Board irons out development bottlenecks
Jan 12, 2013, 01.41AM IST TNN

NOIDA: Several development projects were approved in the joint board meeting of the Noida, Greater Noida and Yamuna Expressway authorities on Friday. Even though the main focus remained on boosting connectivity and developing industrial clusters, the authorities even attempted to pacify agitating farmers by amending provisions related to land acquisition.

Noida Authority CEO Sanjeev Saran said rapid population growth has led to an urgent need to improve the transportation system. An additional 170 buses, including 20 semi low-floor buses and 50 feeder vehicles, will be started at the cost of Rs 40.5 crore. "The Authority will develop the city bus terminal in Sector 82 on 3.9 hectare with world-class infrastructure," he said.

Concerned over rampant accidents on Noida-Greater Noida Expressway, an Rs 15 crore Intelligent Transport System (ITS) will be installed to monitor and manage traffic flow.

To counter farmers' agitation, the board passed several amendments in the provisions to sort out abadi regularization, disbursement of developed land, enhanced compensation and inherited and non-inherited property issues.

"The land in Gautam Budh Nagar district was acquired in three phase in 1976, 1979 and 1997. Earlier, those farmers whose land was acquired in 1976 were eligible to get 5% abadi land, while those whose land was acquired between 1979 and 1997 were kept out of pool. The board has approved to grant abadi land to these farmers too," said Rajesh Prakash, administrative officer, Noida Authority.

"The minimum size of developed plots to be given to farmers whose land was acquired will be 40sq.mtr. The 5% developed plots will also be given to those farmers who were found eligible for plots below 40sq.mtr," Prakash added.

Around Rs 650 crore has already been disbursed towards enhanced compensation to farmers and the board has approved another Rs 450 crore. For village development work, the engineering department will not need approval from the land records department now.

The number of highrises in the city is expected to increase in the next two years, so there is a need of updated fire safety infrastructure. "The Authority will buy 72m hydraulic machines in case of fires in highrises," Saran said. A 1MW solar power plant will be developed on a 5 acre plot over the Sector 135-152 irrigation drain mainly for streetlights.

NOIDA: Several development projects were approved in the joint board meeting of the Noida, Greater Noida and Yamuna Expressway authorities on Friday. Even though the main focus remained on boosting connectivity and developing industrial clusters, the authorities even attempted to pacify agitating farmers by amending provisions related to land acquisition.

Noida Authority CEO Sanjeev Saran said rapid population growth has led to an urgent need to improve the transportation system. An additional 170 buses, including 20 semi low-floor buses and 50 feeder vehicles, will be started at the cost of Rs 40.5 crore. "The Authority will develop the city bus terminal in Sector 82 on 3.9 hectare with world-class infrastructure," he said.

Concerned over rampant accidents on Noida-Greater Noida Expressway, an Rs 15 crore Intelligent Transport System (ITS) will be installed to monitor and manage traffic flow.

To counter farmers' agitation, the board passed several amendments in the provisions to sort out abadi regularization, disbursement of developed land, enhanced compensation and inherited and non-inherited property issues.

"The land in Gautam Budh Nagar district was acquired in three phase in 1976, 1979 and 1997. Earlier, those farmers whose land was acquired in 1976 were eligible to get 5% abadi land, while those whose land was acquired between 1979 and 1997 were kept out of pool. The board has approved to grant abadi land to these farmers too," said Rajesh Prakash, administrative officer, Noida Authority.

"The minimum size of developed plots to be given to farmers whose land was acquired will be 40sq.mtr. The 5% developed plots will also be given to those farmers who were found eligible for plots below 40sq.mtr," Prakash added.

Around Rs 650 crore has already been disbursed towards enhanced compensation to farmers and the board has approved another Rs 450 crore. For village development work, the engineering department will not need approval from the land records department now.

The number of highrises in the city is expected to increase in the next two years, so there is a need of updated fire safety infrastructure. "The Authority will buy 72m hydraulic machines in case of fires in highrises," Saran said. A 1MW solar power plant will be developed on a 5 acre plot over the Sector 135-152 irrigation drain mainly for streetlights.
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  • Price correction.

    Delhi NCRProperty prices in certain areas of Noida have corrected by 10-15 per cent in the current month. In areas such as Sectors 76, 77, 117 and 119 multi-storey apartments, which were selling at Rs 4,500 per sq ft until July 2013, have now been priced between Rs 4,100-4,200 per sq ft.“Some developers have adopted the strategy of cutting prices in order to raise finances and sell inventory, and it is working,” says Girish Jha, a city-based realtor. On the other hand, Aman Agarwal, director – KV Developers, said: “The recent price correction is a result of withdrawal of investors from various projects they had invested in when the Rupee was stable against the Dollar. But now since the value of Rupee is volatile, investors are in a double mind. However, this is limited to certain projects only.”Meanwhile, home buyers are making the most of this opportunity. Generally, residential properties in the resale market are available at Rs 400-500 per sq ft lesser than the price quoted by a real estate developer. This is why, a number of home buyers get diverted to the resale market and the developer ends up holding unsold inventory.Now that the prices in fresh and resale market are at par, people are buying from the developer directly. After all, in this case, they can choose from various options. The correction has triggered sales and many such units have been taken up by buyers instantly, states Jha.However, Agarwal believes that in the normal course, there is very limited scope of price correction owing to rising input costs and in the long run, prices will remain intact.Meanwhile, the response to price correction shows that there has been a latent demand for properties priced at reasonable levels.Vikram Jethwani, .
    CommentQuote
  • http://udyogbandhu.com/DataFiles/CMS...27082013_E.pdf

    Responding to concerns of industries, Principal Secretary, Infrastructure & Industrial Development Department (IIDD), Dr Surya Pratap Singh said that 24x7 call centre would be set up in Udyog Bandhu for addressing urgent problems of industries. “This call centre would also be connected to Home department for swift response to law and order issues of industrial units in U.P.,” said Dr Singh.

