UP-RERA identifies over 40 realtors duping home buyers

According to officials, they had received 17 complaints wherein the promoters provided fake registration numbers of UPRERA to gullible homebuyers.

LUCKNOW: Planning to buy a house? Cross check every document to be doubly sure as Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has identified 43 private builders who were duping homebuyers in the city.

According to officials, they had received 17 complaints wherein the promoters provided fake registration numbers of UPRERA to gullible homebuyers.

Investigations found there were 43 such builders, who were constructing housing projects in prominent areas of the stat capital like Gomtinagar Extension, Jankipuram Extension, Kanpur Road, Matiyari and Sitapur Road.

UPRERA secretary, Abrar Ahmed, said, “We have found 43 projects, which are not registered with us, but builders printed fake registration numbers in their pamphlets and on websites. We are identifying more such housing projects and will lodge FIRs against them soon.”


According to UPRERA norms, every builder must get the project map approved from LDA and take a no-objection certificate (NOC) from the fire department.

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UP-RERA to retender over 24 stuck projects in NCR

The move will benefit more than 30,000 home buyers, a top official said. Unsold flats and nearby land will be used by the new promoter to generate money and complete the project, UP Rera chief Rajive Kumar said.

BY: Faizan Haidar

NEW DELHI: People who have bought flats in projects where the construction is stopped for more than a year in Noida, Greater Noida and Ghaziabad may soon get to see their projects being revived by a new developer.

Real Estate Regulatory Authority (Rera) of Uttar Pradesh has identified more than two dozen 'stuck projects' in the NCR towns of the state to deregister them and invite fresh tenders from developers to complete the construction.

The move will benefit more than 30,000 homebuyers, a top official said.

Unsold flats and nearby land will be used by the new promoter to generate money and complete the project, UP Rera chief Rajive Kumar said.

He said there is provision for this under Sections 7 and 8 of the Real Estate (Regulation and Development) Act, 2016. “Section 7 says if a project is stuck, then all the violation is brought to the notice of promoter,” he told ET.

“In case he is willing to take action to complete the project, we give him the opportunity and put a monitoring committee.”

In cases where original promoter is not in a position to complete the project, the Residents’ Welfare Association (RWA) is asked to come forward and if two third of them agrees, the authority starts the procedure to deregister the project under Section 8.

This provision was first exercised in May when Rera deregistered three phases of Unnati Fortune Holdings’ Aranya housing project in Noida.
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Greater Noida development body begins document verification of Amrapali home buyers

On Thursday, about 55 home buyers of the project sought information regarding registry procedure, while 20 got their documents verified, said Santosh Kumar OSD (builders) GNIDA.

GREATER NOIDA: Following orders of the Supreme Court, officials of Greater Noida Industrial Development Authority (GNIDA) on Thursday, began the document verification work for registry purposes of home buyers of Amrapali Castle Project located in sector Chi V of Greater Noida.

On Thursday, about 55 home buyers of the project sought information regarding registry procedure, while 20 got their documents verified, said Santosh Kumar OSD (builders) GNIDA.

Kumar adds that the work of document verification for Amrapali Castle project will continue on October 4 and 5. “GNIDA will carry out the work of document verification of home buyers of other projects of Amrapali group in Greater Noida in a schedule manner,” said Narendra Bhooshan CEO GNIDA.

The Thursday’s document verification work was done under OSD Kumar along with GNIDA team of Shyam Sundar, Kailash Chandra, MP Singh and Rahul Sharma. RWA members of the Amrapali Castle project also collaborated in the work.

There are three Amrapali projects in Greater Noida—Castle, Grand and Leisure Valley. Officials had on Wednesday said that of all three, GNIDA will start work on Castle initially since the construction is fully complete and most flat buyers have already moved in

Amrapali castle is a group housing society built over around 10,000 square metres area. Sources said that there is a pending amount of Rs 9.57 crore from this project that the builder has not paid to the authority so far.

The society has 302 flats in three towers, of which about 215-230 are occupied by homebuyers and tenants. The project was launched in 2010 and possession started in 2014-14. However, none of the flats are registered yet.

Residents said that the authority has already taken measurements and the NBCC team has also completed the little work that needed to be done in the common areas.
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NBCC to hand over two Amrapali projects to SC receiver in November

The flat owners are expected to start the registry from next month, almost six years after they moved in to the flats.

