News & updates

The Uttar Pradesh government has named the Ghaziabad Development Authority (GDA) as the nodal agency for the orbital rail project, which is part of the National Capital Region (NCR) Planning Board's 2041 regional plan. This project aims to connect with the rapid rail corridor near Duhai, facilitating seamless passenger and freight movement across NCR cities like Ghaziabad, Baghpat, Noida, and Greater Noida. An official from GDA revealed that approximately Rs 10 lakh has been paid to the Haryana Rail Infrastructure Development Corporation (HRIDC) for preparing the feasibility report, expected in six months.

Orbital Rail to Cover 270 KM, with stations every 5 km

The orbital rail project will span 270 kilometers, with 90 kilometers running through Uttar Pradesh. Unlike the access-controlled Eastern and Western Peripheral Expressways, this rail project will feature stations every five kilometers, covering broader areas in UP and Haryana that the expressways bypass. This new rail line aims to enhance logistical efficiency across the NCR region.

"GDA has been given the mandate to act as an interface with the Haryana Rail Infrastructure Development Corporation (HRIDC) for preparing the feasibility report. Approximately Rs 10 lakh has already been paid to HRIDC, and the report is expected in six months," stated a GDA official.

In May, Meerut Divisional Commissioner Selva Kumari chaired a meeting with key stakeholders, including the NCR Planning Cell, Uttar Pradesh State Industrial Development Authority (UPSIDA), Uttar Pradesh State Road Transport Corporation (UPSRTC), and GDA, to accelerate the project. The rail corridor is being developed with multi-modal integration in mind, to be linked near Duhai and thus serving the areas including Ghaziabad, Baghpat, Noida, and Greater Noida.

"With multi-modal integration as the catchword, it will also be connected with the rapid rail somewhere near Duhai. So, NCR cities of Ghaziabad, Baghpat, Noida, and Greater Noida, will be covered. It will create a new freight corridor which, in a way, will be connected to the Dadri freight corridor," added the official.

According to projections, by 2032, five urban clusters in NCR—Gurgaon-Manesar, Faridabad-Ballabgarh, Meerut, Ghaziabad, and Noida-Greater Noida-Kasna—are expected to evolve into mega cities. The orbital rail project is pivotal if the region is to emerge as a prime logistics hub.

Credits: economictimes.indiatimes.com

NOIDA — The construction of the Hindon Bridge and its approach road, which will connect the Noida Expressway to Greater Noida's LG Chowk, is expected to be completed within the next 18 months, according to the Greater Noida Industrial Development Authority (GNIDA). The project, delayed for over five years, is anticipated to reduce the travel distance between Noida and Ghaziabad by approximately 16 kilometers once finished.

The bridge's approach road starts from sectors 146-147 in Noida, runs beneath the Aqua Line Metro, crosses the Hindon River, and proceeds towards Knowledge Park 3, ultimately connecting to LG Chowk in Greater Noida. However, delays in land acquisition have been the main reason for the project’s extended timeline.

Significant Travel Time Reduction

Once completed, the Hindon Bridge will provide a shorter route for commuters traveling between Noida, Greater Noida, Ghaziabad, the district collectorate, and Surajpur. Currently, travelers must detour through Pari Chowk via the Noida-Greater Noida Expressway, adding around 16 extra kilometers and often encountering traffic congestion. The new bridge will offer much-needed relief from this issue.

GNIDA Seeks Additional Time for Completion

The Uttar Pradesh State Bridge Corporation Limited (UPSBCL), the agency in charge of constructing the 290-meter-long Hindon Bridge, has requested an additional 18 months to complete the project. During this time, both the Noida and Greater Noida authorities will finish constructing approximately 1 kilometer of approach roads on either side of the bridge.

As of now, only 30% of the bridge’s construction has been completed, with four out of the required 16 foundations and substructures built. Due to these delays, the bridge is unlikely to be ready before April 2026.

A Long-Delayed Project

The Hindon Bridge project was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath in January 2019, with an original completion target of 18 months. However, work came to a standstill soon after due to land acquisition issues. After a hiatus of nearly two and a half years, construction resumed in November 2023.

The completion of this project will mark a significant improvement in connectivity between Noida, Greater Noida, and Ghaziabad, easing traffic congestion and reducing travel time for daily commuters.

Credits: thevocalnews.com

NOIDA: UP cabinet on Tuesday approved the proposal for extension of Aqua Line, taking the project that will make Metro accessible to sectors along the Noida-Greater Noida and Yamuna expressways a step closer to construction.

The plan involves extending the Aqua Line from the existing Sector 142 station till Botanical Garden station, where commuters will be able to switch to Delhi Metro’s Blue and Magenta lines.Construction of this 11.5km corridor across eight stations is estimated to cost Rs 2,254 crore.

On Tuesday, the Noida Metro Rail Corporation (NMRC) said in a statement that the cabinet approval “marks a pivotal step” in development of the city’s Metro network and “promises to bring substantial benefits to the region”.

“The new metro corridor is designed to address the growing demand for efficient and reliable public transportation,” the statement added.

NMRC managing director Lokesh M said the state cabinet nod was a “significant step” and the corridor will provide “seamless public transportation”.

With the city developing along the Yamuna Expressway, those shifting into societies or working in corporate offices along the highway have been demanding Metro connectivity for years.

The route has been planned with stations at Botanical Garden, Sector 44, Noida Authority Office in Sector 96, Sector 97, Sector 105, Sector 108, Sector 93, and Panchsheel Balak Inter College.

Once built, the commute from Noida and Greater Noida to Delhi, and back, will be far simpler. The interchange at Botanical Garden station will also allow Metro connectivity to the IGI Airport (via Magenta Line) and New Delhi Railway Station (via Blue Line).

Inter-city buses till Greater Noida will also be made available at the Botanical Garden station.

Currently, residents and office-goers have to rely on cabs, autorickshaws or personal cars and two wheelers to travel to and from sectors along the expressway.

Sudhir Sood, who lives in Sector 44, said that last year NMRC officials had held meetings with residents of sectors off the expressway. “There are a number of residential sectors and commercial establishments along the Noida-Greater Noida Expressway and Yamuna Expressway. In the absence of a robust public transport system, residents and office-goers mostly use cabs and taxis. This is expensive,” he said.

There’s still a long way to go before work can begin.

Now, the central govt has to give a final nod, after which NMRC can hire a contractor. Construction, once it begins, is expected to take three years to conclude.

The project cost will be shared by Noida Authority, Greater Noida Industrial Development Authority, and UP and central govts.

Credits: timesofindia.indiatimes.com

The Yamuna Expressway Industrial Development Authority (YEIDA) has announced a significant investment in green infrastructure for its urban areas bordering the soon-to-be-operational Noida International Airport. This initiative highlights YEIDA's commitment to sustainable development and enhancing the quality of life for residents.

Rs 75 Crore Allocated for Park Development

YEIDA has earmarked a budget of Rs 75 crore to establish 37 parks across these urban areas. The focus lies on creating green spaces within newly developed zones encompassing residential clusters and industrial sectors. These parks are envisioned as vibrant community hubs, fostering social interaction and well-being.