    Apart from that is mulling expansion of its manufacturing unit with US$ 100 million investment in Noida and Autometers Alliance Ltd, who envisage an investment upto Rs 500 Crore and advanced technology transfer related to Railroad and Multi-Modal Rapid Transit sector, various entrepreneurs posed inquisitive queries about the benefits available to investments in U.P.

    Hind Terminals enquired about land availability for developing logistics and warehouses in Moradabad and Kanpur with an estimated investment of around Rs 300 crores.

    Oracle proposed to impart technical training and software development knowledge at school, vocational and technical education institutions with distinct modules aimed at different levels across the State. It was agreed that a pilot project may be launched in schools and universities in NOIDA and Greater Noida very soon.

    Electronics goods and manufacturing would be of the tune of US$400 billion by 2020 in India, it was informed by India Electronics & Semiconductor Association. The officials of association expressed willingness to develop an electronic park in U.P. It was decided that the association would send a formal proposal for the project to Udyog Bandhu and would simultaneously apply for grant of Government of India scheme.

    LG International promised to return with top South Korean company officials with concrete proposals of investment in warehousing and photovoltaic cells.
    CommentQuote
  • जिला अस्पताल को हाईटेक बनाने का काम शुरू


    Aug 30, 2013, 08.00AM IST
    एनबीटी न्यूज ॥ सेक्टर- 39
    इंटरनैशनल लेवल की डिस्ट्रिक्ट हॉस्पिटल बिल्डिंग बनाने के काम के तहत अथॉरिटी ने पुराने शेड स्ट्रक्चरों को तोड़ना शुरू कर दिया है। साथ ही अंदर साइट ऑफिस बनाया जा रहा है। सीएम अखिलेश यादव के थीम प्रोजेक्ट को तय समय पर पूरा करने के लिए सितंबर में करीब 215 करोड़ रुपये के टेंडर जारी किए जाएंगे। 14 हजार वर्ग मीटर में बनाए जा रही इस हॉस्पिटल बिल्डिंग के टॉप पर हैलीपैड का प्रोविजन फाइनल किया गया है। जहां से एयर एंबुलेंस की सुविधा मिलेगी। हॉस्पिटल बिल्डिंग के सिविल वर्क के पूरा होने के बाद कैंपस में बने सीएमओ ऑफिस और महिला थाने के शेड का रेनोवेट किया जाएगा। अथॉरिटी के वर्क सर्कल इंचार्ज बी. के. सिंह ने बताया कि 2 साल के अंदर इंटरनैशनल लेवल की डबल बेसमेंट और 8 मंजिला हॉस्पिटल बिल्डिंग तैयार करने का टारगेट रखा गया है। करीब 424 करोड़ रुपये की लागत से इस प्रोजेक्ट का पूरा किया जाना है।

    NBT
    CommentQuote
  • Real Estate Bill to Protect the Interest of the Consumers and Promote Fair Play in Real Estate Transactions