BY: Faizan Haidar

NEW DELHI: The National Building Construction Corporation (NBCC) will hand over the first two of the 16 Amrapali projects to the Supreme Court receiver in November, a senior official said.

The work on fire-fighting equipment, sewage treatment plant, waste treatment plant and final paint work in some of the flats of two societies — Eden Park and Castle, that combine have 618 flats — is nearing completion.

The flat owners are expected to start the registry from next month, almost six years after they moved in to the flats.

These two societies had the basic amenities as over 400 residents had shifted here since August 2013 but some crucial safety feature were not there, which NBCC is in the process to complete.

“About 80-85% work in these societies was complete and the remaining work is also about to be completed. Once we handover these in November, we will start work on remaining societies,” said Neelesh Shah, director (projects) of NBCC.

More than 40,000 buyers were stuck with under constructed projects, some since the past decade after Amrapali Group was dragged to court for alleged fraud and money laundering.

The SC, in January, had asked NBCC to complete these two societies before cancelling the registration of all 16 societies of Amrapali in July.

“I am living here since 2015 and though basic amenities like water, power and lift were there, few critical features such as fire-fighting equipment and clubhouse were lacking. NBCC has now completed the work and the Noida authority has also started the verification of documents to start the registry,” said Pankaj Kumar, a resident of Eden.
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Greater Noida: Nine years on, Radicon Vedantam yet to be completed

While the project delay is a major concern, buyers are also worried about what comes after. Of the 150 families in the complex, only 73 have houses that are registered.

GREATER NOIDA: Nine years since it was floated, Radicon Vedantam in Greater Noida is nowhere near completion. The builder claims to have completed 456 apartments of the 855-unit project. Of them, only 150 live in the society now, of which only 73 have houses that have been registered. The rest are awaiting completion certificates.

The builder has finally set a 2020 deadline for completing the project. But buyers remain circumspect. "While the builder has given a final deadline to UP-Rera by which it is supposed to finish work on the flats, many people have not been able to take possession because of the high settlement bills. We have filed complaints with UP-Rera," said Rajesh Kumar, a buyer, adding, "The builder had made many promises – swimming pool, club, and so on. Right now, even the boundary wall has not been completed. The pace at which things are going, I wonder if we will get our flats on time."

While the project delay is a major concern, buyers are also worried about what comes after. Of the 150 families in the complex, only 73 have houses that are registered. Besides, the quality of houses and the society has not inspired much faith.

"The project suffered due to the mismanagement of funds by the builder. Buyers have been waiting for their flats for years and only half the project is complete; we are not sure of the quality of amenities we will get," said Amresh Chandra, a buyer.

On similar lines, Jayant Kumar, another buyer and resident, said, "I bought my flat in 2012. I finally got my flat a year ago, but the living conditions are appalling. The flat is not registered, common areas have not been built, power supply is erratic and we are dependent on ground water for our supply. I pay an EMI of Rs 25,000."

In response to the complaints by buyers, Arpit Gautam, a director of the company, said, "We have completed 50% of the project and have a deadline of 2020 to complete the rest. Our main problem at the moment is what any other builder is facing at the monent – liquidity crunch. However, despite all odds, we are committed to completing the flats."
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Housing sale decline by 22% in NCR: Report

According to the report, Collectively, NCR saw new supply of 5790 units in Q3 2019 as against 4,200 units a year ago and nearly 13,570 units in the preceding quarter of Q2 2019.

BY: Faizan Haider

The National Capital Region (NCR) has seen 22% drop in housing sales on quarterly basis, according to a report by Anarock consultancy. As per the report, with sales of nearly 9,830 units in Quarter 3, 2019, the sales dropped yearly by 13% and nearly 22% on quarterly basis. Among the top 7 cites, NCR was second in recording maximum decline on quarterly basis.

According to the report, Collectively, NCR saw new supply of 5790 units in Q3 2019 as against 4,200 units a year ago and nearly 13,570 units in the preceding quarter of Q2 2019.

“Gurgaon saw maximum new launches in Q3 2019 comprising 2,030 units, increasing by 75% from 1,160 units in Q3 2018. Faridabad followed next and saw new launches of approx. 1,190 units in Q3 2019, up by 36% against the preceding quarter,” the report said.


