Over 55,000 Home Buyers to Get Possession of Flats in Noida
Aug 20, 2015
Source : NDTV


New Delhi: Over 55,000 home buyers will now get possession of their flats in Noida as the government issued the final notification demarcating the Eco Sensitive Zone (ESZ) around Okhla bird sanctuary, realtors' apex body CREDAI said on Wednesday.

The move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary here would boost housing demand and prices in the Noida property market, CREDAI-NCR President Manoj Gaur said.

The National Green Tribunal (NGT) had restrained the authorities from issuing completion certificate to projects located within 10-km radius of the Okhla Bird Sanctuary or within the Eco-Sensitive Zone till the time clearance from the National Board for Wildlife (NBWL) is obtained.

On Tuesday, the Environment Ministry had cleared the process of demarcating eco-sensitive zone around the Okhla Bird Sanctuary.

The eco-sensitive zone area would be up to 100 metre from the Eastern, Western and Southern boundary and up to 1.27 km from the northern boundary of the Okhla Bird Sanctuary.

"It is a very good decision. Over 55,000 home buyers, whose homes were ready but could not occupy it, will now get possession of their flats as development authorities will start issuing completion certificates to affected projects," Mr Gaur said, adding that overall about 1 lakh homes were being constructed in this area.

"This will have a positive impact on Noida market. Housing demand and prices will increase," Mr Gaur said.

Besides home buyers, he said the notification would help other stakeholders as well.

"Developers will get final payment from customers, state government can earn Rs 2,000 crore in stamp duty, Noida Development Authorities will get dues from builders. So it's a win-win situation for all," Mr Gaur said.

Housing projects of various developers, including Jaypee Green, DLF, ATS, 3C Developers and Supertech, were affected due to the NGT order.

Okhla Bird Sanctuary is at the Okhla barrage over Yamuna River and is situated in Noida Gautam Buddh Nagar district on Delhi-Uttar Pradesh state border.

Latest Realty News

Aug 20, 2015
Reserve Bank Governor Raghuram Rajan on Thursday made a case for reduction in property prices given the high inventory of unsold flats across the country.
Aug 20, 2015
New Delhi: Average apartment sizes fell by up to 26 per cent in last five years across seven major cities in the country as developers are making smaller flats to boost their sales in a sluggish housing market, according to global property consultant JLL India.
Aug 20, 2015
BHUBANESWAR: The long-awaited bill to amend the Odisha Apartment Ownership Act, 1982, is scheduled to come up in the assembly during the monsoon session, which started on Tuesday.
Aug 19, 2015
NEW DELHI: As many as 55,000 home buyers will benefit immediately from the government's move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary here, leading real estate developers said.
Aug 19, 2015
NOIDA: The final announcement on he bounds of the eco-sensitive zone around Okhla Bird Sanctuary by Union minister Prakash Javadekar is likely to put smiles back on the faces of Noida flatbuyers and builders alike. The legal impasse, which had crippled the real estate bazaar for two years, had even paralysed homebuyers from moving into ready flats.
Aug 18, 2015
MUMBAI: Securities Appellate Tribunal (SAT) on Monday upheld an order by market regulator Sebi against Jaipur-based real estate major PACL Ltd and directed it to refund Rs 49,100 crore that the company had collected through what the tribunal termed as 'sham collective investment scheme (CIS)'. This was the largest CIS in the country so far — in terms of money collected as well as the number of investors involved — against which Sebi had passed an order.
Aug 18, 2015
NEW DELHI: The real estate industry is keeping its fingers crossed and hoping that the Goods and Services Tax (GST) Bill would be passed in the current Monsoon Session of Parliament so that rationalisation of taxes on purchase of materials does not get pushed to 2017.
Aug 18, 2015
KOLKATA: Civic officials and politicians are now asking real estate developers in Kolkata and its vicinity to pay for every activity related to construction. This amount is so significant that developers factor in the additional cost at the planning stage of a project while calculating overheads.
Aug 17, 2015
Dubai: An Indian asset management firm has launched a $250-million realty fund for Gulf investors to develop mid-income residential properties in India.
Aug 17, 2015
Months after the proposed plan to demolish Balabrooie Guest House to build a club for legislators was scrapped following a public outcry, deputy speaker NH Shivashankara Reddy told media that Carlton House, another heritage building, would be converted into the proposed club. Carlton House is situated on Palace Road, off Vidhana Soudha.

Latest Realty News Of State

Realty Talk's