Phased Development Plan

The park development project will be executed in phases. In the initial phase, YEIDA will prioritise the creation of 37 parks. Each park's design and estimated cost have been finalised, and the tendering process will commence once the model code of conduct is lifted. Following the completion of these initial parks, YEIDA will move forward with developing the remaining parks in a subsequent phase. The authority has also expressed the possibility of allocating additional funds if necessary to ensure the project's successful completion.

Central Park to be the Largest Green Space

The project will see the establishment of Central Park, the largest green space within the development area. Spanning 14 acres in Sector 20's Block B, Central Park will serve as a central hub for recreation and leisure activities. Additionally, 36 smaller parks will be strategically distributed throughout the urban landscape, ensuring easy access for residents.

Focus on Sustainability and Upgrading Existing Infrastructure

This initiative aligns with YEIDA's commitment to balancing rapid urbanisation with environmental sustainability. The creation of green spaces will significantly enhance the overall air quality and provide much-needed respite for residents. Furthermore, YEIDA is actively working to improve existing infrastructure by adding amenities like swings and constructing boundary walls in 63 parks.

YEIDA's Role in Shaping the Region's Future

YEIDA's proactive approach to infrastructure development, particularly its focus on green spaces, sets a commendable example for sustainable urban development practices. As the Noida International Airport nears completion, YEIDA's efforts to create a well-equipped and ecologically conscious urban environment position it as a key player in shaping the region's future.

Credits: timesproperty.com

Dwarka Expressway latest news: With the opening of Haryana section of the Dwarka Expressway, Gurugram's real estate sector is set to get a major boost. This new engineering marvel will mark a significant milestone in the region's infrastructure landscape, promising to unlock a new era of growth and prosperity for the realty market. Also known as the Northern Peripheral Road (NPR), the road project has been a hotbed of anticipation for both investors and developers. The ease of travel facilitated by the expressway will not only attract homebuyers but also spur commercial activity along its corridor.

Pradeep Aggarwal, Founder & Chairman, of Signature Global (India) Ltd., said that the project stands as a testament to the government's dedication to fostering a dynamic urban center. "This new expressway would not only provide better connectivity for the close vicinity and locations of SPR, New Gurugram & Sector 37D at Dwarka Expressway, it would be a catalyst for price appreciation and promises a bright future for the real estate market in the region," Aggarwal said.

With improved connectivity, the Dwarka Expressway corridor is poised to become a prime destination for residential and commercial development. Pankaj Pal, Managing Director, Whiteland Corporation said the opening of the Gurgaon segment holds a new era for the real estate market in the region. "The realty market in Gurgaon is poised for a significant upswing, and property prices are likely to witness a steady appreciation, making this an opportune moment for those looking to invest in the future of urban living in Gurgaon," says Pal.

Industry experts predict that property prices in the vicinity of the Dwarka Expressway are likely to witness an upward trajectory in the coming months, as demand surges following the inauguration. Investors keen on capitalizing on the potential appreciation in property values are advised to act swiftly to secure their investments.

Vipin Sharma, Founder & Chairman, of Aarize Group, highlighted that the enhanced connectivity will not only attract investors but also foster sustainable urban development, creating vibrant communities and unlocking immense economic potential. "As real estate developers, we embrace such initiatives as they not only benefit the real estate growth but also contribute to the overall prosperity and livability of the region," Sharma added.

The developers recognize the immense potential of this corridor as it holds a new era of prosperity, attracting both domestic and international investor’s interest and further promising robust economic growth. "This key development is likely to open up new avenues of business and commercial activity in and around the region which will certainly bring a positive impact on the real estate market," Ashish Sharma - AVP Operations, Brahma Group said.

With improved connectivity and burgeoning demand, realty developers are gearing up to capitalize on the immense opportunities presented by this transformative infrastructure project. "The expressway's promise of unparalleled connectivity and convenience has already sparked a remarkable surge in demand, particularly in Sector 84 and 106, where we've witnessed an impressive 27% and 12.5 per cent year-on-year growth in the previous quarter respectively. At Elan, we are committed to delivering luxury spaces to fulfill the aspirations and rising demands of new-age buyers," Vineet Dawar, Senior VP, of sales and strategy, at Elan Group added.

"The steady ascent in property values, particularly in Sector 113 with impressive price growth in the last quarters, underscores the burgeoning demand for spaces that blend luxury with functionality. As disposable incomes rise and the cohort of high-net-worth individuals expands, these trends are poised to define the real estate landscape in 2024," Vivek Singhal, CEO, of Smartworld Developers commented.

Aman Nagar, JMD, Paras Buildtech expressed enthusiasm about the potential impact, saying, "The demand for office and retail space is expected to escalate, with businesses vying to establish a foothold in the area. As the local economy burgeons, a corresponding rise in the demand for amenities and services is projected to create openings for investors and developers to construct retail and hospitality projects.”

Rahul Singla, Director, of Mapsko Group said "Extrapolating current market trends, along with growing demand across both luxury and affordable housing segments, it can be forecasted with reasonable certainty that this accelerated growth in the residential market in the region will continue in the near perceivable future".

"Gurugram has witnessed a surge in the number of developers and investors due to the easy access it has provided to potential buyers in the area, inviting investors to different sectors of Gurugram along the way. The section is worth investing in since it offers improved access to significant locations, including IGI Airport while promising a remarkable return on investment," says Sachin Gawri, Founder and CEO, RISE Infraventures.

Credits: etnownews.com

The Yamuna Expressway Industrial Development Authority (Yeida) will develop a new city on 10,500 hectares of land in Agra region, officials aware of the matter said on Sunday.

The development will focus on encouraging tourism and setting up of manufacturing-related units along with residential centres in an urban area to be set up along the Yamuna Expressway that connects Greater Noida with Agra, officials said.

“We have decided to acquire 10,500 hectares of land in Agra district to develop an urban centre there along the Yamuna Expressway. We have decided to approve a development concept in our upcoming board meeting scheduled by end of November. Once the YEIDA board will approve this plan we will prepare a master plan for the development of this new City. Once the master plan will be approved the authority will start the process of acquiring the land for this project that will create business opportunities in Agra region,” said Arun Vir Singh Singh chief executive officer, Yeida.

This is the first time that Yeids has decided to develop areas on land located along the expressway in Agra region since it was established on April 24, 2001 with aim of development of areas between Greater Noida and Agra by setting up industries to generate employment and developing urban areas. Around 2 lakh hectares from 1,187 villages of six districts — Gautam Budh Nagar, Bulandshahar, Aligarh, Hathras, Mathura and Agra — were notified under Yeida. However, the authority has been able to acquire only 20,000 hectares along the expressway with an aim to allot the same for development. So far, the development along the Yamuna Expressway has only been in Gautam Budh Nagar district that boasts of Noida International Airport, the proposed Film City and other mega industrial projects.

Officials said that once approved, the authority will rope in an architectural consultant to prepare the master plan detailing the exact land usage in the new city on the outskirts of Agra.

“We aim to allow tourism and manufacturing industries in the proposed city, besides offering residential facilities,” said Singh.

“If the board will approve the proposal then we will expedite the work on development of this city and take the project to the next stage as per the directions of the UP government,” he added.

