Greater Noida Real Estate

In a public notice, Ravindra Singh, UP's principal secretary for civil aviation, has invited bids for appointment of consultants for setting up an international airport at Meerut, to be implemented in the public-private partnership mode on design, build, finance, operate and transfer basis. These consultants will later work as project management consultants. Singh was not available for comment.

Though an international airport at Meerut may attract some travellers heading to Delhi, the project mainly seeks to cater to western UP and Uttarakhand.

Said Shravan Kumar Sharma, Meerut divisional commissioner, ``We already have an airstrip at Partapur in Meerut. It is a small strip which will be lengthened to make it suitable for large jets. The facilities will be upgraded and made fit for use as an international airport.''

Sharma refused to confirm reports that the UP government had released Rs 73 crore to compensate those whose lands may be acquired for the airport.

The Uttar Pradesh government has decided to shift its proposal for an international airport from Greater Noida to Meerut, Shravan Kumar Sharma, Meerut divisional commissioner, said. Sharma is ex-officio chairman of the Meerut Development Authority which has been appointed the nodal authority for the project.

Source: Times Of India By Lalit Kumar UP for Meerut airport, G Noida realty may skid

“A formal announcement about the scheme is expected to be made around October 25,” a senior official of the development agency told Financial Chronicle on conditions of anonymity. He said since the plots are located close to Ghaziabad and Noida, the project is expected to see a lot of investor interest. “We wish to cash on the renewed interest of investors and end users who, of late, have begun to invest in properties in Greater Noida.”

The official added that the booking amount for 120-sq-yard plots would be around Rs 125,000, while it would be Rs 150,000 for the 200-sq-yard plot. The booking amount for the 250-sq-yard plots will be Rs 2 lakh.

Successful allottees would be required to deposit the booking amount on allotment of the plot, while the remaining amount can be deposited in annual instalments to be paid over five years.

“The successful sale of our earlier schemes shows that end users and investors consider a plot at Greater Noida as an attractive option. We are quite confident that the present scheme too would be a hit with people,” the official said. Easier access to Noida and Ghaziabad has also prompted a lot of people to put in applications.

Most of them had approached banks for the registration amount. Thus they will have to pay interest for a longer period.

The draw was scheduled for August 10, which was extended to Wednesday. Now the date has been further extended to November 17 for these categories. The draw for other categories -- 1,000, 2,000 and 4,000 sq m, however, will be held on Wednesday.

YEA deputy chief executive officer R.K. Singh said: "Wednesday's draw is for 1,675 plots, for which2,906peoplehaveapplied."

Four LCD screens will provide live coverage at the draw area, he said, adding: "Schoolchildren will pick up the draw slips from the boxes."

While the registration amount for 300 sq m plots was Rs 1 lakh, that for 500 sq m plots was Rs 2 lakh.

Candidates who financed the amount and paid Rs 4,000 7,000 as interest will have to shell out an extra Rs 3,000-6,000.

"Though the increase in the number of plots has increased my chance of getting one by two-and-half times, I have to pay additional interest of Rs 6000 to the bank for the delay in the draw," said R. Mehta, who has applied for a 500 sq m plot.

"I deposited Rs 2,250 as interest for the two-month delay.
Now the bank will demand interest of around Rs1,125 for the one month delay," said S.
Joseph, a 300 sq m applicant.

YEA had floated the scheme this March 2 and with 8350 plots. The plots were priced at Rs .4,750 per sq m.

After over 46,000 people applied, the YEA raised the number of plots to 33,950 that was later reduced to 21,000 as land hadn't been acquired.

"As the number of applicants for these two categories was very high, a computerised draw was planned. The company selected for the draw wanted one month to develop the software. So the draw has been postponed," Singh said.

यमुना अथॉरिटी के चेयरमैन ललित श्रीवास्तव ने बताया कि यमुना एक्सप्रेस व अन्य प्रॉजेक्ट्स के लिए जमीन देने वाले पुश्तैनी किसानों को अब अधिग्रहित जमीन के बदले में सात प्रतिशत प्लॉट मिलेगा। गैर-पुश्तैनी किसानों को इसका लाभ नहीं मिलेगा। भारतीय किसान यूनियन की इस मांग के संबंध में चेयरमैन की अध्यक्षता में कमिटी बनाई गई थी। कमिटी ने पिछले दिनों यह निर्णय लिया था, जिसका बोर्ड मीटिंग में अनुमोदन कर दिया गया।

