Property Prices To Increase in Delhi and Noida Belt posted on 8/1/2014
August 1, 2014: The district administration has given a green signal to increase the circle rates in Gautam Buddha Nagar, Noida. The Registry and Stamp Department of Gautam Buddha Nagar is going to increase the circle rates by 10%. This hike will be applicable to residential, industrial, commercial and group housing properties. Circle rates of institutional properties will be increased by 2%.
The Noida Authority had previously increased the allotment rates leading to a price rise. The real estate sector is set to benefit from this scenario and the developers are taking this as a positive sign for their business.
FNG Corridor Finally Free Of Encroachments posted on 7/31/2014
July 31, 2014: The Noida Authority recently initiated a demolition drive to eradicate encroachments present in the Faridabad-Noida-Ghaziabad (FNG) Corridor, so that the work that was previously delayed can now be accelerated. It was amid heavy police presence that the demolition drive was carried out. This demolition accounted for the flattening of at least 8000 meters of government land, which had been encroached.
Project Engineer and Work Circle in-charge, B K Singh mentioned that around 30 unauthorized constructions were demolished and more than 200 plots carved out by illegal developers were also cleared in this demolition drive. The encroachments were causing a nuisance to construction work on the Rs. 1000 crore, 56 km stretch.
A 3-D Model Of Noida To Be Created posted on 7/31/2014
July 31, 2014: The Noida Authority is all set to create a 3D version of the city. The tender for creating a 3D model was floored by the authority in early 2014. Nine consultants had submitted their proposals in the month of January and they made detailed presentations in this month. Two of the nine proposals have been shortlisted.
One proposal out of the two shortlisted ones will be selected shortly and the financial bid regarding the project will be finalized. Once the project kick-starts, Noida’s 3D mapping will be completed in six month’s time. This 3D mapping will be executed using digital mapping of the surface as well as underground objects.
Rs 1000 Crore Commercial project Coming Up in Noida posted on 7/26/2014
July 28, 2014: Logix Group has planned a Rs. 1000 crore project named ‘Noida City Center’, which will be spread across 6-acres in Noida. The group is contemplating to leverage the support of Foreign Direct Investment (FDI) to generate one-fourth of the amount. Logix Group plans to raise Rs. 250 crore from foreign investors to fund their project, comprising of a shopping mall, office towers and hotels.
They plan to complete the construction of the shopping mall within six months whereas the towers and hotels will take two years to build. The group has joined hands with Westin Hotels for a 5-star hotel and with Hilton Garden Inn regarding the 4-star hotel. The group is currently involved in construction of 20000 housing units.