    The Real Estate (Regulation and Development) Bill, 2013, approved by the Union Cabinet yesterday is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects. This was stated by Sh. Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA) while addressing the media persons here today. He said that the Bill provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
    Reiterating Government’s commitment to make real estate development transparent and consumer friendly, Shri Maken said that real estate and housing construction has been largely the concern of state institutions till the 80’s with very few private promoters and a nascent industry. With the liberalization of the economy, conscious encouragement was given to the growth of the private sector in construction, with a great deal of success, and the sector today is estimated to contribute substantially to the Country’s GDP. But currently the real estate and housing sector is largely unregulated and opaque, with consumers often unable to procure complete information, or enforce accountability against builders and developers in the absence of effective regulation.
    Shri Maken expressed the hope that the proposed legislation would ensure greater accountability towards consumers, and to significantly reduce frauds and delays. The Bill aims at restoring confidence of the general public in the real estate sector; by instituting transparency and accountability in real estate and housing transactions which in turn will enable the sector to access capital and financial markets essential for its long term growth. The Bill is also expected to promote regulated and orderly growth through efficiency, professionalism and standardization. It seeks to ensure consumer protection, without adding another stage in the procedure for sanctions, he added.
    Giving the details of the Bill, the Minister said that it contains elaborate provisions dealing with registration of real estate projects and registration of real estate agents with the Real Estate Regulatory Authority; functions and duties of promoters; functions and duties of real estate agents; rights and duties of allottees; establishment of Real Estate Regulatory Authority; establishment of Central Advisory Council; establishment of Real Estate Appellate Tribunal; offences and penalties; Finance, Accounts, Audits and Reports; etc.
    Benefits and Advantages of Real Estate Bill, 2013
    The Bill proposes to regulate transactions in the real estate sector and is in pursuance of the powers under Entries 6, 7 and 46 of the Concurrent List of the Constitution, which deals with Transfer of Property, Registration of Deeds and Documents, and Contracts. The draft Bill has been prepared after detailed deliberations with the State Governments and concerned Central Government Ministries, and after having suitably incorporated the suggestions received from them.
    · The Bill will bring about standardization in the sector leading to healthy and orderly growth of the industry through introduction of definitions such as ‘apartment’, ‘common areas’, ‘carpet area’, ‘advertisement’, ‘real estate project’, ‘prospectus’ etc. Introduction of the concept of using only ‘carpet area’ for sale which has till now been ambiguously sold as super area, super built up area etc., will curb unfair trade practices.
    · The Bill like other sectors such as telecom, electricity, banking, securities, insurance etc. provides for specialized regulation and enforcement which includes both curative and preventive measures, with powers to enforce specific performance, not available under the consumer laws. The Authority has powers to give directions for specific performance powers to impose penalty for non-registration of projects including imprisonment for continuous violation upto 3 yrs and impose penalty in case of other contraventions.
    · The Bill proposes to register real estate agents which have hitherto been un-regulated, with clear responsibilities and functions, thereby leading to money trail and curbing money laundering. This clause has been added on the recommendations of the Department of Revenue, Ministry of Finance.
    · The Bill aims to ensure consumer protection, by making it mandatory for promoters to register all projects, prior to sale; and only after having received all approvals from development/municipal authorities thereby protecting buyer investments.
    · The Bill will promote transparency and fair and ethical business practices, relating to transactions, through disclosure of project details and contractual obligations vis-à-vis the project and the buyer, promoting informed choice for the buyers. This will substantially reduce the power asymmetry prevalent in real estate transactions.
    · The Bill seeks to establish a regulatory oversight mechanism, through Real Estate Authority(s) and Appellate Tribunal in the States, to enforce accountability norms for the promoter buyer and the real estate agents.
    · The Bill will infuse professionalism and promote planned development of the real estate sector through the promotional role of the Regulatory Authority.
    · The Bill makes it mandatory upon the promoters to deposit 70% or such lesser per cent as notified by the Appropriate Government to cover the construction cost of the project of funds received by the Promoter in a separate bank account, for purposes of ensuring timely completion of projects to be used only for that project, which shall help in timely completion of projects, and prevent fund diversion.
    · The Bill provides for a speedy and specialized adjudication mechanism to settle disputes between the promoter, buyer and real estate agents, thereby de-clogging the civil courts and consumer forums, from disputes in the real estate sector.
    · The Bill will catalyze domestic and foreign investment into the sector, thereby contributing to enhanced activity, and increase in GDP growth.
    The main features of the Draft Bill:-
    o Applicability of the Bill:
    The proposed Bill is limited in its applicability to residential real estate i.e. housing and any other independent use ancillary to housing. The two important definitions in this regard are:
    “real estate project means the development of a building or a building consisting of apartments, or converting an existing building or a part thereof into apartments, or the development of a colony into plots or apartments, as the case may be, for the purpose of selling all or some of the said apartments or plots or buildings and includes the development works thereof”
    “apartment whether called dwelling unit, flat, premises, suite, tenement, unit or by any other name, means a separate and self-contained part of any immovable property located on one or more floors or any part thereof, in a building or on a plot of land, used or intended to be used for residential purposes, or for any other type of independent use ancillary to the purpose specified and includes any covered garage, whether or not adjacent to the building in which such apartment is located which has been provided by the promoter for the use of the allottee for parking any vehicle, or as the case may be, for the residence of any domestic help employed in such apartment”
    o Establishment of Real Estate Regulatory Authority:
    Establishment of one or more ‘Real Estate Regulatory Authority’ in each State/UT, or one Authority for two or more States/UT, by the Appropriate Government, with specified functions, powers, and responsibilities to exercise oversight of real estate transactions, to appoint adjudicating officers to settle disputes between parties, and to impose penalty and interest;
    o Registration of Real Estate Projects and Registration of Real Estate Agents:
    Mandatory registration of real estate projects and real estate agents who intend to sell any immovable property, with the Real Estate Regulatory Authority;
    o Mandatory Public Disclosure of all project details:
    Mandatory public disclosure norms for all registered projects, including details of the promoters, project, layout plan, plan of development works, land status, carpet area and number of the apartments booked, status of the statutory approvals and disclosure of proforma agreements, names and addresses of the real estate agents, contractors, architect, structural engineer etc.;
    o Functions and Duties of Promoter:
    Duty of promoters towards disclosure of all relevant information and adherence to approved plans and project specifications, obligations regarding veracity of the advertisement for sale or prospectus, responsibility to rectify structural defects, and to refund moneys in cases of default;
    o Compulsory deposit of seventy percent or such lesser percent as notified by the Appropriate Government, to cover the construction cost of the project, of funds received by the Promoter, in a separate bank account:
    Provision to compulsorily deposit seventy percent or such lesser percent as notified by the Appropriate Government, of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank within a period of fifteen days of its realization to cover the cost of construction and shall be used only for that purpose.
    o Functions of Real Estate Agents:
    Real estate agents not to facilitate the sale of immovable property which are not registered with the Authority required under the provisions of the Act, obligation to keep, maintain and preserve books of accounts, records and documents, obligation to not involve in any unfair trade practices, obligation to facilitate the possession of documents to allottees as entitled at the time of booking, and to comply with such other functions as specified by Rules made in that regard;
    o Rights and Duties of Allottees:
    Right to obtain information relating to the property booked, to know stage-wise time schedule of project completion, claim possession of the apartment or plot or building as per promoter declaration, refund with interest in case of default by the promoter, and after possession entitled to necessary documents and plans. Duty of allottees to make necessary payments and carry out other responsibilities as per the agreement;
    o Functions of Real Estate Regulatory Authority:
    The Authority to act as the nodal agency to co-ordinate efforts regarding development of the real estate sector and render necessary advice to the appropriate Government to ensure the growth and promotion of a transparent, efficient and competitive real estate sector;
    o Fast Track Dispute Settlement Mechanism:
    Establishment of fast track dispute resolution mechanisms for settlement of disputes, through adjudicating officers (an officer not below the rank of Joint Secretary to the State Government) to be appointed by the Authority, and establishment of an Appellate Tribunal to hear appeals from the orders of the Authority and the adjudicating officer;
    o Establishment of Central Advisory Council:
    Establishment of Central Advisory Council to advise the Central Government on matters concerning implementation of the Act, with a mandate to make recommendations on major questions of policy, protection of consumer interest and to foster growth and development of the real estate sector. The Council to have among others, five representatives of State Governments, to be selected by rotation;
    o Establishment of Real Estate Appellate Tribunal:
    Establishment of Real Estate Appellate Tribunal, by the appropriate government to hear appeals from the orders or decisions or directions of the Authority and the adjudicating officer. The Appellate Tribunal is to be headed by a sitting or retired Judge of the High Court with one judicial and one administrative/technical member;
    o Punitive Provisions:
    Punitive provisions including de-registration of the project and penalties in case of contravention of the provisions of the Bill or the orders of the Authority or the Tribunal;
    o Power to make Rules and Regulations:
    Appropriate Government to have powers to make rules over subjects specified in the Bill, and the Regulatory Authority to have powers to make regulations.
    RM/RS