उन्होंने बताया कि यमुना अथॉरिटी की रेजिडेंशल स्कीम का ड्रॉ अब दो तरीके से होगा। किसान कोटे, 4 हजार, 2 हजार और 1 हजार वर्ग मीटर साइज के प्लॉट्स का ड्रॉ मैनुअल तरीके से कराया जाएगा। ऐसे प्लॉट्स की संख्या कम है, लिहाजा ऐसा किया जा रहा है। वहीं छोटे साइज, 500 व 300 वर्ग मीटर साइज के जनरल प्लॉट्स का ड्रॉ कंप्यूटराइज्ड तरीके से होगा। स्कीम के लिए दो सेक्टर बसाए जाएंगे। इनका ले-आउट प्लान भी बोर्ड ने अप्रूव कर दिया है। इसका ड्रॉ 14 अक्टूबर को प्रस्तावित है।

यमुना एक्सप्रेस-वे प्रोजेक्ट के कंशेसन अनुबंध के तहत लैंड फॉर डिवेलपमेंट की भूमि हस्तांतरण के लिए लीज डीड का प्रारूप भी बोर्ड ने अप्रूव कर दिया है। इसके तहत जेपी ग्रुप को नोएडा, ग्रेटर नोएडा में जगनपुर, मिर्जापुर, अलीगढ़ में टप्पल और आगरा में कुल 2500 हेक्टेयर जमीन दी जानी है। इसके अलावा यमुना एक्सप्रेस-वे अथॉरिटी ने प्रॉपर्टी व लैंड डिटेल्स को आम लोगों को उपलब्ध कराने के लिए वेब बेस्ड पोर्टल के प्रस्ताव का अनुमोदन कर दिया है।

Unitech would launch affordable housing projects in seven cities this week. The projects would come up under 'Uni Homes' brand at an affordable price range of Rs 10-30 lakh.    

The projects would come up at Noida, Greater-Noida, Chennai, Kolkata, Rewari, Bhopal and Mohali.    

"The total area to be launched in these seven cities would be 4.5 million sq ft," a company spokesperson said.    

The company has land to develop these projects and would invest Rs 600 crore on construction, he added.

Unitech is aiming to launch 30 million sq ft of housing space in FY10, including 20 million sq ft under 'Uni Homes'. So far it has launched 17 million sq ft housing area.    

"We have received overwhelming response from the customers and have sold more than 6,000 apartments comprising seven million sq ft of area," he further said.

In order to achieve the numero-uno status in realty sector within a year, Unitech had announced to build 20,000 affordable houses at a cost of Rs 1,700 crore in May.    

"We made a mistake of only focusing on top two-three per cent of India's population. Now we want to reach the masses and enter into budget and affordable houses. We will be the biggest player in the housing segment," Unitech Managing Director Sanjay Chandra had told PTI.

प्राधिकरण के अधिकारिक सूत्रों ने कहा कि इंडस्ट्री, आईटी, संस्थागत व ग्रुप हाउसिंग के भूखंड न बिकने की वजह से प्राधिकरण को पैसे की प्राप्ति नहीं हो रही है। विकास योजना को पूरा करने के लिए प्राधिकरण को इस वर्ष करोड़ों रुपए की आवश्यकता है। पैसे की आवश्यकता को ध्यान में रखते हुए प्राधिकरण ने एक और भूखंड आवासीय योजना निकालने का निर्णय किया है। इसमें छोटे व बड़े दोनों आकार के भूखंड होंगे। छोटे आकार के भूखंडों में 120, 162 व 200 वर्ग मीटर के भूखंड रखेंगे गए है। जबकि बडे़ आकार के भूखंडों में 300, 350 व 500 वर्ग मीटर के भूखंड होंगे। इस समय सेक्टर के ले-आऊट को अंतिम रूप देने के कार्य चल रहा है। दस दिन के अंदर ले-आऊट को अंतिम रूप दे दिया जाएगा। योजना की विशेषता यह है कि इससे गाजियाबाद व नोएडा की दूरी दस से पंद्रह मिनट में पूरी की जा सकेगी और यह हिंडन नदी के किनारे किनारे लाए जाएगी।

GNIDA's Dy CEO P.C. Gupta has confirmed that four builders, including Eldeco, Omaxe, Ansal EPI, have applied for surrendering their projects and demanded that plots be allotted to them in lieu of amounts deposited by them.

Earlier, Greater Noida Authority had declared 18 builders defaulters. It may be recalled that in its 76th Board Meeting, Greater Noida had offered the builders a lot of facilities. The projects of defaulter builders were rescheduled and even they were allowed to surrender them. The authority had even kept the "schemes open for 6 months".

This scheme had expired on June 30. The stigma of being a defaulter was removed and facility of rescheduling was given. Defaulted instalments and interest were to be deposited under a new schedule. Interest rate was to be paid in the first 6 months and in the following 12 months, principal amount was to be paid.

