Sort by :
Filter by :
- Good news for GN residents :)CommentQuote0Flag
- Prashant Bhushan to represent buyers of NPX project in Noida in Supreme Court
Close to 100 buyers of NPX Towers organised an 'open forum' with Bhushan in the morning.
TNN | Sep 05, 2016, 07.46 AM IST
NOIDA: The buyers of NPX Towers in Sector 153, whose lease deed was cancelled by Noida Authority, on Sunday engaged senior lawyer Prashant Bhushan to take up their case to the Supreme Court as the National Consumer Disputes Redressal Commission had refused to admit it.
Close to 100 buyers of NPX Towers organised an 'open forum' with Bhushan in the morning.
NPX Towers, a project in Sector 153, was allotted land by the Noida Authority in August 2008 via the IT institutional allotment. The parent company of NPX, Hi-Leads Infratech, was apparently yet to be registered as a company on that date. But during the process of procurement of land, the builder company stated that the company got registered within a week from the date of application.
Meanwhile, the project was completed, registry of the project done and the building was offered completion certificate in August 2014. Soon after, on February 23, 2015, the lease deed of the project at C-01, Sector 153, was cancelled by Noida Authority with retrospective effect, on the ground that on the date of application of the project, the company was not registered.
NPX builders, on the other hand, soon procured a stay on the cancellation by Noida Authority from the Allahabad high court. The next date of hearing in the high court is on September 12.
"I will take the case up to the Supreme Court. In general, the buyers' concerns will be addressed only once the real estate regulatory authority is created here," Bhushan told TOI. "The builder is now forcing buyers to take possession for fit-outs and demand holding charges at Rs10 per sq ft. They also want maintenance fee of Rs10 per sq ft. The builder is also stating that if possession is not taken, he would cancel the allotment," Surendra Khariya, president, NPX buyers' group, said.
CMD of NPX, Arun Ghai said, "We request the buyers to take possession of their units. The matter is being stayed by the high court and we want that the buyers to procure their apartments as soon as possible. This will secure their rights towards their property."
Prashant Bhushan to represent buyers of NPX project in Noida in Supreme Court | ET RealEstateCommentQuote0Flag
- ARJUNPUNJABI; Sir await your pics re LB, were you able to visit over the weekend?CommentQuote1Flag
- Engage external agency to investigate maintenance charges
Accusing builders of irregularity in levying and appropriation of maintenance charges, the homebuyers of Noida Extension (Greater Noida West) demand that an external agency be engaged to analyse and publish the maintenance spends being made by the builders of the region after an investigation.
The buyers have written to Chief Minister Akhilesh Yadav with copies to the CEO of GNIDA (Greater Noida Industrial Development Authority) and the district magistrate of Gautam Budh Nagar. The buyers have demanded the engagement of either the Institute of Chartered Accountants of India (ICAI) or the Comptroller and Auditor General (CAG) of India for the same.
The buyers in a detailed letter have stated that the maintenance charges and specifically the electric charges and power back up charges are diverse and exorbitant. "For the few apartments that have already given possession, there are huge dissimilarities for similar services. On what basis are electrical charges or other maintenance charges being fixed? Our repeated appeals have not been answered. So we are seeking the involvement of a higher body to bring transparency into the process," Shweta Bharti, general secretary, Nefowa (Noida Extension Flat Owners Welfare Association), said.
"Most buyers are finding it difficult to pay the unaffordable maintenance charges. Despite the charges, the housing projects are devoid of adequate security guards, proper swimming pools, club houses and other necessary aspects of society maintenance. Power bills are more than the published rate schedule of the power corporation. Builders are not only tampering with the prepaid meters and withdrawing other society charges from prepaid electricity meters, but also overcharging the consumer in violation of the Electricity Supply Code (ESC) and tariff orders of the UP Electricity Regulatory Commission (UPERC)," the letter accuses.
Responding to the request of the buyers for an inspection of expenses by an external agency, Credai (Confederation of Real Estate Developer's Association of India) stated that it could be a welcome move. "We believe that since its non-profit exercise, there should not any issue in any competent agency validating common area maintenance charges vis-a-vis the services and upkeep provided in the project. Also there should complete transparency in terms of maintenance charges levied by developers since they are for the services and upkeep of the project, and not for profit. At the same time, there should also be a consensus that a bare minimum expense to keep the project in pristine condition. It's also our endeavour to handover the maintenance of the project to elected residents representatives as soon as possible, and let them make decisions in accordance to democratic sensibilities," Amit Modi, vice president, Credai, Western UP, told TOI.
- “The authority has allotted 1,26,000 sqm of prime group housing land in Sector 43 to Shipra Group, under the new policy. The realty firm will be able to take possession of this land only after making a down payment of 20% of the land cost,” SC Gaur, chief architect and town planner of the Noida authority, said.
Builders have to shell out 20% total cost for buying land | noida | Hindustan TimesCommentQuote1Flag
Another gentleman has posted some pics in LB thread, but since you visit most projects, would value your assessment on pace and progress of work.CommentQuote0Flag
- The various infra projects in Noida are slowly taking shape.
The widening of the bridge in front of mall of India is about 50% complete, with the final pylon to be put in place, hopefully this would be completed before the festival season.