Credits: hindustantimes.com

The region surrounding the under-construction Noida airport near Jewar in Uttar Pradesh is rapidly evolving into a hotspot for investments. Even though the planes are yet to take flight from Jewar, money is already pouring into the area. Leading IT companies, telecom equipment giants, and data centers are eyeing this region for their future endeavors, turning the Noida-Greater Noida-Yamuna Expressway (YXP) belt into a burgeoning investment destination, a TOI report stated.

The allure of this region lies in its promising future as a thriving tech hub, which could give stiff competition to established tech cities like Gurgaon, Bengaluru, Hyderabad, and Pune. Several IT heavyweights, including HCL,Tech Mahindra, and Microsoft, have already set up shop in the area. Microsoft's India Development Centre, covering a sprawling 1.5 lakh square feet, is gearing up for a colossal 6.45 lakh sq ft data center project, with an estimated investment of Rs 1,800 crore and the creation of 3,000 jobs.

Mobile and home appliances manufacturers like Samsung, Dixon, LG, Oppo, Vivo, Lava, and Optiemus were among the early investors in the region and are actively expanding their operations. Sunil Vachchani, Chairman of Dixon Technologies, attributes the region's appeal to robust infrastructure and the upcoming Jewar airport, envisioning Noida as a potential hub for mobile and home appliance manufacturing.

Yotta, a subsidiary of the Hiranandani group, is establishing a massive data center spanning 3,00,000 sq ft in Greater Noida. Meanwhile, global IT infrastructure major NTT is venturing beyond traditional IT hubs like Mumbai, Bengaluru, and Chennai to establish a data center in Greater Noida, driven by the area's excellent infrastructure, abundant land availability, and favorable government policies.

Speaking about the region's growth prospects, Shekhar Sharma, CEO & MD of NTT Global Data Centres & Cloud Infrastructure India, praised the "good infrastructure and easy availability of land, power, and other facilities" along with the state government's efficient single-window clearance system.

UP Chief Minister Yogi Adityanath expressed optimism, stating, "We expect the pace of investments to get stronger as work on Jewar airport moves towards completion."

As tech giants set up operations along the Noida-Greater Noida Expressway and YXP, the demand for office and recreational spaces is witnessing a significant upswing. Ajay Chaudhary, Chairman of the Ace Group, which houses IT giant Infosys and top bank HDFC, is planning to construct two new complexes in the region to meet this demand.

Rajeev Singh, Partner and Consumer Industry Leader for Deloitte Asia Pacific, emphasized the goal of creating an ecosystem for tech-intensive manufacturing, such as medical devices, leveraging the existing production centers for electrical and electronic components.

Even financial institutions are eyeing this burgeoning tech destination. Vinay Arora, Senior Director and Head of Site Operations for Gurgaon and Noida at S&P Global India, highlighted the remarkable growth in Noida's employee headcount, showcasing its potential as a key location for S&P in India.

HCLTech, an early investor in the region, has its global headquarters situated on a 52-acre campus on the expressway, accommodating over 25,000 employees. The company praised the city's excellent infrastructure and its upcoming Jewar airport, which will further enhance accessibility.

Real estate consultants JLL and CBRE are bullish on the region's prospects. Samantak Das, Chief Economist and Executive Director at JLL, estimated that around 8.25 million sq ft of area will be occupied by IT parks in the next three and a half years. Abhinav Joshi, Head of Research at CBRE, highlighted the importance of coordination between the Center and states in assuring investors.

Ashok Gupta, Chairman of contract manufacturer Optiemus Infra, shared his positive experience of opening two large electronics manufacturing units in the region, citing ease of governance, excellent infrastructure, a skilled workforce, and a reliable electricity supply as key advantages.

LG Electronics, another early investor in the region, expressed its optimism, citing good support from the local administration and state government. Ashish Agrawal, Senior VP at LG India, encouraged other manufacturers to consider Noida and Greater Noida as their manufacturing base.

Sudhanshu Rai, Director of real estate developer Ashrai Infra, predicted that Noida-Greater Noida Expressway and YXP are rapidly transforming into the next major tech hub after Gurugram, driven by their strategic advantages and potential to shape India's tech and IT future. With the imminent Jewar airport, this region is becoming an irresistible destination for both commercial and residential investments.

Credits: economictimes.indiatimes.com

NOIDA: The Noida Metro Rail Corporation (NMRC) will float within a week fresh tenders for Aqua Line’s Greater Noida corridor, which will branch out from Sector 51 to Knowledge Park 5. Work on this extension is expected to start sooner than two other arms of Aqua Line because the detailed project report has already been approved by the cabinet.

Once ready, this 15km extension will link the Greater Noida sectors with Delhi Metro’s Blue Line and improve connectivity with the Capital.

Of the total nine stations on the route, five will be built in the first phase by 2022. This will prove to be a crucial transport link for residents living in Greater Noida, where thousands of flats are expected to be delivered by next year.

Another key Aqua Line route — from Sector 142 to Botanical Garden — has been finalised by the NMRC, but it is being vetted by the metro board. The routemap will then be sent to the Centre for approval. The detailed project report for the third extension — Boraki to Metro Depot — is being prepared by NMRC.

“Work on the Greater Noida corridor (Sector 51 to Knowledge Park V) will start first because its plan has already been approved by the cabinet. Applications for fresh bids will be issued within a week,” said Ritu Maheshwari, the NMRC managing director.

The need for fresh bids for the Greater Noida route was necessitated as the previous tendering process had to be cancelled after one of the three companies that had shown interest had to be disqualified because of lack of expertise in the field.

In June, three companies had responded to applications for building the first phase of the route. They were Sam India Builtwell Ltd, NCC Ltd and Shrisay Infotech. Of them, Shrisay had to be ruled out for lack of expertise.

“We have to float fresh tenders as the earlier one left us with only two respondents,” Maheshwari had told TOI earlier.

Knowledge Park, the last station on the route, has a number of educational institutes and once the entire stretch is built, it will benefit a number of students who now have to depend on other modes of transport like auto-rickshaws and cabs to reach the nearest Aqua Line station.

The Greater Noida corridor will be built in two phases — the first one will be 9.6km long from Sector 51 to Greater Noida 2. It will have five stations — sectors 122, 123, Greater Noida sectors 2, 4 and Ecotech 12 — and is estimated to cost Rs 430 crore. All these stations will be on an elevated platform and are expected to be built by 2022.

The second phase will have four stations — Greater Noida sectors 3, 10 and 12, and Knowledge Park 5.

Aqua Line currently has no interface with Delhi Metro, affecting both its viability and ridership. The need for such a connector has often been voiced by Greater Noida residents, who need to travel to the Capital regularly for work and have to depend on road transport to commute.

Credits: www.timesofindia.indiatimes.com

The real estate landscape in Greater Noida is witnessing a seismic shift with the approval of its second phase.

New Delhi: The real estate landscape in Greater Noida is undergoing a seismic shift with the approval of its second phase, causing land prices to surge dramatically. The recent green light from the governing board has set off a frenzy in the property market, as land rates soar to unprecedented levels. With plans to develop a sprawling new area spanning 40,000 hectares, Greater Noida is poised for a monumental transformation, attracting buyers from far and wide.