Besides, an option to surrender the project was also given. Ten per cent of the deposited amount of such builders was to be deducted and in lieu of 90% deposits, plots were to be allotted.

Even after this, on instructions of the UP government, a variety of facilities were extended to the builders. But despite these concessions, recession seems to have broken the back of builders.

Lalit Srivastava, chief executive officer of YEIDA, says that out of 35,000 hectare, 6,000 acre of the land has already been developed between the Yamuna and GT Road. It will have much bigger sectors compared to those at Noida-Greater Noida.

The entire project will be developed in three phases. In phase one, 35,000 hectare will be developed up to Jewar. Large projects that cannot be accommodated in Noida or Greater Noida will come up here. The zone includes residential, industrial, institutional and commercial areas. A number of such zones will come up all along the Yamuna Expressway, right up to Agra.

The new authority that comprises the district of Gautambudh Nagar, Mahamaya Nagar (Hathras), Mathura, Aligarh and Agra is spread over in about 1 lakh hectare. YEIDA is divided into 23 zones. Each zone has 2,500 acre of land. The manner of development will be based on priority. Out of 35,000 hectare, 35-40% of the area has been developed, which account for such sectors as industrial, IT, institutional, warehousing, transportation, and sports. The remaining area, except the green area, is being developed for support activity like commercial and residential.

Lalit Srivastava says, "Under the open scheme we have received applications from JP and Assocites, DLF, and Unitech. JP and Associates has been assigned for the world famous F1 racetrack - while, for residential and institutional purposes, land will be given to DLF. To provide better connectivity up to Agra, the eight-lane non-stop 165 km-long Yamuna Expressway has been converted into a 10-lane expressway. And planning on six interchanges on 165 km long Yamuna Expressway right from Zero point (Parichowk) to Kuber-Chhalesar, Agra has been worked out."

Source: Times Of India A New Scheme Launched For Industrial, Commercial, Warehousing, And IT Plots By YEIDA

All three have sought permission of the Greater Noida Industrial Development Authority to surrender the land won a couple of years ago through competitive bidding.

"We are studying their requests. Our board will take the final decision on this," Lalit Srivastava, chairman of the authority, told Financial Chronicle. He did not commit on the time needed to arrive at a decision.

Ansal took 48.27 acres in Sector Eta, where it proposed a group housing project called Celebrity Greens. Omaxe has 50 acres in Sector Mu for a project named Palm Green. Eldeco has a 32-acre in Sector Omicron.

Ansal got land at Rs 13,750 per sq metre, Omaxe Rs 12,250 and Eldeco Rs 16,352. At these rates Ansals were to pay the authority Rs 268.5 crore, Omaxe Rs 247.8 crore and Eldeco Rs 211.7 crore.
Neither Ansal nor Omaxe admitted to having offered to surrender their plots. Eldeco did not respond to FC calls.

Anil Kumar, CEO of Ansal API, said, "We are not surrendering our plot but have requested the authority to hand over a portion of land in proportion to payments we have made so far."
He claimed the amount already paid was Rs 132 crore. Rationalising the request, he said it made more business sense to have a smaller group housing project in that location.

Omaxe said it had sought only half the land allotted. The conmpany's spokesperson refused to say how much money had already been paid to the authority.

The developers are making good use of a recent Uttra Pradesh policy that allows a developer to either get its payment plan rescheduled or surrender a plot.

In case of surrender, he will forfeit 10 per cent of the money already paid but get land of a value equivalent to the money already paid.

Earlier this year the Faridabad-based developer BPTP sought to surrender a 95-acre plot, worth Rs 5,006 crore, in Noida. The company ultimately settled for 21 acres and a forfeiture of Rs 123 crore.

बैठक में तय हुआ कि इंडस्ट्रियल, कॉमर्शियल और ग्रुप हाउसिंग स्कीम के लिए जमीन अलॉट करने पर अलॉटमेंट फीस के तौर पर बिल्डर को 10 परसेंट की जगह 5 परसेंट रकम देनी होगी।

सूत्रों के मुताबिक अलॉटमेंट मनी भी 20 परसेंट से घटाकर पांच परसेंट कर दी गई है।

इतना ही नहीं, बाकी बची 90 परसेंट रकम जमा करने के लिए बिल्डरों को दो साल की छूट दी जाएगी। दो साल के बाद बिल्डर किस्तों में रकम जमा कर सकते हैं। इन दो साल के दौरान उन्हें सिर्फ इस रकम पर ब्याज देना होगा।

