Noida: Wait continues for Sports City buyers – ET RealEstate

NOIDA: The UP government and the Noida Authority are yet to find a solution to the problems of thousands of buyers who have been waiting for their flats in various Sports City projects.

A board meeting that was held on Friday also failed to devise a roadmap. A total of 32,000 flats had been approved in various housing projects that were planned as part of the sports cities. Of them, only 10,000 flats have been handed over so far while the remaining are under various stages of construction. The Authority is yet to recover over Rs 4,000 crore from the builders who had been allocated land.

The projects had been planned across the city — sectors 78, 79, 101, 150 and 152. A total of 45 projects were supposed to come up, with a major chunk of the development work in sectors 79 and 150.

All these Sports City projects have breached their respective deadlines.

On January 18 this year, the Authority had constituted a committee to explore viable options and find a solution for the homebuyers. But it is yet to come up with any plan.

“No decision has been made on the sports cities yet. The proposals of the Noida Authority have been evaluated. Some additional details have been sought by the government,” said Sanjeev Mital, the chairman of the Noida Authority and the infrastructure and industrial development commissioner of the state.

Sources said the Authority had sent two proposals to the government. “But there has been no clear-cut direction so far. It is a legacy issue that has been thrust upon us and we cannot take any decision without the government’s instructions,” said an official.

The Sports City issue has gone back and forth several times between the Authority and the state government over the past eight months, but there has been no headway. Sources said the officials were treading cautiously in the aftermath of the Supreme Court verdict on the Supertech twin towers.

During an evaluation process, it was found that the land offered for the sports cities had been shown as “recreational greens” in the original master plan. “A Sports City was originally planned on the land. But only sports or allied activities could have been allowed. There was no scope for group housing projects. To amend the master plan, a due procedure has to be followed, which, it seems, was not done at that time. Officials are worried about this,” a source said.

Buyers expressed concern. “Our patience is running out. The public representatives had promised a solution for us long ago. We were hopeful that the government will solve the problem,” said Din Bandhu Nayak, a buyer in Civitech Stadia in Sector 79.

Source link

NCRPB proposes eight greenfield townships in Uttar Pradesh, Haryana & Rajasthan – ET RealEstate

In the Draft Regional Plan 2041, NCRPB has proposed the need to explore possibilities of establishing five-eight new greenfield townships, based on productive economic impulses in UP, Haryana and Rajasthan sub regions.

It says these cities can be located on growth nodes along key transport corridors such as expressways and rail corridors, either on virgin land or as extension of current small settlements based on feasibility of productive activities.

It says such cities may have smart elements like land allotment, e-land, smart water and electricity, central smart command system, 24X7 security, rain water harvesting and net zero water consumption areas.

It has also proposed innovative land use plans to support accelerated development such as introducing the concept of short and medium term lease of land for 5-10 years instead of current 70-90 years for industrial uses and reduce the burden of high land cost.

Source link

Stop 10% fee on property transfers: Noida Sec 62 RWA to Uttar Pradesh CM – ET RealEstate

NOIDA: Members of the Sector 62 RWA have written to chief minister Yogi Adityanath, urging him to do away with the 10% property transfer memorandum charge levied by the Noida Authority.

The residents said property prices hadn’t seen much hike in the past few years and many of them have had pay cuts and job losses during the pandemic.

The residents also questioned the logic of charging a 10% fee for property transfers when they have already paid 99 years’ lease, which, they claimed, was 11 times the prevalent rate then. There are 47 highrises in Sector 62 and most of the people had bought flats there in the nineties.

“The flat owners had invested their hard-earned money about 20 years ago. As property transfer charge, the Noida Authority is now levying 10% of the difference between the selling price and the cost of its acquisition. This nearly amounts to 20% capital gains tax, just for changing the name of the owner in their records. This is a huge burden on residents,” said RK Uprety, the RWA president.

Uprety also pointed out that property prices had slumped in the past few years. “The property market has witnessed a reduction of about 25% in rates. It is shocking that property transfer charges are being levied now,” he said.

“We have already paid a one-time lease for 99 years, which was 11 times the prevalent rate according to Authority rules. Even after that, it is only in Noida where we not only have to pay a registry amount again but also this property transfer charge now. So, we have urged the CM to remove this clause and clear the freehold properties for Noida residents,” said Uprety.

Source link

Stamp duty, registration fee waiver for Noida airport’s land lease – ET RealEstate

NOIDA: The Uttar Pradesh Cabinet on Friday decided to waive stamp duty and registration fees for leasing of land by the government agency Noida International Airport Limited (NIAL) for the first phase of an upcoming airport. The decision was taken during a meeting chaired by Chief Minister Yogi Adityanath in Lucknow, according to an official statement.

It stated that 1,334 hectare land has been acquired for the first phase of the Noida International Airport in Jewar, Gautam Buddh Nagar in the name of Civil Aviation Department, UP government.

This land has to be leased out to NIAL, an agency floated by the UP government for the airport project, it added.

“For development of the Noida International Airport, the Cabinet has approved a proposal to waive the stamp duty and registration fees on the 1,334 hectare land acquired in the name of the Civil Aviation Department,” according to the statement.

Noida Airport’s nodal officer Shailendra Bhatia told that when leasing a land, the lessee is required to pay 1 per cent of the total circle rate of the land in registration fees and 7 per cent in stamp duty.

“It was important to lease the land for NIAL in order to go ahead with development work on the project. NIAL has selected a concessionaire for a 40-year-period for carrying out the work, which could proceed only if NIAL has the land on lease,” he said.

NIAL, which has the UP government also as one of its four members, had selected Zurich International Airport AG as the concessionaire for development of the project.

The Swiss-headquartered firm has floated a special purpose vehicle Yamuna International Airport Private Limited (YIAPL) in India for the job, according to officials.

Source link