10 Things You Must Know About Noida Real Estate Market: MagicMeters
MagicMeters tells you 10 latest developments in Noida real estate market that you must know about:
Despite the slump, the Noida real estate market has been a choice of many. Making news for one reason or the other, Noida is one of the leading real estate markets in the country.
* RERA has been implemented on 1st May 2017 and the UP RERA website was launched on 26th July 2017 by chief minister Yogi Adityanath. Since the time of its inauguration, it has been visited by more than 11 lakh visitors. Besides this, around 472 promoters and 155 real estate agents have got themselves registered under it.
* Apart from constructing an international airport, Uttar Pradesh Government has proposed to extend the upcoming Greater Noida metro line to the proposed airport site at Jewar. This can cause the circle rates of Jewar to go up.
* After the direction given by CM Yogi Adityanath, almost 36 meetings have been held between authorities, home buyers and developers. Out 41 developers, 24 were asked to share their future action plan to the authority, but they have been served with a notice as they were failed to do so.
* A lot of buzz was in the town that the circle rates in the areas under Greater Noida Industrial Development Authority (GNIDA), Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA). However, a statement has been issued by the administration that there are no such plans in the near future.
* On the morning of 12th of July, a riot-like situation aroused at Mahagun Moderne Society in Noida Sector 78, due to a tussle between a maid and an apartment owner. After which a mob from the nearby village started pelting stone at the society. In the aftermath, Noida Authority demolished shanties and illegal encroachments in the area.
* In order to keep transparency in the system, the chief executive officer of Noida Authority has recently suspended the chief architect and town planner (CAP) on the grounds of dilapidation of duty.
* Illegal encroachments, land deals and issues connected to land mafia can be checked on Uttar Pradesh government’s online portal. The authority has also freed more than 110 hectares of land from such mafias and shanties. The anti-land mafia task force of Gautam Budh Nagar has planned to use explosive like dynamite to demolish illegal buildings in the district.
* Members of the Noida Extension Flat Owners Welfare Association (NEFOWA) have notified it to the chairperson of Noida authority to take strict actions against real estate developers who are either delaying possession or providing possession without occupancy certificate (OC).
* After waiting for more than seven years, the YEIDA has offered possession letter to another lot of around 600 owners in the July’s first week. Authority is also planning to roll out possession letters to 900 owners in the next two months. YEIDA in its defence said that the delay was caused due to the protests by farmers against the compensation paid.
* If there is anyone who is planning to pay the one-time lease payment of residential, commercial or industrial plots, then the Noida Authority will accept such payments only till 30th September. Anyone failing to do so will be allowed to pay their lease only for the current year.
* Apart from constructing an international airport, Uttar Pradesh Government has proposed to extend the upcoming Greater Noida metro line to the proposed airport site at Jewar. This can cause the circle rates of Jewar to go up.
* After the direction given by CM Yogi Adityanath, almost 36 meetings have been held between authorities, home buyers and developers. Out 41 developers, 24 were asked to share their future action plan to the authority, but they have been served with a notice as they were failed to do so.
* A lot of buzz was in the town that the circle rates in the areas under Greater Noida Industrial Development Authority (GNIDA), Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA). However, a statement has been issued by the administration that there are no such plans in the near future.
* On the morning of 12th of July, a riot-like situation aroused at Mahagun Moderne Society in Noida Sector 78, due to a tussle between a maid and an apartment owner. After which a mob from the nearby village started pelting stone at the society. In the aftermath, Noida Authority demolished shanties and illegal encroachments in the area.
* In order to keep transparency in the system, the chief executive officer of Noida Authority has recently suspended the chief architect and town planner (CAP) on the grounds of dilapidation of duty.
* Illegal encroachments, land deals and issues connected to land mafia can be checked on Uttar Pradesh government’s online portal. The authority has also freed more than 110 hectares of land from such mafias and shanties. The anti-land mafia task force of Gautam Budh Nagar has planned to use explosive like dynamite to demolish illegal buildings in the district.
* Members of the Noida Extension Flat Owners Welfare Association (NEFOWA) have notified it to the chairperson of Noida authority to take strict actions against real estate developers who are either delaying possession or providing possession without occupancy certificate (OC).
* After waiting for more than seven years, the YEIDA has offered possession letter to another lot of around 600 owners in the July’s first week. Authority is also planning to roll out possession letters to 900 owners in the next two months. YEIDA in its defence said that the delay was caused due to the protests by farmers against the compensation paid.
* If there is anyone who is planning to pay the one-time lease payment of residential, commercial or industrial plots, then the Noida Authority will accept such payments only till 30th September. Anyone failing to do so will be allowed to pay their lease only for the current year.
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