The rush to acquire land

Prominent business representatives are making their way to the affected villages, engaging in discussions about acquiring land. Simultaneously, others are wasting no time and have already begun building farmhouses and warehouses, securing their stake in the new region. The trend of early land acquisition has set off, with some individuals taking possession of their parcels.

Impact on villages

The ambitious expansion plan under Master Plan 2041 aims to extend Greater Noida’s boundaries, designating it as the “Greater Noida Phase 2” area. Covering an expansive 40,000 hectares, this upcoming area is predicted to be a hotbed of real estate activity. Villages affected by this expansion are experiencing a substantial hike in land prices, motivating many to explore real estate investment opportunities.

New Noida’s parallel

This surge in property interest mirrors the trends observed in New Noida’s development. Although New Noida’s master plan is still in the pipeline, there’s a rapid escalation in the number of buyers interested in acquiring land. Land prices are scaling new heights, with rates along the GT Road reaching a staggering 2.5 crore INR per acre. Prospective land buyers are surging in numbers, indicating a growing appetite for land investment among farmers.

Greater Noida Phase-2 development

Under the ambitious Greater Noida Phase-2 project, industrial development will take center stage. The area will witness extensive industrialization, with a major railway junction planned in Bodaki. The development plan is currently awaiting final approval from the authorities, after which the plan will be presented for clearance from the Delhi NCR authorities.

Transformation of villages

Notably, the new Noida city will include the amalgamation of 20 villages from Gautam Buddh Nagar’s Dadri tehsil and 67 villages from Bulandshahr district’s Sikandrabad tehsil. This union of 87 villages aims to establish the new Noida as a sprawling hub of growth and opportunity. The project, which received approval about a year ago, has already been backed by the Uttar Pradesh government and the governor.

As the new Noida, Greater Noida, and Bulandshahr interlink, a bustling center of industry and commerce is anticipated. This burgeoning city is expected to redefine the region’s economic landscape. With land purchase activities for the new Noida set to commence this year, the real estate scene in the area is poised for remarkable transformations. The detailed project reports and master plans for the new Noida are already in place, signaling the imminent launch of this transformative journey.

Credits: www.news24online.com

The Uttar Pradesh Global Investors Summit is scheduled for February 2023, but that’s not the news for you today. As you can tell from reading the title, Noida Authority has been the talk of the town for achieving a milestone.

That’s right; investment proposals worth Rs 58000 Crore were signed by the Noida Authority for the city’s industrial, retail, and real estate sectors. However, Noida Authority’s work is not done yet since it has been assigned the responsibility of bringing in total investments of Rs 90,000 crore before the summit.

What’s important to note here is that out of the agreements totalling Rs 58,250 crore, Rs 30,000 crore have been pledged for the retail and real estate industries alone. As per the statement of a senior official of the Noida Authority, the initial target was to ensure investments of Rs 60,000 crore before the UP Global Investors Summit, but this was changed to Rs 90,000 crore.

By 6 January, the authority had signed agreements with 168 firms confirming investments of Rs 58,250 crore. Now, they are hoping to surpass the figure of Rs 60000 crore by 15 January. As far as investments in the real estate industry are concerned, they are mainly for commercial properties and group housing.

Read More: Why 2023 is the Best Time to Invest In Real Estate

Breakdown of Investors in Real Estate and Retail Sectors

Up to 18 reputed firms have signed investment MoUs of more than Rs 1000 crore each, and 13 companies will be investing over Rs 500 crore each. Needless to say, the future of the real estate and retail sectors of Noida City seems brighter than ever.

What’s Next?

An official from Noida Authority confirmed that the fruits of these investments would become noticeable soon. Plus, they are hoping for more investments in the future. At the moment, the implications of MoUs that have been signed already will spread over a period of 5 years.

The government of Uttar Pradesh is taking steps to attract more investments to the state and the city to promote development and modernization. For example, UP's Chief Minister went to Mumbai recently to invite some prominent figures to the Global Investors Summit and came back with investment proposals of up to Rs 5 trillion.

It is safe to say that this is just the beginning of state-wide development projects that are going to prove extremely beneficial for all parties involved as well as for the people.

The Budget 2023 will be presented to the parliament on February 1, 2023, by the Union Finance Minister Nirmala Sitharaman. Industry leaders from diverse sectors have placed high expectancies on the Budget 2023 and anticipate some pivotal announcements from the Finance Minister. In this blog we’ll be looking at some of the expectations of the real estate industry when it comes to Income Tax Deduction, Home Loans, Section 80 C, Home Buyers and more.

Let’s find out what industry experts have to say.

1. Focused tax deduction on housing loan principal repayments (Section 80 C)

Currently, Section 80 C of the Income Tax Act does not offer a focused benefit on housing which is the highest and most essential spending item for most taxpayers throughout their careers. Investors too have a number of investment opportunities, so the lack of a unique tax benefit on the principal amount of loans ultimately discourages them from investing in real estate. Home loan applicants will benefit greatly from a separate annual deduction of INR 150,000 for principal payments, which will help to increase housing affordability.

2. Raising the section 24 home loan deduction cap

The current limit for the Section 24 house loan interest deduction is INR 2 lakh. To enhance affordability and housing sales, this should be raised to INR 5 lakh.

3. Easing of capital gains requirements to aid homebuyers and increase affordability

According to section 54 of the Income Tax Act, long-term capital gains from the sale of an existing property may be used to purchase or construct a new home. If the investment qualifies for the exemption through a property that is still under construction, the investment can only be claimed if the property is completed within three years of the sale of the previous residence.

Residential construction projects are getting bigger in terms of the number of units, height, and amenities, which causes completion dates to be longer than three years. Furthermore, even if the implementation of RERA has brought about a significant improvement, completion dates for ongoing projects frequently go over the allotted time. This makes it challenging for purchasers of homes still under construction to write off capital gains. Experts recommend that the current three-year completion deadline for houses that are under development be extended to five years in order to remedy this.

Let’s now move towards a few issues highlighted by experts and their recommendations to overcome these.

Issue #1 - Making affordable housing projects more financially viable.

What Experts Recommend:
The deadline for registering an affordable housing project to receive a tax break under section 80IBA has lapsed. The section 80IBA registration timeline must be reintroduced.

What Are Their Justification:
Section 80IBA provided a 100% tax exemption for affordable housing projects that were approved through March 31, 2022. This clause stipulated that, subject to certain restrictions, such as the approval date, developers could claim a 100% tax exemption on earnings.
As per industry experts, it is critical to resurrect this measure since it is undoubtedly the most physically meaningful measure for increasing the viability of affordable housing projects.

Issue #2 - Rental housing in the affordable sector requires a boost.

What Experts Recommend:
100% exemption for rental income up to INR 3 lakh for houses up to INR 50 lakh.

What Are Their Justification:
This would encourage people to invest in the inexpensive housing segment, which is suffering from a severe housing scarcity. Owners of such houses avoid renting them out due to the low rent yields. This tactic will clearly encourage such property owners to rent out their residences to the targeted demographic, supporting efforts to increase the supply of housing in this market.

The Budget Session of the Parliament will commence on 31st January, 2023.

NOIDA: In two years, Gautam Budh Nagar will get northern India’s first medical equipment and device manufacturing park. Other four parks are in the southern states of AP, Telangana, Tamil Nadu and Kerala.