होमलोन से लेकर घर तक सस्ता हो रहा है लेकिन प्रॉपर्टी बाजार में ज्यादातर लोग और गिरावट के इंतजार में घर नहीं घरीद रहे हैं।

बिल्डरों ने प्रॉपर्टी की कीमतों में औसतन 10 परसेंट कटौती की है, लेकिन रियल एस्टेट पर रिसर्च करनेवाली संस्था CLSA की स्टडी के मुताबिक अब भी करीब अस्सी परसेंट खरीदार इंतजार में हैं कि कीमतें और गिरेंगी।

प्रॉपर्टी बाजार में ठहराव देखते हुए बिल्डर अफोर्डेबल हाउसिंग भी लांच कर रहे हैं लेकिन ज्यादातर खरीदार बने बनाए प्रोजेक्ट में ही कीमत घटने के इंतजार में हैं।

CLSA की रिपोर्ट के मुताबिक, 80 परसेंट लोग फिलहाल घर खरीदने का इरादा एक से दो साल के लिए टाल चुके हैं। 44% लोगों का कहना है कि उन्होने पिछले साल ही घर खरीदने का इरादा छोड़ दिया था। जबकि 90 परसेंट लोग मानते हैं कि घरों की कीमतों में अभी तक हुई गिरावट काफी नहीं है।

कीमतों में 20% गिरावट की उम्मीद
लोगों का मानना है कि कीमतों में अभी 20 परसेंट और गिरावट होनी चाहिए। RICS के कंट्री हेड सचिन संधीर के मुताबिक, लोगों को लगता है कि कीमतों में अभी और गिरावट होगी इसलिए वो वेट एंड वाच के मूड में हैं।

बिल्डरों पर कीमत घटाने का दबाव बढ़ा
लेकिन बिल्डरों का कहना है कि कीमत में कटौती की गुंजाइश नहीं है। ग्राहक अगर कीमतें कम करने का दबाव बनाएंगे तो बिल्डर किसी और तरीके से उसे वसूल लेगा।

Industrial rents in Greater Noida, on the outskirts of New Delhi, posted a growth of 25% year-on-year in 2008, the eighth highest annual growth in the world, according to a report by real estate advisory Cushman and Wakefield Inc.

The annual report, titled `Industrial Space Across the World', provides a detailed analysis of prime industrial property rental performance and occupancy costs across the globe. The latest report is based on a survey of 135 locations.

Greater Noida, which falls in Uttar Pradesh, was planned with an aim to attract medium and large-scale industries. Industrial rents in the city primarily moved nothwards last year because vacancy levels were marginal and there was limited supply that came into this market. So demand overpowered supply in the area. Also, sectors such as engineering goods, electronic goods, auto and auto ancillary showed interest in setting up units in Greater Noida and the area was promoted as an ideal campus location.

Peenya Industrial Area and Bommasandra Industrial Area, both in Bangalore, recorded the 12th and 16th highest annual growth, respectively, in the report, which ranks London's Heathrow as the most expensive industrial location in the world.

"Traditionally expensive industrial locations like Mumbai, Pune, Chennai have seen a slowdown due to high price points and large scale development in recent years," said Harleen Oberoi, executive director, industrial services, at Cushman and Wakefield. "Slowdown in the economy has affected the general uptake of industrial spaces, especially by large multinational corporations who were in the recent years keenly looking at India."

The scheme will be launched on March 2. Forms for the same will be available from March 5 onwards and it will cost Rs 500 each. The scheme will be open till May 4 and the draw for plots will be taken out on August 10, it is learnt.

According to sources in the authority, the scheme comprises 8,350 plots of five categories. About 5,000 plots are of 300 sq metre size for which the security amount is Rs 1 lakh. There would be 2,000 plots of 500 sq metre size for which the security money has been fixed at Rs 3 lakh and Rs 5 lakh.

The price for the plot of 300 sq metre has been fixed at Rs 14.10 lakh. These rates are claimed to be the minimum in the national capital region.

Application will be available at branches of various banks - HDFC, Allahabad Bank, OBC Bank, Union Bank, Bank of Baroda, Canara Bank, SBI, Axis Bank in Noida, Greater Noida, Delhi, Faridabad, Gurgaon, Lucknow, Allahabad, Agra and many other cities.

Group Housing complex in Tronic City & Surajpur (Greater Noida)

Click On Image For Big View

UPSIDC Invites Sealed Bids in Two-bid syestem from developers & Builders for allotment of Group Housing Plots

A total of 43 applications were received for smaller plots, but no application was received for 22 large plots.

