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Monday 31 March 2014


The Noida authority has cancelled allotment of 17 commercial plots which were done through a competitive bidding system in October, 2013.

The authority said on Friday that it had to cancel the allotment after the applicants failed to deposit 25 percent of the property in noida cost within the stipulated period one month from the date of allotment.

The failure of this commercial plot scheme, which was promoted as the most successful one by the officials then, is being seen as a major setback to the authority. It has about 77 more commercial plots to allot.

The authority had allotted a total of 31 plots, out of 94 available under the scheme in October, 2013 as the rest of the plot found no takers. Of these, 17 allottees have failed to pay the money in time. So, only 14 plots stay allotted so far.Everyone are preferring flats in noida

"We have seized the security money of these 17 applicants, who failed to pay the money," Vipin Gaur, general manager (commercial) of Noida authority said, adding that the authority had taken back the possession of the plots.

The authority has earned Rs. 1.65 crore by way of the security money.

These plots are located in Sectors 1, 10, 16, 18, 22, 27, 40, 44, 63, 70, 100 and 110.

The failure of the scheme has left the officials bewildered too because two of the plots are located in Sector 18, city's most popular commercial hub which boasts of the highest property rate.

These plots, measuring 96 sq m, had been bought at a record breaking rate of Rs. 13, 56,000 per sq m.2 bhk flats in noida is having high demand

"I guess many people had bought these plots at a high rate to resale quickly and make easy money. But they failed to get any buyer in the resale market, and couldn't pay back the authority. It means that commercial plots have few takers in Noida now," said a real estate expert.

http://timesofindia.indiatimes.com/city/delhi/40-of-new-projects-in-Noida-delayed/articleshow/32991377.cms

Friday 28 March 2014


About 6.5 lakh people, who have bought property in Noida are likely to pay more for it as the realtors will levy additional charge soon.
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Realtors will levy additional charge on home buyers both old and new because the Noida authority is planning to recover Rs. 1800 crore from builders. The authority has distributed Rs. 1800 crore as hiked 64% land compensation to villagers of 39 villages following an Allahabad high court’s October 21, 2011 order.

“We are working to figure out as to how much amount we should charge from realtors to recover Rs. 1800 crore distributed to farmers as per HC order,” said Pramod Kumar Agarwal additional chief executive officer (ACEO), the Noida authority.

The Noida authority is also likely to charge additional money from those, who are old allottees including 30, 000 owners of plotted bungalows, and 34500 owners of flats built by the authority itself. Additional money will have to also be paid by 1.5 residents, who had bought flats in noida from realtors, and now are staying for long said officials.

Home-buyers, who have booked roughly 5 lakh flats in under construction private group housings in Noida will also bear the brunt of hiked land compensation said officials. The Noida authority has also approved a proposal in this regard in its recently held board meeting.     

“We have made it clear to all realtors on our forum- CREDAI that this additional compensation will be taken and paid to authority back as hiked land compensation fund. We will not levy any sort of builder charge to benefit buyer.

The authorities will have to do it because of HC order. And it is unavoidable,” said Manoj Gaur president CREDAI (Western UP) and MD of Gaursons.

The Greater Noida authority has already levied additional burden of R 2014 per sqr mtrs on realtors in its area.

“A buyer will have to pay Rs. 70-100 per sqr mtrs in Greater Noida. Noida rates are yet to be finalised. A flat owner of 1000 sqr ft area house in Greater Noida will have to pay Rs. 50-60, 000 more on possession,” said Gaur.    

Additional charge will also be levied on industrial and institutional land forcing educational and industrial institutions to cough up more. 

Source:http://www.hindustantimes.com/india-news/noida/pay-more-for-home-in-noida-and-greater-noida/article1-1188592.aspx?hts0021

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