The park will be developed by the Yamuna Expressway Authority in Sector 28 of YEIDA area. In March, YEIDA will bring out a scheme for the project, which is estimated to cost around Rs 5,000 crore, of which Rs 100 crore will be borne by the central government, officials have said.

TOI has learnt that the Yamuna Expressway Authority has already earmarked 125 acres for the first phase of the scheme, where about 250 units are to be built. Here, domestic and foreign companies will manufacture various medical devices, including radiological devices such as CT scan and X-Ray machines , blood pressure monitors, pulse oximeters and ventilators, with production targeted to start by 2023.

Arun Vir Singh, CEO of YEIDA, said, “The medical device park will have plots ranging from 1,000 sqm to 4,000 sqm, which will be developed as ‘flatted industrial units’ of plug and play sheds (single or multi-storey roof-covered structures in the form of buildings). Both options will be there. It will be the first such park in northern India. We will bring out the scheme in March as all preparations are underway.”

Following the Covid pandemic, there’s a need to further strengthen domestic medical equipment manufacturing, especially as the central government has stepped up efforts towards self-sufficiency in this field. In view of this, YEIDA’s medical device manufacturing park gains even more significance, officials said.

According to estimates, the medical devices retail market in India is of around Rs 70,000 crore, whereas the domestic medical devices industry is smaller even though India is the fourth-largest market in Asia. The country is largely an importer of medical devices, with domestic industry accounting for about 2% of the global industry, which stands at USD 250 billion, as per the estimates.

Credits: www.timesofindia.indiatimes.com

Yamuna Expressway Industrial Development Authority (YEIDA) CEO Arun Vir Singh and BJP MLA Dhirendra Singh on Wednesday inaugurated a branding structure to promote the upcoming Apparel Park near the proposed Jewar International Airport along the Yamuna Expressway.

The structure is located 500 meters away from the Jewar Toll Plaza and has been developed by the Noida Apparel Export Cluster (NAEC). The structure carries the signage 'City of Apparel', depicting the status accorded to Gautam Budha Nagar by the Uttar Pradesh government under the One District One Product (ODOP) scheme.

Jewar MLA Dhirendra Singh said, "As part of the publicity about the apparel industry and the apparel park, the NAEC has installed a colourful and attractive illuminated branding structure 500 meters away from Jewar Toll Plaza towards Noida on Yamuna Expressway. It is also for the beautification of the city."

CEO Arun Veer Singh said, "Undoubtedly, it is a matter of pride for us to declare the district 'City of Apparel' by the state government. Besides, the Government of India has also included Noida in the list of towns of 'Export Excellence for Apparel' which will eligible Noida for various apparel export promotion schemes. These export-friendly initiatives will open new avenues for development and expansion of the apparel industry in Noida."

The long-awaited Apparel Park is coming up at Sector-29 on the Yamuna Expressway next to the proposed Jewar International Airport. At least 91 entrepreneurs will establish their apparel production/export units on 150 acres of land. The land allotment process to the apparel entrepreneurs is expected to be completed next month by YEIDA.

NAEC has proposed to set up apparel training centers in nearby villages with support from ATDC to provide training to local people. When trained, these people will be employed in production units in the Apparel Park.

Credits: www.indiatoday.in

ET Wealth's realty hot spot series takes a look at 7X & 11X, NOIDA. It comprises sectors 74, 75, 76, 77, 78, and 118, which also have some of the best residential projects in Noida. Multiple residential options including apartments in Noida are there across all budget segments. It is close to employment hubs, including NSEZ, Sectors 59, 60, 62, Noida Phase 2, and Greater Noida Expressway. Well-connected with nearby localities and boasts of good schools, hospitals, malls, markets, and restaurants.

Credits: Economic Times

New Delhi: As the three high speed rail corridors are expected to start from Delhi for Amritsar, Ahmedabad and Varanasi, the national capital is likely to get two high speed rail stations in different areas, officials related to the development said on Sunday. Also Read - 4-storey Building Collapses Near Delhi's Turkman Gate

Speaking to IANS, National High Speed Rail Corporation Limited (NHSRCL) spokesperson Sushma Gaur said, “NHSRCL is exploring all the possibilities to plan two high speed rail stations in Delhi.” Also Read - Farmers Protest Updates January 30

She said that one of the stations is in close proximity of Sarai Kale Khan and Nizamuddin railway station for Delhi-Varanasi high speed rail corridor, which may provide road connectivity to the high speed rail users through outer ring road, metro connectivity through pink line metro, interstate bus connectivity through Sarai Kale Khan ISBT and regional rail connectivity through RRTS system. Also Read - Blast Near Israel Embassy in Delhi: States, Airports on Alert; Jaishankar, Doval Speak to Israeli Counterparts

The NHSRCL has started the aerial LiDAR survey for the 800km Delhi-Varanasi high speed rail corridor earlier this month.

She said that the tenders related to data collection and various other activities including LiDAR survey, required for the preparation of Detail Project Reports for Delhi-Varanasi, for which the first draft of the DPR has already been submitted.

The NHSRCL on January 10 this year launched the LiDAR survey for the Delhi-Varanasi route from Uttar Pradesh’s Greater Noida, wherein a helicopter fitted with state-of-the-art aerial LiDAR and imagery sensors will capture data related to the ground survey along the proposed route.

An official related to the development told IANS that there will be two high speed rail stations in Gautam Buddha Nagar.

Another official related to the development said that one of the high-speed rail station will come up near the proposed Jewar International Airport while the another one near Sector 148 in Noida.

Talking about another station of the High Speed rail in Delhi, she said, “Locations are being explored for the other station for Delhi-Ahmedabad and Delhi-Amritsar high speed rail corridor, in close proximity of Sector-21, Dwarka Metro station and Bijwasan Railway station.”

She said that this may provide connectivity to Indira Gandhi International (IGI) airport and central Delhi through Airport Express Metro Line and West Delhi, Central Delhi, East Delhi and Noida through Blue line Metro Line, upcoming International Convention Centre at Sector-25 and Gurugram.

The Delhi-Amritsar-Chandigarh is 459 km long high speed rail corridor, while the Delhi-Ahmedabad is 886 km long high speed rail corridor.

The official said that the high speed rail stations in the national capital will be finalised only after the DPRs are submitted.

Besides these three corridors, the Ministry of Railways has entrusted the work to the NHSRCL to carry out the detailed project report (DPR) for the 711-km-long Mumbai-Hyderabad high-speed rail corridor, which will pass through Pune; 753-km-long Mumbai-Nagpur and as well as the 711-km-long Mumbai-Hyderabad bullet train corridor.

The NHSRCL has also invited tenders for preparing the DPR for the 435-km-long Chennai-Mysuru and 760-km-long Varanasi-Howrah high speed rail corridors’.

The NHSRCL is collecting data on these new proposed corridors for the preparation of the DPRs.

LiDAR survey alignment or ground survey is a crucial activity for any linear infrastructure project as it provides accurate details of areas around the alignment.

This technique uses a combination of laser data, GPS data, flight parameters and actual photographs to give accurate survey data.