The GNIDA had launched a builder's scheme on January 15 this year, inviting bids for a total of 30 plots of size ranging from 2,000 sq meters to 4 lakh sq meters. Sensing that there were no takers of the large plots, the GNIDA extended the last date for scheme from February 6 to February 12 and then to February 16. Besides, smaller plots were carved out of some very large plots that increased the number of plots on offer from 30 to 37.

Some 36 well-known builders had bought land in Greater Noida in the past. The early birds had achieved excellent success, but those who bought lands in the last two years are ruing their fate, as economic meltdown has affected the property business adversely.

Click On Image For Big View

• Scheme Opens 17.02.2009

• Scheme Closes 16.03.2009

• Date of Draw (Expected) June 2009

The Mayawati-led Uttar Pradesh government had said it is planning to come out with a relief package for acquisition of land to develop integrated townships, and metro cities in the state. The government plans to extend the payment period for acquisition of the land to 10 years as against the prescribed norm of five-seven years.

The relaxation, if approved by the cabinet, will give a breather to cash-strapped developers who are in negotiations with banks and mutual funds to defer repayments and restructure loans. Several of them have also deferred projects following a slump in demand. Land accounts for more than 50 per of the cost of a project.

“By extending the installment duration, the government will be able to ensure completion of the project,” said Sanjay Verma, executive MD, South Asia, Cushman and Wakefield (C&W).

The Uttar Pradesh government also plans to waive the nominal penal interest (about 2 per cent) for delayed installments on land. Also, in case a developer is not able to pay the instalment, the government will avoid cancelling the land deal. “Allottees to have defaulted on payment of 95 per cent of the total cost of the land will be affected,” says the proposed policy document.

Apart from the relaxations, the UP government has also extended the 50 per cent waiver on stamp duty and registration of properties by another six months, or till September 30, 2009 to ease the hardship. The earlier exemption was to expire on March 31, 2009. The developers availing themselves of the facilities of the relief package will have to submit their revised applications by June 30.

Earlier, the Uttar Pradesh government had granted permission to 10 companies for construction of hi-tech townships in seven cities. The Sahara and Ansal groups were given permission for the facilities in Lucknow, while in Ghaziabad Uppal Chaddha Group and Suncity were given the licences.

The Uttam Group won the permission for building a hi-tech city in Dadri.

Unitech won a bid to build a hi-tech city each in Varanasi and Agra and has also completed land acquisitions. The Uppal Chaddha group has also completed the process of acquiring land in Ghaziabad.

DLF, the country’s biggest real estate developer, has also won an approval to acquire 220 acres on Sultanpur Road in Lucknow.

In the past, the government had faced problems in acquiring land from the farmers. Keeping this in mind, the government will ask the developers to make payment only for the land being provided by the government.

Penthouses - ultra luxury flats located on the top floor of apartment complexes - have managed to rise above the demand slump plaguing the housing sector, say India's top real estate players.

Developers such as Omaxe, DLF, Ambience Group and Jaypee Greens claim that at least 80% of their penthouses - with prices upwards from Rs 1 crore - in upcoming projects have already been sold out.

A penthouse, typically, is the highest floor in a multi-storeyed building. Positioned as ultra-private havens, these usually offer more space, terrace pools, terrace gardens and of course exclusivity as they are limited in numbers. The buyer profile includes top industrialists, corporate head honchos and other prominent personalities of society.

Not surprisingly then the prices of penthouses, usually, command a higher price and in most cases could even be twice more than that of regular apartments. “A penthouse comes with additional space, terrace areas and luxurious add-ons, and at Caitriona - our upcoming 4&5BHK luxury condominiums - they are priced in the range of Rs 10-15 crore, depending upon the size of penthouses.

Source: indiainfoline On Cloud Nine: Penthouse Dreams Take Wing

"Every developer is finding it difficult to pay up. That's why the state government has come up with a policy to help them.," said Lalit Srivastava, chairman of Noida as well as Greater Noida Authority.

Investors in the national capital region (NCR) in UP include realty majors such as DLF, Unitech, BPTP, Parsvnath and Omaxe.

The plan offers developers a longer time-frame to pay back their dues for the land purchases made earlier. Usually, developers get 3-8 years to pay in equal six-monthly installments for the land purchased from Noida and other regional development authorities of UP.

"Developers will get an additional 2-3 years to pay back dues depending upon the amount they have already paid and the financial viability of the project," Mr Srivastava said.

Several developers have defaulted on land payments in the past six months. A developer has to pay an additional 3% interest on the dues if he fails to keep the deadline. Under the new policy, the original installment and penalty on account of default will be capitalised and payment will be rescheduled. By this, a developer is no more a de-faulter, says Mr Srivastava, and thus eligible for fresh loans from banks.

