YEIDA, to act against 100 erring Greater Noida builders

The Greater Noida and Yamuna Highway Authorities are deliberately taking action against erring builders who have failed to abide by the deadlines to deliver possession to homebuyers, and are yet payoff the outstanding dues, which amounts to more than Rs 10,000 crore, to both the Regulators.

While a committee was established last week to look into the concerns being faced by the homebuyers and the realty sector; the legal departments of the 2 Regulators were consulted by the committee on Monday to discuss if criminal proceedings can be initiated against more than 100 building contractors in the two areas.

Based on the officials, the four-member is constituted by Meerut commissioner Dr Prabhat Kumar, who also retains charge as the chairperson of Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA), has recently been tasked to learn all options available to retrieve dues from the defaulting developers.

The commissioner further added that they have recently been asked by the panel to also study the parts of the Indian Penal Code under which criminal proceedings can be initiated against this defaulter real estate developers in Noida.  An official also said that the committee is concentrated on sorting out the difficulties being faced by the homebuyers including delayed ownership. The committee is expected to submit the report to Kumar in a week.

A meeting was held to discuss the project settlement policy, which started in October last year to provide some relief to the homebuyers, by Amit Mohan Prasad, CEO of Noida and Greater Noida Regulators on April 24. The goal was to come up with a workable solution to break the impasse between customers and builders in all the three areas of Gautam Budh Nagar. A report of the meeting revealed a possible solution shall be presented to senior officials in Lucknow on April 26.

Meanwhile, a group of homebuyers who have invested residential property in  Noida area's Chi-5 also met Kumar on April 24. According to a homebuyer he has apprised the chairperson of your problems including away devoid of been given ownership of our homes booked way back in 2011. The contractor was going to deliver 700 residential units in August 2015, however, until now only 20% construction has been carried out. Several builders said that they do not have money to complete the project, but what should the 350 people do who are stuck in this situation do?

This move reflects that the coming days will surely bring some good news for the home buyers and market of propertyin Noida.

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Concerning Rental Income: Should You Buy Flats in Noida or in Greater Noida?

In the minds of many consumers, considering whether to buy flats in Noida or whether to buy flats in Greater Noida is no longer a difficult question to answer. Both the real estate markets, Greater Noida and Noida, differ from each other in well understood and easily quantifiable ways.  

Differences Between Noida and G. Noida

Despite the fact that Noida and Greater Noida are neighbours or rather lie adjacent to one another, the property markets in both cities are quite distinct and cater to different kinds of buyers. Such differences are brought to the fore when one considers the rental market in these adjoining cities.

Households that had invested in one of the numerous residential projects in Noida are likely to have been disappointed by the low rise or in some cases even negative rental returns from their property. Conversely, households who had invested in a project in Greater Noida were likely to have gained a handsome rental yield of nearly six percent on their property.

Why The Disparity Between Greater Noida and Noida?

The simple reason for the disparity in rental earnings between the two cities is simply because rental rates in Noida have nowhere to go but down since rental rates here had risen so drastically over the past few years. On the other hand, the rental rates in Greater Noida are far less exorbitantly priced and hence have sufficient room for upward movement earning owners of properties in Greater Noida a higher rental income over the next few years than they had earned in the past

Homebuyers who bought a property from real estate developers in Noida a few years ago would be able to rent out the property at a price of nearly fourteen rupees per square foot whereas properties in Greater Noida that were bought from real estate developers could be only be rented out for nine rupees per square foot today. Thus there is sufficient room for the rental price to rise per square foot in Greater Noida just as there are numerous price points to which rental prices could fall concerning property in Noida.

Further Reasons for the Rental Disparity

One reason why property in Noida commands a higher premium than does property in Greater Noida is simply because Noida has better infrastructure than does Greater Noida. Additionally, Greater Noida is a young city and has yet to mature in terms of civic and social infrastructure whereas real estate in Noida benefits from Noida’s older vintage.

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