“Based on the findings of the survey, designing of the vertical and horizontal alignment, structures, location of the stations and depots, land requirement for the corridor, identification of project affected plots/structures, right of way etc are decided,” Gaur said.

The work on the 508 km Mumbai-Ahmedabad Bullet train project is also in full swing.

Prime Minister Narendra Modi along with his then Japanese counterpart Shinzo Abe had laid the foundation stone for the MAHSR corridor on September 14, 2017.

Credits: www.india.com

LUCKNOW: UP government has achieved its five year targets for the electronics manufacturing sector in just three years, it has claimed.

In three years, it has attracted investments of Rs 20,000 crore and generated employment for three lakh persons. The government has said that due to its policies, especially during the Covid-19 period, companies from China, Taiwan, Korea have shown interest in investing in the state.

An Electronic Manufacturing Cluster is also being set up in the National Capital Region where foreign companies like Oppo , three Indian companies and four Taiwanese companies are setting up their units with an expected investment of Rs 2,000 crore.

“We had to achieve the target of getting investment of Rs 20,000 crore and employment to three lakh persons by 2022 but achieved it two years earlier with as many as 30 investors ready to invest in the sector due to the policies of the state,” said Alok Tandon, industrial infrastructure and industrial development commissioner. He added that Noida, Greater Noida, and Yamuna Expressway areas had come up as electronics manufacturing hubs. Samsung, with the largest mobile phone manufacturing unit in the world, is also located in Noida.

Tandon said that these gains were possible due to the government’s ‘UP Electronics Manufacturing Policy-2017’ which was introduced to encourage investment in the sector. Under the policy, Noida, Greater Noida and Yamuna Expressway have been declared as ‘Electronics Manufacturing Zones’. “After the success of the 2017 policy, the government brought out a more advanced UP Electronic Manufacturing Policy-2020 in August 2020 which aimed at developing the electronics sector in all parts of the state.

In view of the successful investment scenario in the sector, the government has now decided to revise the target to bring fresh investments of Rs 40,000 crore and further generate 4 lakh employment in the next five years,” Tandon said.

Under the 2020 policy, three electronics manufacturing clusters, which include an electronic city near the Jewar Airport on Yamuna Expressway, a defence electronics manufacturing cluster in Bundelkhand, and a medical electronic manufacturing cluster in the Lucknow-Unnao-Kanpur zone, are proposed to be established. In addition to this, the government also aims at establishing manufacturing industries in Bundelkhand and Purvanchal regions for which it has announced various financial incentives under the new policy.

Credits: www.timesofindia.indiatimes.com

The Noida Metro Rail Corporation (NMRC) has issued a tender to develop five Metro stations on the extension line of the Aqua Line to Greater Noida West in the first phase. The proposed route will connect Noida’s Sector 51 station with Greater Noida’s Sector 2, and help make commuting easier of scores of residents living in high-rises and villages en route.

On December 3, 2019, the Uttar Pradesh cabinet had approved the 14.95km Aqua Line extension corridor comprising nine stations from Noida’s Sector 51 to Knowledge Park 5 in Greater Noida.

Praveen Mishra, executive director, NMRC, confirmed that the tender has been issued. The 9.15km route in first phase will have five Metro stations -- Sector 122 and Sector 123 in Noida; and Sector 4, Ecotech 12 and Sector 2 in Greater Noida.

In the second phase of 5.8km, there will be four Metro stations; in Greater Noida’s Sector 3, Sector 10, Greater Sector 12 and Knowledge Park 5.

Sandhya Sharma, deputy general manager, NMRC, said the Greater Noida West extension line is significant given the number of residential colonies in that area. “The NMRC has issued a tender on September 29 and the last date for submission of bids is October 31. The project will be completed in 24 months from the award of contract. Soil testing and geotechnical survey of the route have been completed,” she said.

The project will be funded by the state government, the Centre, the Noida authority and the Greater Noida authority. As per the tender document, the project cost of the first phase is approximately ₹491.99 crore. The NMRC will also hold a pre-bids meeting on October 9.

Greater Noida West residents said the extension corridor will immensely help ease commuting, as the Metro will go through the densely populated areas of Gaur City and Greater Noida West, which have around 3 lakh under-construction housing units and around 75,000 flats already occupied.

Sumil Jalota, a resident of La Residentia, in Greater Noida West, said at present, people mostly use their personal cars for travelling to Noida and Delhi due to poor connectivity. “Once the Aqua Line reaches Greater Noida West, it will connect us to Delhi as well as Gurugram and Faridabad. This will also end traffic jams in areas nearby. We hope that the project is completed in a timebound manner,” he said.

The NMRC commenced operations of the Aqua Line, comprising 21 stations from Sector 51 in Noida to Depot station in Greater Noida, on January 25, 2019. This existing corridor has 15 stations in Noida and six in Greater Noida. This 29.71km Aqua Line was developed at a cost of ₹5,503 crore. The average daily ridership in February, 2020, stood at 25,907. After the lockdown, it resumed services on September 7 and has an average daily ridership of 4,200.

Credits: www.hindustantimes.com

The Noida authority on Sunday said it will complete work on four projects, worth nearly ₹220 crore, by the end of this month.

These projects include an underground car parking in Film City Sector 16A (being developed at a ₹110 crore budget), another underground car parking in Sector 3 (₹62 crore), Shaheed Bhagat Singh Park in Sector 150 (₹ 23 crore) and Biodiversity Park in Sector 91 (₹25 crore).

Due to the Covid 19 pandemic, work on these four projects was disrupted and these could not be opened for the public earlier, but, now, the authority officials said, they have expedited work on these projects so these are opened for the public use without any delay.

“We are giving finishing touches to these four projects so that these can be completed by September end, and be open for public use at the earliest,” said Rajiv Tyagi general manager, Noida authority.

The 1400-car capacity, three-storey car parking project, proposed on an area of 19,202 square metres in Film City, was started in July, 2015 with a December, 2016 target. But the project missed several deadlines. The coronavirus triggered lockdown further disrupted the work. Officials said that it will be opened for use by September end. Similarly, work on the car-parking facility at Sector 3’s F block started in January 2016, and supposed to be ready by July 2017. The project will now be ready by September end and will have a 450-car capacity, said officials.

The authority had in January, 2016 conceived the idea of developing a park in the memory of Shaheed Bhagat Singh. But work at the site in Sector 150, which is home to newly built group housing towers, started only in April, 2018. According to the Noida authority officials, it has planted 2,000 trees, 75,000 shrubs at the park, so far.

Spread over 75-acre green area along the Noida-Greater Noida Expressway, the Biodiversity Park in Sector 91 once ready would be the city’s largest park. The authority has planted as many as 4,322 traditional trees including neem, jamun, banyan and mango besides 19,625 ornamental trees.

Both these parks are expected be open to the public by the month-end.

Credits: www.hindustantimes.com

NOIDA: The Noida Metro Rail Corporation (NMRC) will float within a week fresh tenders for Aqua Line’s Greater Noida corridor, which will branch out from Sector 51 to Knowledge Park 5. Work on this extension is expected to start sooner than two other arms of Aqua Line because the detailed project report has already been approved by the cabinet.