    http://pib.nic.in/newsite/erelease.aspx?relid=96440
    CommentQuote
  • Originally Posted by GI JOE
    Real Estate Bill to Protect the Interest of the Consumers and Promote Fair Play in Real Estate Transactions

    The Real Estate (Regulation and Development) Bill, 2013, approved by the Union Cabinet yesterday is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects. This was stated by Sh. Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA) while addressing the media persons here today. He said that the Bill provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
    Reiterating Government’s commitment to make real estate development transparent and consumer friendly, Shri Maken said that real estate and housing construction has been largely the concern of state institutions till the 80’s with very few private promoters and a nascent industry. With the liberalization of the economy, conscious encouragement was given to the growth of the private sector in construction, with a great deal of success, and the sector today is estimated to contribute substantially to the Country’s GDP. But currently the real estate and housing sector is largely unregulated and opaque, with consumers often unable to procure complete information, or enforce accountability against builders and developers in the absence of effective regulation.
    Shri Maken expressed the hope that the proposed legislation would ensure greater accountability towards consumers, and to significantly reduce frauds and delays. The Bill aims at restoring confidence of the general public in the real estate sector; by instituting transparency and accountability in real estate and housing transactions which in turn will enable the sector to access capital and financial markets essential for its long term growth. The Bill is also expected to promote regulated and orderly growth through efficiency, professionalism and standardization. It seeks to ensure consumer protection, without adding another stage in the procedure for sanctions, he added.
    Giving the details of the Bill, the Minister said that it contains elaborate provisions dealing with registration of real estate projects and registration of real estate agents with the Real Estate Regulatory Authority; functions and duties of promoters; functions and duties of real estate agents; rights and duties of allottees; establishment of Real Estate Regulatory Authority; establishment of Central Advisory Council; establishment of Real Estate Appellate Tribunal; offences and penalties; Finance, Accounts, Audits and Reports; etc.
    Benefits and Advantages of Real Estate Bill, 2013
    The Bill proposes to regulate transactions in the real estate sector and is in pursuance of the powers under Entries 6, 7 and 46 of the Concurrent List of the Constitution, which deals with Transfer of Property, Registration of Deeds and Documents, and Contracts. The draft Bill has been prepared after detailed deliberations with the State Governments and concerned Central Government Ministries, and after having suitably incorporated the suggestions received from them.
    · The Bill will bring about standardization in the sector leading to healthy and orderly growth of the industry through introduction of definitions such as ‘apartment’, ‘common areas’, ‘carpet area’, ‘advertisement’, ‘real estate project’, ‘prospectus’ etc. Introduction of the concept of using only ‘carpet area’ for sale which has till now been ambiguously sold as super area, super built up area etc., will curb unfair trade practices.
    · The Bill like other sectors such as telecom, electricity, banking, securities, insurance etc. provides for specialized regulation and enforcement which includes both curative and preventive measures, with powers to enforce specific performance, not available under the consumer laws. The Authority has powers to give directions for specific performance powers to impose penalty for non-registration of projects including imprisonment for continuous violation upto 3 yrs and impose penalty in case of other contraventions.
    · The Bill proposes to register real estate agents which have hitherto been un-regulated, with clear responsibilities and functions, thereby leading to money trail and curbing money laundering. This clause has been added on the recommendations of the Department of Revenue, Ministry of Finance.
    · The Bill aims to ensure consumer protection, by making it mandatory for promoters to register all projects, prior to sale; and only after having received all approvals from development/municipal authorities thereby protecting buyer investments.
    · The Bill will promote transparency and fair and ethical business practices, relating to transactions, through disclosure of project details and contractual obligations vis-à-vis the project and the buyer, promoting informed choice for the buyers. This will substantially reduce the power asymmetry prevalent in real estate transactions.
    · The Bill seeks to establish a regulatory oversight mechanism, through Real Estate Authority(s) and Appellate Tribunal in the States, to enforce accountability norms for the promoter buyer and the real estate agents.
    · The Bill will infuse professionalism and promote planned development of the real estate sector through the promotional role of the Regulatory Authority.
    · The Bill makes it mandatory upon the promoters to deposit 70% or such lesser per cent as notified by the Appropriate Government to cover the construction cost of the project of funds received by the Promoter in a separate bank account, for purposes of ensuring timely completion of projects to be used only for that project, which shall help in timely completion of projects, and prevent fund diversion.
    · The Bill provides for a speedy and specialized adjudication mechanism to settle disputes between the promoter, buyer and real estate agents, thereby de-clogging the civil courts and consumer forums, from disputes in the real estate sector.
    · The Bill will catalyze domestic and foreign investment into the sector, thereby contributing to enhanced activity, and increase in GDP growth.
    The main features of the Draft Bill:-
