27 months only. Kolkata is also included in the list of the lowest number of unsold units. The lack of demand has kept its overhang higher than Hyderabad. On the other hand, Mumbai and Pune hold the highest number of unsold stocks as 24 percent share in overall stock.
