NOIDA PROJECT
UP govt says Noida Film City project to create 50,000 jobs, benefit 5-7 lakh people indirectly
YEIDA chief executive officer Arun Vir Singh said the constitution of a film city alongside the upcoming airport in Jewar was Adityanath' vision, which is now set to become a reality. "Construction of the Film City is scheduled to begin within the next four to six months, with film-related activities expected to commence within three years," Singh said.
Yamuna authority signs concession agreement for Film City project near Jewar airport in Noida
The Film City project in Noida, developed through strategic partnerships and industry collaborations, aims to create a vibrant hub for entertainment and business. With designated zones for various activities, including an amusement park and commercial use, the project signifies a significant step towards enhancing the region's media infrastructure and economic growth.
Supertech, Sunworld groups lose land plots on Yamuna Expressway over pending dues
The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled land parcels to Sunworld Infrastructure and Supertech Township near the Noida International Airport and proposed Film City due to pending dues. Sunworld Infrastructure owed Rs 164.86 crore, while Supertech Township had pending dues worth Rs 137.28 crore.
Rs 15 crore for Noida 4 BHK? YouTuber Akshat Shrivastava on Dubai, Singapore, New York comparisons
Debates on luxury home prices in India escalate as netizens question the affordability of Rs 15 crore apartments in Noida. Many netizens suggest invest in European properties for citizenship and concerns over real estate 'herd value' pricing emerge. YouTuber Akshat Shrivastava also weighed in.
Noida Airport faces six-month delay, likely to be completed by next year
The Noida International Airport (NIA) completion has been delayed until at least April 2025, primarily due to slow progress on the terminal building, which faces a shortage of special-grade steel. Initially set to open earlier, this delay impacts the project's timeline significantly. Over 20% of the project remains unfinished, with the terminal's façade and waterproofing still underway. Currently, 9,000 workers are on site, completing the ATC tower and finalizing the runway. The first phase costs Rs 10,056 crore.
Commercial opening of Noida airport delayed
The construction of the second airport in Delhi-NCR by Noida International Airport Limited (NIAL) owned by Zurich Airport faces delays impacting Indian airlines with capacity constraints. The project aims to bring relief to airlines amidst record aircraft orders and includes a concession agreement with Yamuna Expressway Industrial Development Authority (YEIDA). The project involves key figures like chief minister Rajnath Singh, Durga Shanker Mishra, and approvals from the Directorate General of Civil Aviation (DGCA).
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Noida extends rehab package offer for projects facing insolvency; Supertech, ATS, Logix Group among defaulters
The Uttar Pradesh government has extended the rehabilitation package for housing project developers facing insolvency proceedings by two weeks. The package offers incentives such as interest waivers and penalties during the pandemic in exchange for withdrawing cases with the NCLT or courts. The package aims to assist developers like Supertech, ATS, and Logix Group who have stalled projects and owe significant dues.
Noida: What's pushing flat rates as city goes luxury from affordable
Noida and Greater Noida have become premium real estate hotspots in the last five years, with significant price appreciation and increased demand for luxury properties. The average apartment price has risen from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, with a notable surge in sales of apartments priced at Rs 3.5 crore and above. Infrastructure development, completion of stalled projects, and policy changes are key drivers of this transformation.
NCLT orders insolvency proceeding against Supernova project developer Supertech Realtors
NCLT orders insolvency proceedings against Supertech Realtors for defaulting Rs 168.04 crore to Bank of Maharashtra in the Supernova project.
Suraksha Group injects ₹125 crore to revive stalled Jaypee projects
The Suraksha Group has infused ₹125 crore into Jaypee Infratech to speed up construction, bringing hope to over 20,000 homebuyers. This investment, part of the approved resolution plan, aims to kickstart construction and ensure timely completion. The National Company Law Appellate Tribunal (NCLAT) recently approved Suraksha's plan, directing compensation of ₹1,335 crore to YEIDA over four years for the benefit of farmers. Suraksha's plan also includes appointments to the JIL board and commitments to address homebuyer concerns.
CIPL bags Rs 114 crore IT infra maintenance project from Indian Oil
As part of the contract, CIPL will deploy more than 400 engineers to manage the regular maintenance of IT infrastructure across 131 locations of Indian Oil nationwide. The Noida-based company has earlier served several PSUs (public sector undertakings) like ONGC, SPMCIL, PFMS, NTPC and Airport Authority of India (AAI), among others.
UP RERA sets format for possession letters to flat buyers
It had also directed project promoters to make no binding conditions on the allottees in any way through the offer of possession letter, the UP RERA said in a statement.
Labour shortage hits Tiruppur apparel units as migrant workers who went home to vote not willing to return
Tiruppur, known as the 'knitwear capital' of India, is facing a labor shortage as thousands of migrant workers, who returned to their hometowns to vote in the recent Lok Sabha elections, are hesitant to come back. This crisis arises just as export inquiries from the US are beginning to show signs of improvement. Approximately 100,000-150,000 workers, primarily from Uttar Pradesh, Bihar, Assam, and West Bengal, are believed to be missing from the workforce.