    o Applicability of the Bill:
    The proposed Bill is limited in its applicability to residential real estate i.e. housing and any other independent use ancillary to housing. The two important definitions in this regard are:
    “real estate project means the development of a building or a building consisting of apartments, or converting an existing building or a part thereof into apartments, or the development of a colony into plots or apartments, as the case may be, for the purpose of selling all or some of the said apartments or plots or buildings and includes the development works thereof”
    “apartment whether called dwelling unit, flat, premises, suite, tenement, unit or by any other name, means a separate and self-contained part of any immovable property located on one or more floors or any part thereof, in a building or on a plot of land, used or intended to be used for residential purposes, or for any other type of independent use ancillary to the purpose specified and includes any covered garage, whether or not adjacent to the building in which such apartment is located which has been provided by the promoter for the use of the allottee for parking any vehicle, or as the case may be, for the residence of any domestic help employed in such apartment”
    o Establishment of Real Estate Regulatory Authority:
    Establishment of one or more ‘Real Estate Regulatory Authority’ in each State/UT, or one Authority for two or more States/UT, by the Appropriate Government, with specified functions, powers, and responsibilities to exercise oversight of real estate transactions, to appoint adjudicating officers to settle disputes between parties, and to impose penalty and interest;
    o Registration of Real Estate Projects and Registration of Real Estate Agents:
    Mandatory registration of real estate projects and real estate agents who intend to sell any immovable property, with the Real Estate Regulatory Authority;
    o Mandatory Public Disclosure of all project details:
    Mandatory public disclosure norms for all registered projects, including details of the promoters, project, layout plan, plan of development works, land status, carpet area and number of the apartments booked, status of the statutory approvals and disclosure of proforma agreements, names and addresses of the real estate agents, contractors, architect, structural engineer etc.;
    o Functions and Duties of Promoter:
    Duty of promoters towards disclosure of all relevant information and adherence to approved plans and project specifications, obligations regarding veracity of the advertisement for sale or prospectus, responsibility to rectify structural defects, and to refund moneys in cases of default;
    o Compulsory deposit of seventy percent or such lesser percent as notified by the Appropriate Government, to cover the construction cost of the project, of funds received by the Promoter, in a separate bank account:
    Provision to compulsorily deposit seventy percent or such lesser percent as notified by the Appropriate Government, of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank within a period of fifteen days of its realization to cover the cost of construction and shall be used only for that purpose.
    o Functions of Real Estate Agents:
    Real estate agents not to facilitate the sale of immovable property which are not registered with the Authority required under the provisions of the Act, obligation to keep, maintain and preserve books of accounts, records and documents, obligation to not involve in any unfair trade practices, obligation to facilitate the possession of documents to allottees as entitled at the time of booking, and to comply with such other functions as specified by Rules made in that regard;
    o Rights and Duties of Allottees:
    Right to obtain information relating to the property booked, to know stage-wise time schedule of project completion, claim possession of the apartment or plot or building as per promoter declaration, refund with interest in case of default by the promoter, and after possession entitled to necessary documents and plans. Duty of allottees to make necessary payments and carry out other responsibilities as per the agreement;
    o Functions of Real Estate Regulatory Authority:
    The Authority to act as the nodal agency to co-ordinate efforts regarding development of the real estate sector and render necessary advice to the appropriate Government to ensure the growth and promotion of a transparent, efficient and competitive real estate sector;
    o Fast Track Dispute Settlement Mechanism:
    Establishment of fast track dispute resolution mechanisms for settlement of disputes, through adjudicating officers (an officer not below the rank of Joint Secretary to the State Government) to be appointed by the Authority, and establishment of an Appellate Tribunal to hear appeals from the orders of the Authority and the adjudicating officer;
    o Establishment of Central Advisory Council:
    Establishment of Central Advisory Council to advise the Central Government on matters concerning implementation of the Act, with a mandate to make recommendations on major questions of policy, protection of consumer interest and to foster growth and development of the real estate sector. The Council to have among others, five representatives of State Governments, to be selected by rotation;
    o Establishment of Real Estate Appellate Tribunal:
    Establishment of Real Estate Appellate Tribunal, by the appropriate government to hear appeals from the orders or decisions or directions of the Authority and the adjudicating officer. The Appellate Tribunal is to be headed by a sitting or retired Judge of the High Court with one judicial and one administrative/technical member;
    o Punitive Provisions:
    Punitive provisions including de-registration of the project and penalties in case of contravention of the provisions of the Bill or the orders of the Authority or the Tribunal;
    o Power to make Rules and Regulations:
    Appropriate Government to have powers to make rules over subjects specified in the Bill, and the Regulatory Authority to have powers to make regulations.
    RM/RS

