INFRA

Noida: Chief Secretary of Uttar Pradesh, Rajiv Kumar on Monday told the government is ready with audits’ draft reports of sick residential housing projects in Noida, Greater Noida and Yamuna Expressway and would get final reports from the agency shortly.

He told media that once the final reports are out, the government will decide amount of penalties based on finding. He said that the government will initiate suitable action based on audit findings. He said that respective developers will face criminal as well civil charges as per findings of audit, carried out of their private housing projects. 

Though, the government had promised delivery of 50000 homes to buyers under the first phase by December-2017. The secretary added that the figure of 25000 has been achieved and similar number of home buyers will be given possession by February next month. He said that other 25000 home buyers will get possession by April this year.

Noida: Instead of developing an interchange metro station connecting two different routes at Sector-71 in the city, the Noida Metro Rail Corporation is planning to build up a sky-walk, an overhead pathway, for commuters of Noida's new Sectors and Greater Noida promising seamless services.

Though, the overhead pathway will solve the problem up to some extent but it won't be as convenient as commuters enjoy at an interchange metro station.

At Sector-71 in Noida, there is a gap of half kilometer between two metro stations on two different routes, one is Aqua line connecting Greater Noida with Noida and the other is Blue line connecting Noida with New Delhi.

Noida: Two developers of private housing projects on Monday claimed before the New Okhla Industrial Development Authority that they have papers of expenditure made for developing of housing projects. They assured the authority that they will produce the papers as proof of expenditures made for development of housing projects.

These developers represented their sides before top officials of the authority while the government appointed firm was presenting the audit report in the board room of the development authority. This meeting was chaired by AlokTandon, chief executive officer and chairman of Noida.

The year 2017 will be remembered as the year of disruption and radical policy reforms in the history of Indian real estate. While RERA and GST might be considered as a disruption by the industry, the government’s sustained efforts towards promoting affordable housing provided some hope to the beleaguered residential sector.  However, the year 2017 was another watershed year for the residential sector wherein neither new launches nor sales could not ignite the hope of revival.

As 2017 comes to end, developers are hoping that the year 2018 will bring in the much-anticipated revival of the residential sector. However, the year 2018 is expected to be no different than 2017 because of the following notable trends:

Noida: The Uttar Pradesh government may form a separate institution for providing better civic services to residents in the city. Though the institution will provide services similar to what a municipality provides to its citizens but its model of governance may be different from the one which is of a municipal corporation in the city. 

DrPrabhat Kumar, divisional commissioner with Meerut Division, recently said that they received suggestions from various social, industrial and real estate organizations in which they have expressed reservations about the model of governance by elected representatives.