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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Noida > Noida/NE: Land Allotted by Authority in 10 Years Installments to Builders, Future Impact at Buyers ?
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Old July 13 2012, 12:34 AM   #21
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Yes, For Maple/Fedore, builders have paid 100% and that's why registry is happening. As it was very small plot of just 10000 sq meter so it was not possible to show 2-3 phases.

Now after registry of 3C boluvard and omaxe grandwoods things will be clear whether partial completion certificate can be obtained by paying part of money or not. They have given time of 7-8 years and also 5 phases but nowhere it is written that they can go for registry of few flats by not paying full payment or by paying just portion of that phase.

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Old July 13 2012, 08:34 AM   #22
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Where is Lchand.. this is his best topic of discussion..

Btw.. things are too gloomy.. only time will tell how things come out...
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Old July 13 2012, 09:07 AM   #23
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Quote:
Originally Posted by SMJ2011 View Post
This issue is debated on IREF for last 2 years. But there are no clear answers.

I doubt even the Noida Authority knows clearly the consequences of default by builders at any stage of the project.

One would like to see the format of sub-lease deed prescribed by the Authority for signing between flat buyer and builder. This will give an idea of obligations & risks of flat buyers in the event of default.

I think flat buyers should file RTI and ask authority to clarify the issue.
I agree with you... sub-lease deed will clear all the doubts... I have asked 3C many times for this, but have never got a satisfactory reply; they say they don't have sub-lease deed format and shall get after completion certificate... I feel its totally rubbish; these conditions must have been cleared by NOIDA during plot allotment only....

All non-sense going on in NOIDA. New buyers love your money; stay away until the situation is clear.
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Old July 13 2012, 09:53 AM   #24
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Quote:
Originally Posted by search2010 View Post

Now after registry of 3C boluvard and omaxe grandwoods things will be clear whether partial completion certificate can be obtained by paying part of money or not. They have given time of 7-8 years and also 5 phases but nowhere it is written that they can go for registry of few flats by not paying full payment or by paying just portion of that phase.
It is very much written in the terms and conditions for allotment of Group Housing plots that sub-lease deed in favour of apartment allotees can be executed on obtaining occupancy certificate. Occupancy certificate does mean that builder can go for executing sub-lease when he has got the certificate. Please read the following extact:

Individual flat/plot will be transferable with prior approval of the Authority as per the following conditions:-


(i) The dues of NOIDA towards cost of land shall be paid in accordance with the
payment schedule specified in the Lease Deed before executing of sub-lease
deed of the flat.

(ii) The lease deed has been executed.

(iii) Transfer of flat will be allowed only after obtaining completion certificate for
respective phase by the Lessee.


Sticking to a point which is not a fact does make no sense.
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Old July 13 2012, 12:44 PM   #25
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Originally Posted by amarakbar View Post
Mahagun Maple & Prateek Fedora have got their flats registered and are under 10 year scheme as mentioned in your earlier post.

Does it imply that they have made the complete payment or only paid the installments du till date.
If someone see the sub-lease deed of any flat which got registered in Maple or Fedora.... we can get to know - if the complete payment of land and lease rent for 90 years is done to NOIDA or its still in the conditional plan...as of the plots of 20000sqmetrs given to other builders for development.
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Old July 13 2012, 03:22 PM   #26
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Following is mentioned:

"All clauses of the lease deed executed between Noida in favoour of M/s .... on .... shall be applicable to this deed. In case of any reugnacies of any provision of the lease deed and this deed the former shall prevail."
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Old July 13 2012, 10:21 PM   #27
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Quote:
Originally Posted by pankajgupta123 View Post
Is there any builder who was alloted land under this scheme and given possession too or first example still to set.
There is no first example as of now.
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Old August 30 2012, 01:05 PM   #28
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Default Please make this thread STICKY !!!!!

WIth the new govt there were talks of modifying the 10%, 10year plan of NOida Authority to 30% but it has been decided to continue with this plan.

We are talking of appreciation in Noida, Noida Extn, noida land scarcity etc.....but this fundamental issue is something which will have great repercussions for all end users who dreaming of having a home.

I request the admins to make this thread sticky and discussion should be on this issue rather than anything else.
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Old August 30 2012, 01:06 PM   #29
 
 
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Jaypee Investors are spared from this tension at least...
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Old August 30 2012, 01:15 PM   #30
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Jaypee investors have bigger headaches than this

Jaiprakash Associates shares plunged 9 per cent to a two-month low in a weak Mumbai market Wednesday. The cement maker was the top loser on the 50-share Nifty index.

Here are the reasons behind the sharp decline in Jaiprakash Associates shares.

1) Debt worries: Jaiprakash Associates' consolidated net debt rose to Rs. 50,300 crore at the end of 2011-12, 34 per cent higher from Rs. 37,500 crore in 2010-11. The net debt to equity stands at 4.4-times, Goldman Sachs said citing the company's annual report.

2) Higher interest costs: High debt levels would result in interest coverage remaining close to 1.5-times over FY12-15E despite EBIT doubling over the same period, Goldman added.

3) Fresh FCCB to retire old debt: Jaiprakash on Tuesday sold its 5-year foreign currency convertible bonds at a 5.75 percent semi-annual coupon and a conversion price of Rs. 77.50, a 10 percent premium to its closing price on Wednesday. It had launched the convertible bonds issue late on Tuesday with an aim to raise up to $200 million. The fresh FCCBs would be used, in part, to finance it’s nearly $355 million in convertible bonds maturing on September 12.

4) Higher dilution: Despite a 34.5 percent gain this year, Jaiprakash shares are trading well below the conversion price of Rs. 165.17 a share. Only 1.13 per cent FCCBs were converted till March 31, 2012. Besides, the company has already bought 10.26 per cent of the outstanding FCCBs. Jaiprakash will have to issue 86,595,662 shares upon conversion, resulting in a potential dilution of a little over 4 per cent.

5) Brokerage downgrades: Goldman Sachs had retained its "sell" rating on the stock. "In our view, monetization of assets would be the key in meeting funding requirements of the business," Goldman said,

(With inputs from Thomson Reuters)
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