With festival season approaching, developers are hopeful of better performance.
Greater Noida and Noida that saw minimal new supply, clocked in maximum sales in the third quarter this year (sale of 4,580 units). Greater Noida independently saw nearly 3,200 units sold in Q3 2019 – more than Gurgaon, which clocked in housing sales of 2,690 units during this period.


Ghaziabad recorded housing sales of 1,700 units in Q3 2019, decreasing by 20% on quarterly basis from 2,120 units sold in Q2 2019. According to the report, NCR has fared better in shedding its overall unsold stock on both quarterly and yearly basis. It saw its stock decline by 7% in a year – from 1,90,650 units in Q3 2018 to 1,77,900 units in Q3 2019. On a quarter basis, the region reduced its unsold stock by 2% - far better than most top cities except Hyderabad.
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About 20 companies show interest to develop Jewar airport

GREATER NOIDA: As many as 20 national and international companies have shown their interest in the Jewar international airport project so far, officials said, as the deadline for submitting queries and seeking response ended on Monday.

While the last date to file a tender for the project is October 30, technical bids will be opened on November 6, and financial bids will be opened on November 29. The developer for the airport will be finalised in January 2020.

“The queries raised were taken up in two meetings — one held on August 19 and another on September 12 — chaired by the UP chief secretary. We had also extended the deadline for submission of queries from September 15 to September 30, so as to address the increasing number of queries — approximately over 200 — that came from the 20 bidders who have purchased the bid document so far,” said Shailendra Bhatia, nodal officer for Noida International Airport Limited (NIAL) that’s handling the project.

According to Bhatia, the concessionaire centres around two documents — request for quotation (RfQ) and request for proposal (RfP) — which deal with issues like how to apply, feasibility, eligibility, and queries related to the airport.

“The RfQ-cum-RfP and draw of concession agreement (DCA) documents have all been put up on the website on track mode after incorporating all queries raised so far,” he said.

While queries related to the concessionaire were over 200, the RfQ and RfP related queries were 111, said Bhatia, adding that DCA documents include agreements and execution clauses with the prospective concessionaire such as code of how to operate/develop the airport and its maintenance.


In addition to these, NIAL has also uploaded responses to queries on RfQ, RfP, DCA, and from the Union ministry of civil aviation (MoCA), Airports Authority of India (AAI), and Airports Economic Regulatory Authority (AERA), as well as the response from India Meteorological Department (IMD).

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NBCC gives four-year time-frame for delivery of 17,000 Jaypee Wish Town flats

Sources said NBCC has told homebuyers at the meeting it will pay a penalty at the rate of Rs 5 per sq ft per month to the buyers if it fails to meet the four-year deadline to complete the pending flats of Wish Town.

NOIDA: NBCC will take four years to complete the 17,000 pending flats of Jaypee Wish Town. And it will hive off Yamuna Expressway and monetise existing assets of the developer to initiate construction activity. This was conveyed to the buyers of the housing society by the state-run construction agency at a meeting in Noida on Tuesday, according to sources present at the meeting.

NBCC is all set to submit a fresh proposal for completion of Wish Town apartments before the Supreme Court next week. The state-run construction company expressed its willingness to complete the pending flats after the Centre proposed to grant tax concessions to Jaypee Infratech in order to bail out aggrieved homebuyers.

Sources said NBCC has told homebuyers at the meeting it will pay a penalty at the rate of Rs 5 per sq ft per month to the buyers if it fails to meet the four-year deadline to complete the pending flats of Wish Town. A homebuyer present at the meeting said NBCC’s executive director Yogesh Sharma had told them the construction agency would not infuse funds but liquidate Jaypee Infratech’s assets to complete the flats.

“We have been informed that NBCC will come on board as a project management company and hive off Yamuna Expressway to infuse liquidity for the completion of the project,” said AM Gupta, a buyer at Wish Town.

So far, NBCC has received over 500 emails from buyers to share suggestions in line with the Supreme Court’s directions. “But NBCC officials said the agency was not in a position to meet the refund demand of some buyers,” Gupta added.

According to the latest financial statement by Jaypee, Yamuna Expressway is counted as an asset of the company and accounts for toll revenues for the company worth Rs 350 crore per month. The company retains the toll rights of the expressway with itself for the next 29 years.

When contacted, an NBCC spokesperson said, “We met the buyers and these meetings are being held to take buyers’ demands into consideration ahead of the final proposal that we are putting forward with the Supreme Court.”

