Things You Must Know About Noida Real Estate Market

Despite the slump, the Noida real estate market has been a choice of many. Making news for one reason or the other, Noida is one of the leading real estate markets in the country.

PropGuide tells you latest developments in Noida real estate market that you must know about:

• Noida is riding high on the Delhi Metro's Magenta line which is set to connect south Delhi to Noida. The time taken to commute between the two destination will come down from one hour to 16 minutes. This line will also connect Noida directly to the domestic and international airports in Gurgaon. It will take 40 minutes to reach the Delhi's domestic. Check out the routes and how it is going to help here.

• Soon, the civic issues in Noida would be handled by the city's very own municipal corporation, declared MLA, Pankaj Singh recently. “A municipality on the lines of the New Delhi Municipal Corporation (NDMC) needs to be created for Noida. I had raised the matter in the three-member group of ministers and also with Chief Minister Yogi Adityanath, who has taken a serious note of the issue and assured action. I'm confident that a dedicated structure like a nagar nigam will be formed soon to address civic issues of urban and rural areas,” said Singh in an interview with a national daily.

• Recently, CM Yogi Adityanath said that 50,000 homebuyers would be able to get possession of their homes soon. To make the process seamless, the Stamps and Revenue Department would be working seven days a week, declared the district administration. Also, digital records would aid in ensuring transparency.

• While Noida is home to some of the best residential and commercial projects, the continuous developments have taken a toll on the city's air quality. In a recent assessment by the Uttar Pradesh Pollution Control Board it was observed that the air quality index has hovered between 'very poor' (301 to 400) and 'severe' (401-500) since October 20.

  Residents, however, have pulled up the Noida Authority blaming it for improper upkeep of the roads, footpaths and vacant spaces. Reports suggest that the authority has also failed to refurbish walkways and undertake road repairs. “Residents alleged that even after a visit by the Supreme Court-appointed Environment Pollution (Prevention and Control) Authority's (EPCA) chairman, Bhure Lal, in sectors 76, 77 and 78, the Noida authority has not improved on its approach to check air pollution,” reads a report by Hindustan Times.

• The National Green Tribunal (NGT) has refused to let the vacant land in Noida Sector 138 A to be used as a garbage dump. The land was used as a temporary landfill but given the health hazards it posed for residents nearby, the NGT has given the verdict. The tribunal has also pulled up the Noida Authority for failing to prepare a landfill site that could treat solid waste scientifically. A 110-acre site in Astoli, Greater Noida has been earmarked for this purpose. As of now, a 20-acre site in Sector 123 would be used for treating waste and a boundary wall has already been constructed.

• Clearly, the outsourced parking has gone unchecked all this while, reports suggest. About 250 of the 300 parking areas are illegal as per discussions between the Noida Authority, the district administration and the traffic police. The authority, however, puts it at 75. The traffic police is armed to act against all illegal parking areas but there are only six cranes provided that can tow away vehicles parked in such spots. Noida Authority has only the following authorised parking zones ─ Sectors 1,2,3,4,6,8,15,16,16 A, 18, 25, 27, 29, 30,50, 51, 62,63, 64, 33 A, 54, 57, 58-59, 59-60, 61, 80, 110, 124, 126, 127, 132 and 135.

  The Noida city magistrate has also served notices to offices, mall and academic institutions for encroaching roads by unauthorised parking.

• The Ministry of Housing and Urban Affairs has awarded the Noida-Greater Noida city bus project under the 'Best City Bus Service'. It is remarkable given that the bus service also received the India Recognition Award at Montreal, Canada at UITP global summit of urban public transport in May this year. By December this year, operations of pink buses for women will also begin.

• After Uttar Pradesh Chief Minister Yogi Adityanath's directions, as many as 36 meetings were held between home buyers, developers and authorities. The developers had promised to deliver what they had conveyed to homebuyers. However, 24 out of 41 developers, who had been asked to submit their action plan with the authority, failed to do so and have been served notices by the Noida Authority.

• Amid the reports about the hike in circle rates, the administration has confirmed that it wouldn't be increasing the circle rates in areas under Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA).

• Reports further suggest that the circle rates might go up in Jewar owing to the approval for the construction of the airport. While other areas had fallen into the hands of listlessness, areas around Jewar look promising for now.

• The GNIDA had earlier confirmed that under the Goods and Services Tax (GST) regime 18 per cent is applicable starting the beginning of July, 2017. These are lease rent from housing, industrial, institutional, commercial, group housing and residential sectors, rent from commercial property, document charges, processing fees, time extension charges, transfer charges, penalty, rent permission charges, forfeiture charges, water charges, water connection charges, sewer charges, building plan fees, road cutting charges, restoration fees, parking charges, sale of tender and penal interest from allottees.

• To ensure greater transparency, the GNIDA also transferred its staff across departments. Although the chief executive officer claims that 25 staff were transferred so as to infuse energy in the new departments, reports also claim that this could be in response to multiple complaints against the officials because of the violations.

• Illegal land deals, encroachments and issues related to land mafia would now be tracked on Uttar Pradesh government's online portal. Launched on June 24 this year, this move is expected to get the government and agencies working to fix the problem. More than 3,200 land grabbers with a collective property of 360 hectares have already been identified. As of June 28, 112 hectares of land was already freed.

• Members of the Noida Extension Flat Owners Welfare Association (NEFOWA) have apprised the chairperson of Noida Authority to take action against developers who are delaying possession or giving possession without the Occupancy Certificates (OC).

• After offering 55 plot owners the possession letter in January this year, the YEIDA meted out some relief to the next lot of owners. As many as 600 letters were rolled out to owners in the first week of July. Another 900 owners are expected to get their due within the next two months. The owners have been finally getting their ownership rights after seven long years of waiting while the authority has been saying that the delay was owing to farmers' protests against the compensation.

Also Read: How Much Will A Villa Development Cost You In NCR?