The government is also giving developers an option to rework their land purchases. The companies can now close the deal for less than the original size of the land purchased earlier for a proportional pay-ment. They will not be forced to make the full payment. In that case, the government will charge 10% of the total amount paid by a developer, as penalty for reworking the deal, Mr Srivastava said.

Developers across the country are faced with a liquidity crunch as sales have dried up and credit remains elusive.

Greater Noida Industrial Development Authority Chief Executive Officer, Pankaj Aggarwal, said, "The Authority plans to construct low-cost houses for domestic workers and service industry personnel, who require residences nearest to their workplace as they cannot afford huge spending on conveyance alone."

The scheme will be spread over 15-kilometre area from Greater Noida up to Noloni Shahpur near Javer, according to Yamuna Expressway Authority chairman Lalit Srivastav. It will have a total of 4,350 plots. Bigger plots will be located right on both sides of the highway, officials said.

The Yamuna Expressway Authority is expected to bring this scheme in February with plots of 4000 sq mt for big bungalows.

Senior officials feel that a large number of foreign tourists will go to Agra via this new Expressway. So efforts are on to make the surroundings of this highway impressive. This highway, according to the Yamuna Expressway Authority chairman, will work as a show window for foreign tourists

GNIDA Deputy CEO P.C. Gupta said draw for 120 sq mt plots was only conducted today. The draw started at 9 am and continued till the evening.

There were a total of 2,275 plots in the scheme that was floated by the GNIDA in August this year. Some 91,000 applicants were in the field. The draw for 200 sq mt plot will be held tomorrow at Expo Mart. The entry is from gate no. 7 and 8. Applicants are supposed to bring their identity cards and the original receipts. Security arrangements have been made. CC TV cameras have been fixed at 11 different places.

"We have land at various places. We are in a position to launch a number of projects," said Ramesh Chandra, chairman, Unitech.

Asked how many housing units the company plans to launch, Chandra said, "It could go up to 10,000 units by next fiscal. It will need an investment of Rs 2,500 crore on construction."

The housing units would be offered to customers in the range of Rs 30-50 lakh, Chandra said, adding that the company would launch the housing projects taking into account the affordability of that particular city.

Chandra noted that two things -- market conditions and location -- determine affordable housing. "These two things will determine how much will be luxury housing and how much will be affordable. But naturally affordable housing has a far higher percentage," Chandra added.

With this letter communication we (over 25 individual apartment owners of Unitech Horizon project in Greater Noida) would also like to inform to our fellow Horizon Greater Noida apartment owners, our fellow apartment owners in other Unitech projects, Unitech management and our state government in U.P. that Unitech Ltd. has been grossly unfair in their dealings with as their customers.

We all feel grossly cheated since we have come to notice that at the time of delivery of respective owner's apartment, Unitech Ltd. is changing/escalating the agreed rates/conditions very un-reasonably as against the set terms that were decided and agreed upon in their written contract with each client. Viz.

• Increase in super built area per apartment:

  Unitech has increased the Super area (as high as 68 Sq/F) without a single sqft increase in Carpet area. Such increase was never cited during course of construction .we have received many other communications which were not having relevance and importance but this important one has been missed.

  Simple things like "fire exit stairs", "small lobby for basement lift" & "water tank at top of every tower" are so basic that no high-rise building is built without these. Marketing has already sold these points before we bought, so a change in the super area size at end of project is not justified.

• Doubling of Maintenance Charges per square feet:

  As per the their contract, owners need to pay @ Rs 1.25 Persqft of super area for at the time of taking the possession of the flats along other common amenities as stipulated in the contact , however this has been revised in the letter by double to Rs 2.50 which completely against the contract . There is no justification of increase and moreover prevailing rates and other similar or better projects in Greater Noida even lesser that original rate i.e. Rs 1.25 per Sqft. This could be seen as breach of Contract.

• Electricicty Connection:

  we came to know from reliable sources that there is no electricity available from NPCL,greater Noida since there is no sub station.In absence of the electricity this apartments are in-habitable since basic facility of electricity is not available.Even if we depend on Power backup on 24x7 basis that is highly un-economical on account basic charge per unit (200-300% of NPCL rates) and also there would be high maintenance of DG set.

• Doubling of Period of Advance Maintenance Payment from One year to Two years:

  As per their Contract ,Alottee only need to pay advance deposit for maintenance only for one year however two year advance has been requested which is completely breaching the contract.

• One-year to 1.5 yr delay in Apartment Delivery from Original Promised date:

  The project has already been delayed by 18 months(considering Tower 1-5), and above that, with these new most of the unreasonable conditions, the prospective residents of Unitech Horizon feel duped by a large company that we put trust in.