    Press Information Bureau English Releases

    So many advantages, I am worried about disadvantages list.
    CommentQuote
  • Ye news to 6 months old hai bhai!!Ab ye RE bill age badhega bhi ya nahi nobody knows.
    CommentQuote
  • Noida to get amusement park soon
    TNN | Aug 31, 2013, 01.31 AM IST


    NOIDA: High-octane fun and frolic is on the cards for Noida. On the course towards a fantasy entertainment project, the Noida Authority is getting set to build a hi-tech amusement park. The park, to be built at a cost of Rs 50 crore, will be located in sector 117.

    According to officials, water games, retail outlets and food zones will be part of the proposed hotspot spread over 50 acres. The proposed project will also host light and sound shows.

    The Noida Authority will be inviting expression of interests from interested designers and architects for the project soon. Once selected, the planners for the project will be finalized within the next fifteen days, officials said.

    Currently, Noida has only one other privately owned amusement park. "Considering the increasing concretization in the city, the idea is to create a green haven which will cater to all types of people," said HN Singh, Noida's project engineer.

    Besides being an entertainment park, the area will also play host to several varieties of greenery. "We will ensure that the ambience of the park is unique. Lighting will be hi-tech and equipment will be state-of-the-art. The park will be positioned as a family destination," Singh said.

    TOI
    CommentQuote
  • Noida denizens give ultimatum on free hold property demand
    Press Trust of India | Noida August 31, 2013 Last Updated at 00:35 IST

    Federation of Noida Residents' Welfare Association representatives today wrote to Noida Authority giving it an ultimatum till December 31 to obtain the state government's approval for conversion of lease hold property into free hold ones.

    Presently all property in Noida is on lease hold system for 90 years.

    "Though we have been raising this issue for the last few years, Noida Authority was not taking it seriously. Now, we have given an ultimatum till December 31.

    "If by then the free hold system is not started, we will hold indefinite dharna and even resort to road blockades," said FONRWA president, NP Singh.

    Although Ghaziabad and other development authorities have accepted conversion of lease hold property to free hold, Noida Authority is yet to agree to it.

    BS
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  • Originally Posted by cookie
    Noida to get amusement park soon
    TNN | Aug 31, 2013, 01.31 AM IST


    NOIDA: High-octane fun and frolic is on the cards for Noida. On the course towards a fantasy entertainment project, the Noida Authority is getting set to build a hi-tech amusement park. The park, to be built at a cost of Rs 50 crore, will be located in sector 117.

    According to officials, water games, retail outlets and food zones will be part of the proposed hotspot spread over 50 acres. The proposed project will also host light and sound shows.

    The Noida Authority will be inviting expression of interests from interested designers and architects for the project soon. Once selected, the planners for the project will be finalized within the next fifteen days, officials said.

    Currently, Noida has only one other privately owned amusement park. "Considering the increasing concretization in the city, the idea is to create a green haven which will cater to all types of people," said HN Singh, Noida's project engineer.

    Besides being an entertainment park, the area will also play host to several varieties of greenery. "We will ensure that the ambience of the park is unique. Lighting will be hi-tech and equipment will be state-of-the-art. The park will be positioned as a family destination," Singh said.

    TOI


    Engineer babu water park has nothing but concrete and plastic.

    Kiska ullo bana rahe ho.
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  • UP cabinet's green nod to Noida metro rail expansion

    Purusharth Aradhak, TNN | Aug 31, 2013, 11.13 PM IST




    NOIDA: Even as the UP government has given in principle approval for the NMRC, Noida and Greater Noida authorities officials are getting ready to speed up the Rs 5000 crore Metro rail link between Noida's City Center to Boraki.

    The top brass of the authority held a meeting to chalk out the further action plan. The authority officials also reviewed the terms and conditions of DMRC to develop the metro extension. Meanwhile the decision has charged the residents, home buyers and developers, who are calling it "an oxygen shot" to the market, which is reeling under a slump.

    "This will be the first link to be developed by Noida metro rail company (NMRC). NMRC is likely to start functioning by the end of this year. UP cabinet has given its go ahead to NMRC formation . The proposal will be moved for the Central government approval," Noida and Greater Noida authorities CCEO Rama Raman told TOI.

    Raman said that the final touch is being given to the proposal. "We are exploring all options to raise fund. Some rules and condition were also discussed and finally incorporated in the final proposal."

    Notably the Uttar Pradesh chief secretary Jawed Usmani had announced that a 29.5-km Metro rail route will come up between Boraki and Noida city centre to link Noida and Greater Noida.

    Usmani said that it is the need of time to expand the metro route to de-congest the city roads, increase connectivity and smoothen traffic. "Work on the proposed line was likely to be completed by 2017. A total of Rs.5,000 crore would be spent on the ambitious Metro rail link. The project would be developed on the lines of the proposed Metro projects in states like Karnataka, Tamil Nadu, Delhi, West Bengal and Kerala."