The last pillar on the elevated road from Sec 28 to Shopprix mall is cast. A section of the road from Shopprix to NTPC is nearly complete with only the descent and ascend ramps to be constructed. Hopefully this section is thrown open by October or there abouts.
The work on elevated road from Delhi gate to Rajnagar is progressing nicely and may be on course for finish by Q3 2017
The bids for upgrading NH24 have achieved financial closure and work is set to commence shortly.
The metro works both sections are in progress and an update from metrorailguy is sorely awaited
No news on the underpass and clover leaf at model town crossing on NH24. Was to be opened by 15th August, no update, can someone share latest info
The Agra Lucknow expressway is touted to to be opened by 2nd Oct less than a month to go. Can anyone share updates.CommentQuote5Flag
- All these projects directly/ indirectly benefit Noida. Yes the Agra Lucknow expressway cannot be strictly classified u der Noida.CommentQuote1Flag
- Times of India today .CommentQuote0Flag
- Noida, other authorities to send sick realty projects’ report to UP govt
The Noida, Greater Noida and Yamuna Expressway authorities will send a detailed report of all sick realty projects to the Uttar Pradesh government, which is considering approving an exit policy for the builders of such projects. The report will consist of details on 17 points and will be sent to the state government in Lucknow by September 13.
Under the proposed policy, passed by three authorities in May, any builder who is unable to complete housing or commercial projects can return the land to the government, which can in turn re-allot it to other developers. The policy aims to revive sick realty projects and will also benefit homebuyers whose money is stuck in delayed projects. Around two to three lakh homebuyers in Noida and Greater Noida are expected to be benefitted if the UP government approves the policy.
“The Greater Noida authority has already compiled a detailed report on each realty project. Now the Noida and Yamuna expressway authorities need to do it too. After reviewing the report, the UP government may take a call on the exit policy,” said Deepak Agarwal, chief executive officer, Greater Noida authority.
Top officials of Noida, Greater Noida and Yamuna Expressway authorities held a long meeting on Friday evening in Greater Noida to discuss the issue in detail.
According to officials, the three authorities will compile details pertaining to funds, land area, number of buyers who have invested, whether the builder has diverted any funds, the amount the builder has defaulted on and details of how much a builder owes banks etc. The report will then be sent to the state government.
“We will hold a meeting on Monday and prepare a report on each builder and communicate the same to the government,” said Pramod Kumar Aggarwal, chief executive officer, Noida authority.
To ensure that builders do not divert the funds collected and complete projects without further delay, the Greater Noida authority had issued an official order to open an escrow account of each builder in Greater Noida where 95 group housing projects are located.
“We are thinking of adopting the same model in Noida so that builders do not get a chance to divert funds collected from buyers in the name of completing projects,” said Aggarwal.
The Noida authority needs to recover around Rs 20,000 crore from various land allottees, including builders, who have not paid the dues citing a dip in sales. This affects homebuyers who invested their money in buying a flat as builders cannot obtain an occupation certificate (OC) without paying the dues.
“The exit policy has the potential to revive major projects of realtors who have got undeveloped land. Realty group Unitech has undeveloped land in Sector 96 and needs to pay Rs. 2,500 crore in land dues. If it returns the land to the authority, Unitech Ltd can work on other projects,” said a Noida authority official.
“The authority will deduct 15% of the total land cost and return 85% of the amount. The builder can invest this money in other projects nearing completion and benefit buyers awaiting possession,” the official added.
Noida, other authorities to send sick realty projectsCommentQuote0Flag
- Unitech to open escrow a/c, use money to complete projects: HC
New Delhi, Sep 11 () The Delhi High Court has granted an opportunity to beleaguered real estate major Unitech Ltd to complete its delayed housing projects and hand over possession of flats to buyers by opening escrow accounts and using the money deposited in it solely for these projects.
The order came last week after various home buyers and the firm put forward before the court the proposed scheme of compromise which would enable the company to complete these projects and hand over the possession of flats.
The company told the court that they would open escrow accounts, in which amount received from the buyers and sale of lands would be deposited, and the money would be used solely for completing the delayed housing projects.
The court, which has put in "abeyance" all the proceedings pending before different forums against Unitech Ltd to enable it to fulfil its commitment towards homebuyers by handing over possession of flats, has appointed a court commissioner to monitor the functioning of the escrow account.
"I have been taken through the scheme in detail and also the affidavits filed by the respondent company (Unitech Ltd). On the face of it, it is obvious that the petition filed by a group of home buyers may also serve the interests of company which is clearly beset by serious financial difficulties that could result in its liquidation," Justice (since retired) S K Misra said.
The court observed that there was a "colossal failure" on the firm's part in completing its projects but if the company was not granted an opportunity to carry forward its proposed scheme of compromise and arrangement, it might face erosion of net worth and suffer loss of credibility.
"An order of liquidation of the company at this stage would not serve the interest of any stakeholder, including those homebuyers who have got decrees in their favour. Even they would need to stand in the queue of the unsecured creditors for seeking execution of them," it said. (MORE) PPS ABA RKS SK BSA
Read more at:
Unitech to open escrow accounts, use money to complete projects: Delhi High Court - The Economic TimesCommentQuote0Flag
- NH 24 widening contractor welspuns site off work started, near UP gate/ ghazipur dumping ground.CommentQuote2Flag