GREATER NOIDA REAL ESTATE DEVELOPS RAPIDLY

Greater Noida/NCR
The idea was to create a world-class city. It is an extension of Noida in territory with better infrastructure, and even more than impressive residential, commercial and educational facilities. Today, Greater Noida is on a fast track to uninhibited progress.Greater Noida is one of home to a number of Calculats Indian and foreign MNCs Company. The developing area stands a class apart from other cities. The residential and commercial policies formulated and implemented by the Greater Noida Industrial Development Authority (GNIDA) have resulted in a great influx of people into the area and commercial activities have taken off in right earnest.R K Arora, the chairman and managing director of Supertech Group, says: “Greater Noida has today becomes one of the fastest developing sub-cities in the NCR. It is an attractive destination for both commercial and residential activities. As the city is close to central Delhi and Noida, it provides a good residential solution to working people. Besides, as a number of corporate houses have chalked out plans to start offices here, it will provide good employment opportunities to residents.”One of the most attractive features of the township is its world-class golf course, developed and managed by Jaypee Greens on over 400 acres. Gautam Buddha University, a modern and well-equipped educational institution over 511 acres along the Yamuna Expressway, is another attraction of this city.These have given the city an upmarket clientele, who will now be tempted to buy REAL ESTATE here. Besides premium projects of villas and apartments being developed by Jaypee Greens inside the golf course, a number of respected developers like Supertech, Antriksh, Amrapali, Ajnara, Logix, Ansal, Unitech, Omaxe, Parsvnath Developers, Earth Infrastructure, ATS Infrastructure, Assotech and Paramount are developing several high-quality projects in the city.Rama Raman, the chairman and chief executive officer of GNIDA, says: “For launching new residential schemes, GNIDA has earmarked a vast swath of land and is developing new SECTORs. This well-laid city has already emerged as a preferred destination for thousands of families. The place has some territorial advantages like international-quality infrastructure, privatized power and reliable water supply. More than 26% of the total land area has been marked for green and open spaces.”Pranav Ansal, the managing director of Ansal API, says: “We are also coming up with an integrated township, Ansal Megapolis, 5km from JP Greens, in Greater Noida. The most attractive part of this township is its connectivity to other parts of the NCR. It will be one of most planned integrated township on 3,500 acres. Like JP Greens, it will also have an 18-hole golf course.”To meet the spurt in demand for residential REAL ESTATE, Greater Noida authority is developing newSECTORs like SECTORs 10, 12, Xu, Mu, Tau, Zeta, Omicron 1, 2 and 3, Ecotech Extension, Knowledge Park 5, etc. GNIDA has allocated adequate budget for various developmental works in these townships.In addition, new residential SECTORs like SECTORs 1, 2, and 3 are also being developed on 500 hectares near Bisrakh, adjacent to Noida. Integrated townships and builder plots have been launched 2km from Noida and Ghaziabad.To develop these new SECTORs, GNIDA is acquiring land from villages like Itehda, Parthla Khanjarpur, Sabery and Haibatpur near Noida’s SECTOR 71 and 76. Knowledge Park 5 and Ecotech Extension are being developed for institutional and industrial units. GNIDA is also keen to launch an institutional hub on 75 acres and an educational hub on 50 acres. The high-profile Gautam Budh University has already been started.GNIDA is planning to set up its own power plant to provide 24×7 quality power supply. A 315MW power substation is going to be commissioned in March; the construction of a pipeline from Dehra to Greater Noida via upper Ganga canal is almost complete and it is expected to ensure 24×7 water supply to the city. From this pipeline, Greater Noida will get 85 cusecs of water.Rakesh Yadav, the managing director of Antriksh Group, says: “The quality of infrastructure is so good that the city has become one of the most sought-after destinations in the NCR. People from Delhi prefer to shift and settle here, as it offers better facilities and lifestyle.Soon, it will also be a hub for employment generation and will provide quality job opportunities to its residents.” A number of engineering colleges have been started in the townships. Apart from educational and software development, the township is also being developed as an industrial hub.

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Ajnara First to Scrap Project in Noida Extension

Ajnara First to Scrap Project in Noida Extension

NOIDA: Given the continuing uncertainty over the fate of housing projects in Noida Extension, in a first-ever instance a prominent builder has scrapped one of its housing projects leaving a large number of homebuyers in disarray. Investors have now become wary that scrapping of the project might open a floodgate, wherein other builders might choose to back out if the stalemate continues.

A total of 76 villas — planned in three categories of 80, 100 and 120 square yards — in the Le Garden project of Ajnara Developers in Sector 16 of Greater Noida stand cancelled due to the continuing imbroglio. Around 75 of these villas had been booked by homebuyers. The average cost of a villa was around Rs 50 lakh.

“I had paid 10% of the total amount as booking charges and the developer asked me to stop further payments till the court cases were resolved,” said Rakesh Pandey, a businessman who stays in Vikaspuri in Delhi. “I was recently asked by the builder to take back my booking amount as they had scrapped the project,” added Pandey.

Most homebuyers in the project, who belong to middle-income families and have been left distraught with the decision, have been running from pillar to post in the last week, meeting officials of the construction company to figure out the next course of action.

“Construction on four 100 sq yard sample villas was in progress the last time we had visited the site. The dug up area had been filled up with rainwater and the builder had assured us that villas would be delivered within 18 months,” said K K Tripathi, a resident of Indirapuram, who had paid around Rs 8 lakh as booking amount. “The builder now says that it is in full right to cancel the project as per the terms and conditions of the builder-buyer agreement. The builder is pressuring me to take refunds, but has not issued an official letter of cancellation or termination yet,” he added.

Officials of Ajnara Developers have confirmed that the villas have been scrapped. A senior official said that the company was doing so because it had become economically unviable for it to continue with the project. “Any issue related to a construction project that lingers on for a long time without any signs of getting resolved becomes financially unviable in the long run,” said vice-president of Ajnara Developers, Vineet Sharma. “We have decided to scrap the project given this factor. However, we have offered certain options to the homebuyers to either take back the booking amount with a reasonable interest rate or to shift to any of our other projects,” said Sharma.

Industry bodies, however, expressed hope that this scrapping will not start a domino effect. “This project was planned on a very small portion of Noida Extension and may not have an impact on other projects,” said Hansraj singh, director of Noida-based real estate consultant, Investors Aura

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