    The Noida authority officials are working on the proposal to present before the state government. "Our presentation will be final within a week. We will outline the points to convince the UP cabinet that how NMRC will help in the development of the region," Raman added. Right after the UP government gave its in principle approval to NMRC formation and expedited work 29 km metro link, realtors in both Noida and Greater Noida welcomed the decision and hoping that this decision will charge the market.

    "Expansion of metro rail in Noida and Greater Noida is a very positive step towards adding to the better infrastructure, this region provides. The enhancement is important to make sure the region is future ready. With good connectivity, more and more home aspirants will choose to make their dream home in these two cities," Brijesh Bhanote, director of the 'The 3C Company'.

    "This decision will not only enhance the connectivity of the region and strengthen the capital values of real estate. Formation of NMRC will be a bench mark for the development of entire UP because teh NMRC will not only reduce to Noida but it will also cater other cities also. Metro connectivity along Noida Expressway including Greater Noida, will infuse a positive sentiment into real estate market," said Vijay Gupta of Assocham.

    TOI
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  • सिटी को कल मिलेगा तीसरा एफओबी!

    Aug 31, 2013, 08.00AM IST
    प्रमुख संवाददाता ॥ नोएडा
    डिस्ट्रिक्ट हास्पिटल के सामने बन रहे फुटओवर ब्रिज का काम लगभग पूरा हो चुका है। इसे 1 सितंबर को पब्लिक के लिए खोल दिया जाएगा। अथॉरिटी की प्लानिंग है कि 1 सितंबर को यूपी के चीफ सेक्रेटरी जावेद उस्मानी जब शहर आएं तो वे इस एफओबी का इस्तेमाल कर अस्पताल में पहुंचे। फिलहाल इसमें लिफ्ट की सुविधा नहीं होगी, लेकिन तीन महीने बाद इसकी लिफ्ट भी चालू हो जाएगी। लिफ्ट बनाने का काम तेजी से चल रहा है। शहर का यह तीसरा फुटओवर ब्रिज होगा। इसके बाद दिवाली तक सेक्टर 14-15 के बीच और सेक्टर 41-51 की मार्केट के बीच बनने वाले एफओबी के काम में तेजी आएगी।
    गौरतलब है कि डिस्ट्रिक्ट हास्पिटल के सामने पिछले 6 महीने से फुटओवर ब्रिज बनाने का काम चल रहा है। चीफ प्रोजेक्ट इंजीनियर ए. के. गोयल ने बताया कि यह एफओबी बनकर तैयार हो चुका है। इसे 1 सितंबर को इसे चालू कर दिया जाएगा। लगभग सवा करोड़ की लागत से तैयार इस एफओबी का इस्तेमाल रोजाना ओपीडी में पहुंचने वाले करीब डेढ़ हजार लोग कर सकेंगे। इससे लोगों को जान जोखिम में डालकर सड़क पार करने से छुटकारा मिल जाएगा। इस एफओबी में लिफ्ट तैयार भी तैयार की जा रही है, लेकिन फिलहाल इसका काम चल रहा है। इसे चालू करने में अभी तीन महीने का समय लगेगा। उम्मीद है कि दिवाली तक लिफ्ट चालू कर दी जाएगी।
    डॉक्टरों का इंतजार : लगभग 600 करोड़ की लागत से बने सुपर स्पेशिएलिटी हास्पिटल को मेडिकल कॉलेज में तब्दील करने की वजह से इसमें तीन फ्लोर एक्स्ट्रा बनाने पडे़ हैं। अथॉरिटी ने यहां फर्नीचर और ओपीडी के लिए तमाम सुविधाएं उपलब्ध करा दी हैं, लेकिन इसके बाद भी अगले 15 दिन तक ओपीडी शुरू करने की संभावना नजर नहीं आ रही है। मेडिकल कॉलेज के डायरेक्टर डॉ. ए. के. भट्ट ने बताया कि डाक्टरों की नियुक्ति होने के बाद ही वे ओपीडी चालू करने की डेट के बारे में बता सकते हैं। अन्य स्टाफ की नियुक्ति की प्रक्रिया भी चल रही है।

    NBT
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  • Noida, Greater Noida to become medical education hub: UP chief secretary
    Vinod Rajput, Hindustan Times Greater Noida, September 01, 2013
    First Published: 15:45 IST(1/9/2013) | Last Updated: 15:49 IST(1/9/2013)



    Uttar Pradesh chief secretary Javed Usmani on Sunday said that twin cities Noida and Greater Noida are set to emerge into ‘a hub of medical education’, with two state-of-the-art medical institutions - a pediatric institute in Noida, and a medical university in Greater Noida becoming operational this year.

    “These two institutions one each in Noida and Greater Noida will provide best of the medical professionals to UP, which, as of now lacks adequate staff at its government hospitals across the state. The UP government is likely to recruit about 500 doctors to improve services at various government hospitals,” said Usmani while visiting Greater Noida medical university on Sunday morning.

    The twin cities Noida and Greater Noida have over 70 engineering and management colleges attracting students from all over India and other countries. Students from around 30 countries such as Iraq, Botswana, Uganda, Ukraine, Nigeria, Syria, China, Vietnam and other countries are studying at Noida and Greater Noida colleges.

