Author Archives: Property Admin

Changes in Master Plan for Jewer International Airport

 

Greater Noida: Yamuna Authority has overcome the major constraints before starting land acquisition for Jewar International Airport. Reserved land has been changed from agricultural use to airport. It was stamped in the meeting of the Yamuna Authority on Monday. Now it will be sent to the government for approval. The government has approved in June for constructing International Airport in Jewer. Yamuna Authority has reserved three thousand hectares of land for the airport, but this land is still registered for agricultural use in the master plan of the Authority. It was necessary to change the land use before the land acquisition for the airport. Therefore, the 61st Board Meeting of the Authority got approval for change in Bhupyog Yojna. 1 The state government will construct the airport. He has created the Yamuna Authority as the nodal agency.

The Authority needs Rs 3 thousand crore for land acquisition. In order to raise this amount, the CEO of the Authority Dr. Arunvir Singh had held a meeting with HUDCO and NCR Planning Board last week. Hudco has given theoretical approval for loan of Rs 3,000 crore on 10.5 percent interest. The NCR Planning Board has agreed to provide a loan of five hundred crores at a rate of 7.5% interest rate. Proposal for nomination of agency for preparation of 1 technical feasibility report has already been sent to the government. But this proposal has not received a green signal. Dr. Arunvir Singh, CEO of the Authority said that the talks have been done with the government in this regard. Will be allowed soon 1 They told that in the wake of Jewer International Airport, four ramps were made on Yamuna Expressway. Two have been constructed in this. Two more ramps will be built by JP Infratech.

NCLT’s insolvency proceedings forces Jaypee to ‘adjust’ deals

Since National Company Law Tribunal (NCLT) has initiated insolvency proceedings against the real estate major, Jaypee Infratech is offering its flat owners fresh deals to shift their bookings to its new property in Greater Noida.

As per Times of India report, the bookings are being adjusted with another property in Jaypee Associates situated in Greater Noida.

The Times of India report also mentions various instances where an existing customer is being advised to take up a forthcoming project in the new property with an assurance that the amount already paid to Jaypee Infratech would be adjusted in the upcoming project.

Nevertheless, it’s unclear how the existing flat buyers can avail withdrawal of their deposits, as it only provides discounts for delayed flat delivery.

 

Noida/Gr Noida property market to get a boost from Jewar airport

Realtors today hailed the government’s decision to set up an international airport at Jewar in Greater Noida, saying it will lead to increased economic activity in the area and benefit property market.

An international airport with a capacity to handle 30-50 million passengers per year will come up at Jewar in Greater Noida in the next 5-6 years to ease the load on Delhi’s IGI airport, the government announced today.

“We welcome this decision. It was much awaited. A new airport in Jewar will increase economic activity in this area. There will be huge job generation,” CREDAI Chairman Getamber Anand told .

He said warehousing sector will get a major boost.

Anand said the decision will improve the sentiments of property markets of Noida, Greater Noida and Yamuna Expressway.

The real estate market, especially Delhi-NCR, is facing a multi-year slowdown leading to a huge delay in project completion. In Noida, Greater Noida and Yamuna Expressway, flats are available at an average rate of Rs 3,000-5,500/sqft.

“There should also be an elevated road connecting the Jewar airport to the national capital,” he said.

Realtors’ body NAREDCO President Parveen Jain the new airport at Jewar will boost real estate market in Greater Noida and Yamuna Expressway. “There will be an overall development in this area and people will invest in real estate”.

Supertech Chairman R K Arora said it is a good news for the real estate sector.

“It will generate demand in real estate sector in Yamuna Expressway and Greater Noida area prominently,” he added.

Civil Aviation Minister Ashok Gajapathi Raju announced that “in-principle clearance has been granted” for the greenfield airport at Jewar.

The Yamuna Expressway Industrial Development Authority has notified 3,000 hectares of land in Jewar for a “world- class” international airport, Raju added.

The government expects the entire project to cost Rs 15,000-20,000 crore.

The metro service in Noida is also likely to be extended up to Jewar in order to improve connectivity to the airport. MJH JM

 

Allahabad High Court Orders Sealing Of Over 1,000 Flats In Greater Noida

Allahabad: The Allahabad High Court on Thursday ordered sealing of more than 1,000 flats in the Supertech Czar residential project of Greater Noida which were constructed allegedly without due approvals.

A Division Bench comprising Chief Justice D B Bhosle and Justice Yashwant Verma passed the order after the builder failed to comply with the direction to provide details regarding the number of flats wherein third party rights had already been created and those which had already been transferred to respective buyers.

The court directed the builder to file a detailed affidavit by the next date of hearing on May 2 containing all the details sought.

The builder was also restrained from creating third party rights in any of the illegal flats henceforth.

“If third party rights have already been created, then possession of the flats must not be transferred. In case of any buyer already being in possession of a flat, the same will be subject to the outcome of this petition,” the court ruled.

The order was passed on a petition filed by flat buyers in the residential project, who had said that the builder had obtained clearance for construction of only 844 flats from the Greater Noida Authority but went on to construct a total of 1904 flats.

More than 1000 of these flats have been constructed illegally, the petitioners have alleged and claimed that the real estate developer had applied for the sanction at a later stage “to legalize its illegal sanctions”.

The court, while directing the Authority not to issue completion certificate to the builder, also said that “appropriate action” be taken against the real estate developer.

Significantly, the court order came a day after the Yamuna Expressway Authority cancelled 17 projects of residential flats along the Yamuna Expressway.

In Trouble For Greater Noida Builders, Yamuna Expressway Authority Scraps 17 Housing Projects

Out of the 17 projects, 7 belong to Jaypee Infratech, part of the troubled Jaypee Group which is currently facing protests from buyers because of significant delays in execution of its projects in Noida and Greater Noida, where it is developing over 30,000 flats. Other builders whose projects have been cancelled include Ajnara, Oriss, Urbania and Jaypee Sports International (JPSI).

The Jaypee Group was given land in lieu of constructing the Yamuna Expressway project between Greater Noida and Agra.

Approximately 334 villages of District Gautam Budh Nagar, Bulandshahar , Aligarh, Mahamaya Nagar (Hatras), Mathura and Agra are notified under Yamuna Expressway Industrial Development Authority.

Here is a list of the 17 housing projects cancelled by the Yamuna Expressway Authority shared by the YEIDA chief executive with NDTV:

list

Another Reason For Investors To Cheer: Jewar Airport Will Have A Metro Connectivity

Those who are taking advantage of investment opportunities are the other reasons for being excited at the incoming airport of Uttar Pradesh’s Jawar. There will also be a metro connectivity at the second airport of the National Capital Region or NCR, the state government has told the Center. According to media reports, the state government has told the Center that this existing Greater Noida Metro Line is to be made of Jewar

 But will extend to the airport space. This means that the Mati link will be extended beyond the Pari Chowk.

Meanwhile, the state government has selected Yamuna Expressway Industrial Development Authority (Jaida) as the nodal agency for setting up the airport. The state will provide Rs 4,000 crore to the Authority for the development of the first phase of the project.

In June this year, the Central Government had approved its approval for an international airport on tide in Greater Noida. Civil Aviation Minister Ashok Gajapati Raju told the media on June 24, “We have approved the Greenfield International Airport in Tire, Greater Noida to meet the growing flight requirements of the National Capital Region,” he said, The second airport will be around 30 to 50 million passengers per year in the next 10-15 years.