Kindly note that we have earlier submitted a formal letter to Unitech Ltd. totally rejecting their unilateral changes in rates and terms and conditions without taking us in confidence.

We seek your kind help in highlighting our problem to the concerned authorities and thank you in advance for your help.

Best Regards,

UNITECH HORIZON RESIDENTS,
Mr. Rajput - 9818289529

Signed by --

A company Press release here quoted the directors as saying that though the concept is still at a nascent stage, it is dynamic and fast catching up. The benefit of green concept is reduced environmental impact through energy efficiency.

The two major commercial projects, Crossings Galleria and Crossings City Center would come up in the Crossings Republik, the integrated township being constructed by the firm in Noida, Greater Noida and Ghaziabad, Crossings Infrastructure Director Sanjeev Srivastva said.

"The company will raise 35 per cent of the total investment through internal accruals and rest through debt and advances," he added.

Crossings City Center would be a mall and commercial hub with about 600 showrooms spread over an area of one million square feet. It would also house food courts, multiplexes, office towers, entertainment zones and hyper markets.

The City Center is expected to be completed within next 24 months.

Crossings Galleria, which is also a shopping destination, would be completed within the next one-and-a-half years, it added.

Crossings Republik is a Rs 6,000 crore integrated city project, which would cater to a population of over 1,00,000 residents.

''Spread over an area of 360 acres, Crossings Republik is a new city being added to the Delhi NCR. It will be a self-sufficient, environmentally sustainable and will have its own public transport system as well. It will have more than 30 million sq ft of built-up residential area and two million sq ft of commercial area comprising hotels, multiplexes, malls, service apartments, office complex, community facilities and others,'' Crossings Infrastructure Director Manoj Gaur told a media conference here.

The first phase of possession for 2,000 apartments is slated for December next year and by December 2010, more than 500 families are expected to take possession of their condominiums, he added.

''Golf course facing, Crossings City Centre will be a glitzy mall and the commercial hub of Crossings Republik. It will feature 600 showrooms spread across an area of one million sq ft It will also have seven atriums, two food courts, a four-screen multiplex, two office towers, an entertainment zone and hyper markets. It will be complete within the next 24 months,'' he continued.

Whereas Crossings Galleria is the neighbourhood shopping destination and will comprise 100 shops spread over 35,000 sq ft. It will be completed with the next one and a half years.

Another Director of the company, Mr Sanjeev Srivastva, said:'' We expect to have the best of brands set up shop here and we are confident that our residents will also appreciate the easy accessibility to everything that they might need for their families or homes.''

Reacting to media reports that company has defaulted in making payment to the tune of Rs 150 crore, a senior company official said "there is no question of default. Payment is due only when they give peaceful possession of land''.

Media reports further said that other developers may also default and Greater Noida Development Authority (GNDA) may cancel or extend the time period for the project. In the light of farmers' agitation in Greater Noida over land acquisition, he said all the developers who have projects in the city have given a representation to the Greater Noida Development Authority demanding rescheduling of the payments.

Unitech had bagged 100-acre land in Greater Noida in Uttar Pradesh, in 2006 where it had announced development of a high-end housing project. "We have not got the peaceful possession of land and construction has been suspended,'' the official said.

"The authority should sort out the issues with the farmers and give us the peaceful possession of the land,'' he added. When contacted, Greater Noida Authority Deputy Chief Executive Officer P C Gupta refused to comment on the issue.

Spread over an area of 1.6 acres, there are going to be around 85 apartments (in Royalton Towers like Fashion in Princeton Estate), and the expected price is Rs 6250 psf with a inaugural discount of Rs 250 psf.

Besides, a scheme for 5,000 houses for the economically weaker section will also be launched on October 2, the birth anniversary of Mahatma Gandhi.

But the houses that GDA is bringing will be cheaper than those being built by builders, according to the sources.

According to GDA vice-chairman S.K. Diwedi, some 10,000 plots will be allotted. He confirmed that builders were also coming up with their scheme for a township at Sadarpur.

The GDA is finalising its Madhuban Bapu Dham scheme on Hapur Road, which will be launched on Diwali, he said.

Over 1,230 acres of land in Sadarpur, Morta, Duhai, Rasoolpur, Nanglapath and Yakubpur villages has been acquired by the GDA.

Some more land would be acquired soon, he said. Farmers would be paid a compensation of Rs 1,100 per sq yd for the land being acquired.

The GDA has not yet clarified the expected price of plots, but according to sources it will not be less than Rs 10,000 per sq mt.

Schools, a degree college, police station, parks, markets, parking lots, roads, sewers, hospital, clubs etc. will all be provided in the new GDA township.