    Funded by Noida and Greater Noida Authority, the Gautam Buddha University (GBU) is spread over a 511-acre campus. The university, which started in 2008, has become a global university by signing MoU’s with foreign universities such as the Queensland University of Technology, Manchester Metropolitan University and Sheffield Hallam University.

    Apart from GBU, Greater Noida houses total seven universities including a recently opened medical university.

    “The city already has earned a tag of being an educational city. New government institutions for medical courses will further help twin cities in offering best education in medical field,” said an official at Greater Noida authority.

    Officials said that once all formalities are completed, the medical university and Noida’s pediatric institute will start its first session.

    “The UP government is likely to recruit required staff and provide adequate resources to run education sessions at both institutions. Officials need to pull up their socks to ensure better services at Noida and Greater Noida hospitals,” said Usmani, who was angry with shortage of staff and other necessary facilities at both hospitals.

    HT
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  • Property fraud cases to now get solved easily

    NOIDA: From now on, cases of forgery related to registration of land and property in Gautam Budh Nagar can be resolved at the department of stamps and registration in Noida. Earlier, complainants had to move various courts to adjudicate these matters, which often stretched on for several years owing to pendency of cases.

    The department has been empowered to handle these cases through a recent UP government order. Officials in Noida said that those finding errors in registration of properties can make their complaints directly to the stamps department. It would also help reduce the burden of land and property-related litigations from courts, said officials.

    Officials said the order would be of great relief to those who have invested in properties in the region, particularly because numbers of fraudulent property deals have been on the rise in Noida and Greater Noida in the recent past. "The matter can be resolved in our department itself. One would not have to make multiple rounds of courts to rectify faults," said SK Singh, AIG (Stamps), Gautam Budh Nagar.

    According to the guidelines contained in the order, the stamps department would be fully empowered to declare a registration as 'null and void' if it is found to be incorrect in records available with it.

    The department has also been empowered to register FIRs with the police in accordance with the order, if required in the case.

    Explaining the procedure to be adopted for adjudicating these cases at the district level, officials said an index would be drawn up after receipt of complaints from property owners. Notices would be issued to parties and witnesses in individual cases thereafter.

    The order gives the department the right to declare a registration as 'null and void' after two notices within a couple of months if respondents fail to turn up. "The decisions will be taken based upon documents available with the sub-registrar or with the land revenue department," said Singh.






    Property fraud cases to now get solved easily - The Times of India
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  • Farmers cry scam in plot allotment

    NOIDA: Farmers of Gautam Budh Nagar on Sunday staged a protest and demanded a CBI probe into allotment of developed plots. They have moved court against the Noida and Greater Noida authorities accusing officials of adopting a biased system in allotting developed plots in lieu of land acquired.

    Farmers allege that while plots are being allotted to them almost 20-25 km away from their native places, those enjoying close proximity with senior officials are being offered the land in prime locations of the two cities.

    There are around 20,000 farmers who are eligible to get hiked compensation and 5% developed plots of their total land acquired by the authorities. Farmers allege that so far only 4,000 out of the 20,000 farmers have got the developed plots, while others are still knocking the doors of one official to another to get their due.

    Farmer leaders allege that corruption in the land records and planning departments of the Noida Authority, which are responsible for allotment of developed plots, is turning out to be a major hassle for innocent farmers. "Some so-called farmers' representatives and leaders, in association with officials, are running the scam in allotting plots to their 'favoured ones' at prime locations. While many farmers are being allotted plots 10-15km away from their native places, outsiders are being allotted land within the villages," said Naresh Yadav, president, association of Noida's 82 village panchayats.

    "We demand a CBI probe into the plot allotments. Land worth hundreds of crores is being allotted by the authority officials according to their whims and fancies. There is no parameter for plot allotments," Yadav further alleged.

    Authority additional CEO PK Aggarwal refused to comment on the issue, while deputy CEO Rajesh Prakash and Vijay Yadav were unavailable.

    "First our land was forcefully acquired and now there is a scam in allotting developed plots. We have been cheated at all stages. We are forced to take law in our hand how we will run bread and butter for our families. The plots are about to over while the eligible farmers list is too long," said Yashpal Singh, another farmer from Noida.







    Farmers cry scam in plot allotment - The Times of India
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  • Realtors get notice for flouting groundwater ban

    NOIDA: Officials of Noida Authority on Monday held a meeting with realtors to decide the course of action in the cases filed in the National Green Tribunal (NGT) regarding construction around Okhla Bird Sanctuary and extraction of groundwater at various sites.

    The meeting was held following the green tribunal's August 22 order that directed the Noida and Greater Noida authorities and the Central Ground Water Authority to tell the exact amount of wastage of groundwater in construction. The authorities have to submit the report to the tribunal on September 9.

    After the meeting a senior official said notices have been issued to realtors carrying out constructions by extracting groundwater despite the NGT ban. "Twelve realtors have submitted their figures of groundwater usage. We are preparing a detailed report about wastage of groundwater to be submitted to the tribunal," said an official.

    Realtors have blamed the authorities saying lapse on their part has resulted in builders being hauled for groundwater usage and construction around the sanctuary. "The Authority chairman and CEO failed to address matters pertaining to groundwater usage and declaring the eco-sensitive zone around the sanctuary. Authority officials have not bothered to convince the tribunal so that the issues can be solved. This delay will impact homebuyers too," said a leading realtor.





    ​Realtors get notice for flouting groundwater ban - The Times of India
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