Noida Authority orders asset attachment of AMG group over Rs 2,409 cr dues
The Noida Authority has ordered the attachment of properties of realty group Aims Max Gardenia (AMG) over pending dues of Rs 2,409.77 crore against two land allotments in the city. The group, contested the amount of pending dues, claiming it was around Rs 1,050 crore and is ready to pay 25 per cent of it, following the recommendations of the Amitabh Kant committee on legacy stalled housing projects to facilitate the registry of flats in its projects.
Hope for 20,000 homebuyers! Suraksha Group set to take over Jaypee Infratech in a boost for Noida's Wish Town project
Suraksha Group, having had its resolution plan for Jaypee Infratech Limited (JIL) approved by the NCLAT, is set to take control of the company following a meeting next week. This development brings the group closer to restarting construction on nine stalled projects in Noida's Wish Town and other areas, offering renewed hope to 20,000 buyers who invested in flats 15-20 years ago.
Max Group arm Antara ties up with Hyderabad realtor for senior living project
Antara has two projects - one in Dehradun and one in Noida - and it recently added one in Gurugram after a gap of three years.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
BJP MLA bats for farmers, writes to UP govt over land acquisition near Noida
BJP MLA Dhirendra Singh advocates for prompt resolution of farmers' grievances in Gautam Buddh Nagar, emphasizing the need for approval from the Greater Noida Authority for 10% residential plots to address their demands regarding land acquisition for Noida International Airport.
Godrej Properties sells around 650 flats for over Rs 2,000 crore in Noida
Realty firm Godrej Properties Ltd announced the sale of 650 flats in Noida, generating over Rs 2,000 crore in revenue. This marked their successful launch in the city with the Godrej Jardinia project in Sector 146. The project launched in May 2024 showed strong consumer demand for residential properties. MD & CEO Gaurav Pandey spoke about the plan to expand their presence in the city.
Unsold housing inventory dips by 57% in NCR in five years
Residential real estate upcycle aids NCR, slashing unsold stock by 57% in 5 years, topping nationwide improvement. Southern cities saw moderate declines. Controlled supply boosts NCR's success, buoyed by renewed buyer confidence and regulatory reforms. Gurgaon and Greater Noida lead reductions. Luxury segment drives demand, signaling further project surge.
Godrej Properties sold homes worth Rs 2,000 crore in Noida project
Sector 146 is a prominent upcoming residential corridor in Noida. The area provides good connectivity to the upcoming Jewar Airport, as well as to the metro station, Noida- Greater Noida Expressway and Yamuna Expressway.
Migsun group to invest Rs 500 crore across four projects in Greater Noida
Realty developer Migsun Group plans to invest Rs 500 crore in four mixed-use commercial projects covering 2 million sq ft, with RERA approval. Three projects are in Yamuna Expressway and one in Greater Noida, set for completion by 2028. Funding will come from company sources and customer advances, targeting the upcoming Jewar Airport to boost development. MD Yash Miglani asserts a commitment to bring international experiences to the Noida Expressway region. Additionally, the group has launched a mix-use project in Lucknow, investing Rs 426 crore on a 5-acre land parcel acquired from Medanta Group.
NCLAT directs IRP to supervise ATS project
The appellate tribunal's decision follows ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, taking ATS to the National Company Law Tribunal (NCLT) citing a default of ₹285 crore.
Two M3M Group companies denied land parcels in Noida for poor pricing
UP govt cancels Noida land allotment to M3M's Lavish Buildmart and Skyline Propcon due to non-competitive rates. M3M invested ₹4,000 crore in The Cullinan project with RERA registration.
Legacy stalled projects: 20 of 57 builders have paid 25 per cent dues, says Noida Authority
Pending registries and delayed possession of flats are pressing issues in Noida and Greater Noida for a long time, with the UP government also pushing for resolution of homebuyers' woes in line with the recommendations of the Amitabh Kant panel on stalled projects.
County Group to deliver 4 million sq ft in 2024
Noida based real estate developer County Group plans to deliver over 4 million sq ft across three housing projects in 2024, overcoming the challenges faced during Covid. The region where majority of the projects are stuck and buyers are waiting for delivery for over a decade, has seen very few delivered projects since Covid.
New York Life to acquire 49% stake in two commercial projects by Max Estates for Rs 388 crore
New York Life Insurance Co. has invested Rs 388 crore for a 49% equity stake in two commercial projects in Delhi and Noida by Max Estates' SPV. This makes New York Life a 49% partner in all commercial projects by Max Estates in Delhi-NCR. The two buildings are Max Tower in Noida and Max House in Okhla, with a total leasable area of around 600,000 sq ft. Max Towers and Max House are operational commercial real estate projects in Noida and Delhi. Max Estates will hold 51% in the two SPVs after the transactions.
SKA Group to invest Rs 592 crore to develop a luxury residential project in Greater Noida
SKA Group to invest Rs 592 crore in luxury project SKA Destiny One, Greater Noida. Sanjay Sharma plans 5-year completion for 645 units across 3 towers. Completed projects include SKA Metro Ville, Skardi Greens.
Under-construction housing prices rise 30.6% in January-March
Prices of under-construction residential projects in top 13 Indian markets rose 30.6% year-on-year. Shift towards affordable properties observed. 2BHK demand share increased to 42% between January and March.
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