This will be the first scheme being launched by the GDA after 1997, it is learnt.

"The notification of land acquisition in five villages of district Gautam Budha Nagar (GBN) has been revoked and they are allowed to negotiate directly with the builders/developers," said SK Sharma, District Magistrate of district GBN.

"If this policy becomes a success, it can be extended to other villages," added Sharma.

These villages along with 25 others were earlier in the jurisdiction of Greater Noida Industrial Development Authority (GNIDA) but were transferred to Bulandshahar-Khurja Development Authority (BDA) in November 2007.

The process of land acquisition - notification of Section (4) in these five villages was started in July this year. These five villages are Ramgarh, Citavali, Bhogpur, Bheel Akbarpur and Kamrala Chakrasenpur.

High-tech cities are proposed to be developed on this land. "The developers/ builders have to develop roads and other infractures for their cities besides developing connecting roads up to the villages whose land they will purchase.

As per the agreement the builders/ developers are also liable to develop roads, sanitation facilities and electrification of the villages on the lines of Noida and GNIDA are doing in the villages under their jurisdiction," said Harsh Tankha, Vice-Chairman of BDA.

The 130-room hotel will have total developable area of 150,000 sq ft, including a shopping mall. It is to be managed by Fortune Park, the hotel unit of India's top cigarette maker ITC Ltd.

Earlier this year, Parsvnath signed a pact with the hotel chain, for the latter to manage more than 4,000 rooms in 50 hotels that it will develop.

Parsvnath shares were trading at 122.90 rupees, up 1.3 percent, in a weak Mumbai market.

Sealed tenders can be deposited by August 20 in the Greater Noida office, which will be opened on the same day.

Additional CEO of Greater Noida, P.C. Gupta said applications have been invited for Pie-Chei extension, Theta-2, City Centre and Delta-I for constructing hotels and professional buildings.

Except the smallest plot in Delta- l, the reserved rates for all other plots are fixed at Rs 20,000 per sq mt. Application forms can be procured from the branches of HDFC Bank in Noida and Connaught place in New Delhi and ABN-AMRO Bank at Sector-18 Noida, the ACEO added.

The Group Housing project will have in-house amenities like Entrance Gate with Security, Community Hall, Pool and Kid's Pool, Club and Commercial, Convenient Shops, Entry to Lift Lobby, Tennis Court, Children Play area etc. The Company will now undertake all the development and marketing work of the project. The Project is expected to have a turnover of approx. 50 crores and will be completed in over 2 years approximately.

The stock closed the day at Rs.89.50, down by Rs.2.05 or 2.24%. The stock hit an intraday high of Rs.92.90 and low of Rs.89.

The total traded quantity was 3162 compared to 2 week average of 11238.

Even as the real estate market slows, developer Ansal Properties and Infrastructure Ltd (Ansal API), has launched an ambitious 2,500-acre township project adjoining Greater Noida, in Uttar Pradesh.
The company plans to invest Rs26,800 crore over the next five years in developing this project.

The township, branded The Megapolis, is extendable to around 9,000 acres, which means that the company has an option of increasing the size of the township to that size.

If the company decides to extend the township, for which it needs government approvals, this would make it among the largest residential projects in India, after DLF Ltd's proposed residential project, Bidadi Knowledge City on 9,178 acres of land at Bidadi between Bangalore and Mysore.

Other large proposed Indian townships include Ansal's own 5,000-acre township in Lucknow, DLF's 5,000-acre township in Dankuni near Kolkata and Emaar MGF's 3,000-acre township in Mohali, on the outskirts of Chandigarh.

Most large townships are coming up in smaller citiesbecause land is relatively cheaper there and companies are looking to set up manufacturing plants and offices tocut costs, thus providing potential residents.

The Megapolis, which has been approved by the Uttar Pradesh government, is about 3km from Greater Noida. Land for the project will be acquired directly from the farmers and the government. Ansal will have to acquire 75% of the land directly from farmers, while the rest would be acquired for them by the government.

The company has already bought around 300 acres of land, paying around Rs35-40 lakh for an acre.

"Once we acquire 60% of the land for the project, the government will approve the site plan of the project," P.N. Mishra, executive director, business development, Ansal, said, adding, "we plan to develop the township on 2,500 acres of land for now, but eventually we will expand up to 9,000 acres."

Ansal plans to fund the project through internal accruals, customer advances and by partnering with financial institutions. It has already partnered with HDFC Bank Ltd, which has picked up a 8% stake in the project.

HDFC has so far invested Rs500 crore in the project though Ansal didn't give the total value of the bank's stake.