Once ready, this 15km extension will link the Greater Noida sectors with Delhi Metro’s Blue Line and improve connectivity with the Capital.

Of the total nine stations on the route, five will be built in the first phase by 2022. This will prove to be a crucial transport link for residents living in Greater Noida, where thousands of flats are expected to be delivered by next year.

Another key Aqua Line route — from Sector 142 to Botanical Garden — has been finalised by the NMRC, but it is being vetted by the metro board. The routemap will then be sent to the Centre for approval. The detailed project report for the third extension — Boraki to Metro Depot — is being prepared by NMRC.

“Work on the Greater Noida corridor (Sector 51 to Knowledge Park V) will start first because its plan has already been approved by the cabinet. Applications for fresh bids will be issued within a week,” said Ritu Maheshwari, the NMRC managing director.

The need for fresh bids for the Greater Noida route was necessitated as the previous tendering process had to be cancelled after one of the three companies that had shown interest had to be disqualified because of lack of expertise in the field.

In June, three companies had responded to applications for building the first phase of the route. They were Sam India Builtwell Ltd, NCC Ltd and Shrisay Infotech. Of them, Shrisay had to be ruled out for lack of expertise.

“We have to float fresh tenders as the earlier one left us with only two respondents,” Maheshwari had told TOI earlier.

Knowledge Park, the last station on the route, has a number of educational institutes and once the entire stretch is built, it will benefit a number of students who now have to depend on other modes of transport like auto-rickshaws and cabs to reach the nearest Aqua Line station.

The Greater Noida corridor will be built in two phases — the first one will be 9.6km long from Sector 51 to Greater Noida 2. It will have five stations — sectors 122, 123, Greater Noida sectors 2, 4 and Ecotech 12 — and is estimated to cost Rs 430 crore. All these stations will be on an elevated platform and are expected to be built by 2022.

The second phase will have four stations — Greater Noida sectors 3, 10 and 12, and Knowledge Park 5.

Aqua Line currently has no interface with Delhi Metro, affecting both its viability and ridership. The need for such a connector has often been voiced by Greater Noida residents, who need to travel to the Capital regularly for work and have to depend on road transport to commute.

Credits: www.timesofindia.indiatimes.com

Officials say there are plans to facilitate landing of Mi-172 helicopter at the heliport. The heliport will also have facilities for helicopter maintenance.

Noida Authority CEO Ritu Maheshwari said the heliport in Noida will boost business activities and the city's overall development.

The Noida Authority today signed an MoU with Rights Muted to develop a heliport in Sector 151 A. The construction work is expected to start soon.

The project is aimed at providing helicopter facilities to neighbouring cities at economical rates.

Noida Authority CEO Ritu Maheshwari said the heliport in Noida will boost business activities and the city's overall development.

The Noida Authority will provide Rs1.69 crore for technical consultancy for the heliport's construction.

The terminal building of the heliport will come up on an measuring 500 square meters. Officials say there are plans to facilitate landing of Mi-172 helicopter at the heliport. The heliport will also have facilities for helicopter maintenance.

"There will also be overhauling and three helicopter parking facilities. As many as eight helicopters will be able to land at the heliport that will be coming up at Noida Sector-151A," the officials said.

Credits: www.indiatoday.in

GREATER NOIDA: The Greater Noida Industrial Development Authority (GNIDA) will soon start analysing the steps that can be taken on an urgent basis to streamline traffic movement across Kisan Chowk (Gaur City Chowk), Pari Chowk, Surajpur entry point, Tilpata Chowk and Honda Chowk — the five busy junctions in the city.

Officials have started work on a Comprehensive Mobility Plan (CMP) for the city. The decongestion of the five hotspots through short-term measures would be taken up in July and August, they said.

The study would be conducted in two phases. The first phase would be focused on strengthening public transport and mobility while the second would cover the planning and designing of roads and junctions.

In November last year, the authority had roped in RITES, a central government engineering consultancy company based out of Gurgaon, as its Traffic and Transport Management Consultant. “RITES team working on the CMP for Greater Noida presented findings of their preliminary survey on June 25 through video conferencing. Problem areas plaguing traffic movement at these junctions have been highlighted in their preliminary report. Officials concerned are studying the report and would take remedial action,” said GNIDA’s chief executive officer, Narendra Bhooshan.

The RITES team would study traffic situations across 20 busy locations before suggesting a master plan for overall traffic and transportation management in the town.

Bhooshan said there is a need to hire a professional agency for traffic planning since the population of the city is expected to reach 25 lakh by 2030 and all smart cities need to plan for the future growth. Apart from suggesting the ways to improve the accessibility and segregation of pedestrians, daily commuters, heavy vehicles, public transport and buses, steps required to promote usage of bicycles through the development of pick-and-drop bicycle parks, on the lines of European cities would be covered.Generating e-challan through traffic lights, space for bus stands, public transport hubs, bicycle parking and bringing down congestion around metro stations would be part of the study.

Accessibility and interdependencies depending upon future growth in different sectors as per land use, economic development, demography, the environmental impact would be considered by the consultants.

“We want to undertake urban development in a way that reduces traffic and dependency on cars,” said general manager, projects, GNIDA, Samakant Srivastava. Urban transport service planning (routes, frequency, timing) and traffic forecast would be included in the study, officials added.

RITES has been given a time of 18 months to complete the study and the final report would be ready by June 2021.

The authority would include the points suggested by the consultant during urban planning and develop infrastructure accordingly.

Credits: www.timesofindia.indiatimes.com

Opportunities seldom knock twice! Even though the real estate market sentiment is low in the wake of the continuing COVID-19 crisis, the majority of buyers are interested in buying properties. In fact, it is the right time to clinch the deal as the realty market is flooded with different beneficial schemes and lucrative offers.

The unprecedented COVID-19 crisis has taught a lesson to all of us that it is always better to own a property rather than living in rented accommodation. One must at least own a home to get some kind of material security in troubling times. It is always advisable to buy a decent residential property to live peacefully and stay happy with your family through the entire ups and downs of life.

Currently, in the real estate market, the consumer is in the driver’s seat as they enjoy the opportunity to choose from a plethora of ready-to-move-in options. If we go by the market reports, there are 6.44 lakh residential units available across the top seven cities in India. In this favourable scenario that has emerged to benefit the homebuyers, if you have the money to clinch your decision to buy your dream property, you must go ahead.

Home loan rates have also come down to benefit homebuyers further. With the recent 40 basis points cut in repo rate by the RBI, home loan rates will further nosedive. Even though the lockdown has created several challenges for the real estate sector, the smart market players have the answer to all these obstacles.

While the homebuyers are not preferring to visit project sites to follow COVID-19 protocol, the developers have adopted the online mode to assist them in their home search. Further, they are offering various lucrative offers such as gifts on every booking with reduced booking amount and cashback schemes, among others.

The developers are interacting with the clients through online means of communication apart from giving them an online presentation of their projects. Some of them have also come up with a loan-free pay-on possession payment plan for the buyers. All these efforts have turned out to be positive for the buyers and have helped the developers in driving sales even at the time of crisis.

We cannot remain in lockdown mode forever, and we have to continue all our activities to support the economy while following all precautions. Actually, it is time now to revamp all our strategies and find innovative ways to attract customers. As a result, the market has become exceptionally conducive for homebuyers. Moreover, since the interest rate is low on fixed deposits as well, investment in properties provide the homebuyers with a safe avenue to grow their asset and yield high returns.

Further, the RBI has recently extended the moratorium on loans for three months which will further help the consumers in getting their finances in order at this time of crisis. All these positive announcements have altogether made the property purchase more beneficial for the homebuyers. For them, it is a once-in-lifetime opportunity to grab without hesitation.

Credits: www.99acres.com

After getting ‘In Situ permission’ from respective authorities, leading real estate developer Ace Group has resumed construction work in its projects ‘Ace Parkway’, Noida and ‘Ace Divino’, Greater Noida West.

Ace Group is following all the protocols and necessary precautions related to COVID-19 like strict social distancing, proper sanitisation and maintaining hygiene at its construction sites to protect the health and safety of the labourers.

Noida/Greater Noida, 31st May 2020: Realty major Ace Group has announced to have resumed construction work in its projects ‘Ace Parkway’, Noida and ‘Ace Divino’, Greater Noida West after getting ‘In Situ permission’ from respective authorities. A press release issued by the company says that it is following all the protocols and necessary precautions related to COVID-19 at its construction sites to protect the health and safety of the labourers.

Ace Group has resumed construction work with limited manpower and it has ensured measures to maintain strict social distancing norms and other safeguards like proper sanitisation, hygiene best practices at its construction sites. While the Ace Group is regularly sanitising its projects sites, it has also provided labourers with masks, gloves, sanitisers and soaps for washing hands frequently. The developer has also arranged for meals to be provided to the labourers twice a day. Ace Group is also carrying out their routine health check-ups, besides mandatory thermal scanning of everyone entering the construction sites.

Ajay Chaudhary, CMD, Ace Group said, “Despite facing some supply side hindrances of the construction materials due to the ongoing lockdown we have resumed construction at our projects sites with simultaneously ensuring the safety and well-being of our construction workers as our top priority. We are also creating awareness among them regarding social distancing and hygiene best practices to curb the spread of COVID-19. As a socially responsible firm, we also understand that we have the responsibility to support our communities especially those who are vulnerable hence we have also arranged for their meals, shelter and healthcare at our project sites. ”

Nestled in the lap of luxury at Sector-150, Noida, Ace Parkway encompasses spacious two, three and four BHK apartments. It’s a classic living destination for luxurious, ingenious and most importantly peaceful living with abundance of facilities and amenities. ‘Ace Divino’ located at Sector-1, Greater Noida West is the other most sought after residential project of Ace Group, which offers aesthetically beautiful apartments of two and three BHK. The premium apartments at Ace Divino imbibe all the modern amenities to provide Futuristic Living with in-campus shopping, Zen Garden and a host of World-Class features.

Credits: www.realtynmore.com

NEW DELHI: The RBI's announcement is good news for home loan borrowers secure income , as interest rates in this category will come down by 40 basis points 100bps equal 1 percentage point) to around 7%. This is the lowest level in over 15 years.

Also, borrowers who are facing income uncertainty because of the Covid-19 lockdown can avail of an additional three-month moratorium to get their finances in order. Those borrowers who have not availed of a moratorium so far but are now facing income pressure can still defer their repayments for three months. For a loan of Rs 30 lakh with a remaining maturity of 15 years, the net additional interest would be approximately Rs 2.34 lakh — equal to eight EMIs. A part of this burden could come down because of the reduction in interest rates.

For existing borrowers, SBI’s interest rates on home loan up to Rs 30 lakh will automatically come down to 7% from the existing 7.4%, on loan between Rs 30 lakh and Rs 75 lakh to 7.25% from 7.65%, and above Rs 75 lakh to 7.35% from 7.75%. For women borrowers, the rates would be further lowered by 5bps.

Since October 2019, when home loan rates were linked to the repo rate, interest has been cut by 1.4 percentage points. The EMI on a Rs 30 lakh loan is now down to Rs 19,959 from Rs 22,855 in October 2019 -- a reduction of Rs 2,896.

Housing finance companies and those banks that have not linked their home loan rates to the repo rate may not pass on the reduction in their home loans. However, driven by competition, HDFC has already brought down its rates to 7.50%. To improve the transmission of rates, the RBI had forced banks to link their interest rates on priority sector loans — including home loan — to an external benchmark rate (EBR). Most of the banks chose repo rate as their EBR.

On May 8, some of the banks like SBI increased the spread on home loan rates for new borrowers by 20bps by increasing the margin over and above the benchmark rate of 7.05% pegged against the repo rate. SBI did it, saying that due to the pandemic, the credit risk of borrowers had gone up and so the bank had increased the risk premium by 20bps.

Many banks argued that the repo rate cut does not lower their cost of funds, but leads to lowering of lending rates for existing borrowers. Therefore, banks may resort to raising spreads. A senior banker said that the lowering of the rates matching the present round of reduction in the repo rate would be circumvented by banks.

Credits: www.timesofindia.indiatimes.com

The ownership of the house brings with it an unmatched sense of security.

Amid coronavirus pandemic, real estate has once again emerged as the safest investment option. For Indians, owning a home has been traditionally considered a matter of prestige as well as safety. The sector has been in the doldrums from the last few years with the sharp rise in equity markets with investor sentiment favouring the latter. A preference for paying rents as against making long-term investment commitments in homes gained prominence.

The reluctance to invest in real estate was based on shorter returns, a higher rate of interest on home loans and the argument that it is cheaper to rent than buy a house. However, the coronavirus pandemic that we are facing right now will change the mindset.

For starters, the ownership of the house brings with it an unmatched sense of security. The people will seek to own their personal house and that will be the silver lining going forward. The ongoing weakness in the equity markets will further aid the sentiment and revive consumer interest in the sector. The value of properties in the real estate market will, therefore, remain stable.

Investors will seek greater transparency and trust in their investments. To put it into perspective, the private market commercial real estate returned an average of 9.85 percent over the past five years, according to the National Council of Real Estate Investment Fiduciaries’ (NCREIF) July 2018 data. The credible performance was achieved, together with low volatility relative to equities and bonds, for highly competitive risk-adjustment returns.

On top of everything, real estate is not paper money, this is the asset you can hold tangibly which further enhances its reliability and return on investment. The positive relationship between GDP growth and demand for real estate stems from the inflation hedging capability of the sector.

As economies expand, the demand for real estate drives rents higher and this, in turn, translates into higher capital values which make real estate a secure investment in that sense. Thanks to the Reserve Bank of India (RBI) announcement for reducing repo rate by 75 bps and the new base rate is 4.4 percent will ensure the reduction of the home loan interest rates which is a further sentiment booster. Fence-sitters must use this period wisely and look to enter the market actively.

The post-pandemic world will be good for the real estate sector, the one sector that will emerge as the silver lining in such a bleak scenario. Timing is crucial when one is considering investing in real estate. And the time now is ripe to put it through action. Financial security is foremost on people’s minds and one must deploy their money through multiple avenues. In the current situation, real estate offers you the best bet — stability, security and safety.

-Ram Raheja is Director at S Raheja Realty. The views expressed are personal

Credits: www.cnbctv18.com