Meanwhile, NBCC will soon get on board its new CMD, PK Gupta. The position of CMD at NBCC was lying vacant after the exit of Anoop Mittal in April this year.
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Court receiver shares sequence of tripartite agreement for Amrapali buyers

NOIDA: The Supreme Court-appointed receiver, R Venkatramani, has come out with a list of the sequence in which buyers of Amrapali projects will sign agreements with the builder and the respective authority for registration.

The verification and registration of buyers will be done in two phases. The first phase has buyers of Sapphire 1, for which work has already started. The next in sequence are buyers of Sapphire II, followed by Eden Park, Platinum, and several others. Projects lined up for registration in the second phase are Castle, Grand and Leisure Valley.

The court receiver has, however, clarified that the sequence of registration may change if there is a need.

The list shared by Venkatramani has been sent to the Noida and Greater Noida authorities, who will also be part of the tripartite agreements along with the builder and buyer. The court receiver has also pointed out that some RWAs have been found to collect money from homebuyers as registration expenses. He has specified that no buyer has to pay any money as registration fee.

“I will advise postponing the registration of projects where such a problem exists,” Venkatramani has said in a letter.

Owners of commercial space in Amrapali projects have also met the court receiver, but there has been no resolution on the matter yet. “Since the major concern is the benefit of homebuyers, we would appeal to the court receiver to first resolve the registration process for them before taking up the issue of commercial space,” said Ravi Kant, a resident of Sapphire phase I.
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Greater Noida: Bail pleas of 19 builders rejected over illegal constructions in Shahberi

NOIDA: Anticipatory bail pleas of 19 developers were rejected on Tuesday by a court here which was hearing cases connected to illegal construction of high-rise buildings in Greater Noida's Shahberi village.

Additional Sessions Judge Indrapreet Singh Josh also directed Greater Noida Industrial Development Authority (GNIDA), district administration and police to take action within three months against their officials who failed to prevent illegal construction in the area.

Dismissing the bails, the court observed that the construction and sale of flats and houses was done illegally in the area notified by the GNIDA in 2013.

The Allahabad High Court too had in 2014 upheld that the region concerned in Shahberi belonged to the GNIDA, the court noted, as it pulled up the local authority, administration and police officials for inaction during four years while illegal constructions mushroomed.

On July 17, 2018, two adjoining buildings had collapsed in Greater Noida's Shahberi village, leaving nine people, including a child and two women, dead.

Probe reports by administration and local authorities found that the buildings had come up illegally, without any proper approval, as did several others which mushroomed over the years in Shahberi, less than 50 km from Delhi.

Some of the accused developers who applied for anticipatory bail argued in the court that the land was their private property and all construction including getting electricity, sewer connections and even lift in some buildings was done through proper process.

"Prima facie it appears that the bail applicants did not comply with the high court order and constructed buildings on the plot and sold them off illegally....

"Here it would be accurate to say that despite the notification and high court order, GNIDA officers did not convey the order/instructions to local departments otherwise illegal constructions could have stopped in the area concerned," the judge said.

He also pulled up the GNIDA for not fulfilling its responsibilities which led to illegal construction in the area and loss of innocent people's savings.

"Had the GNIDA timely informed local departments, it would have prevented illegal construction and sale of flats, hard earned savings of common man who bought flats there. The future of these buildings is uncertain. Around 1,500 such illegal buildings are said to be there in the area which are to be demolished," the judge added.
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Noida Authority to issue OCs and completion certificates online

NOIDA: The Noida Authority is all set to make the process of issuing occupancy and completion certificates online. The web page for applications and issuing the certificates for residential and industrial areas will be inaugurated on Wednesday.

The software can be accessed from the Noida Authority website as well as the Nivesh Mitra website, a single window system for investors in Uttar Pradesh.

“One of our primary goals is to make all processes online soon so that we can improve efficiency and bring transparency,” said Ritu Maheshwari, CEO, Noida Authority.

Officials said that one can now apply for the certificates and pay the processing fee online. Once the authority receives the request, a date and time for the survey visit would be conveyed to the applicant. After a physical survey, a report will be prepared and uploaded, which can also be viewed on the website

If there are any compounding charges applicable, that can also be paid online. Once all processes are complete, a digitally signed certificate would be issued. “We are starting with industrial and residential plots and we can also get a feedback,” said an official.

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About 70% land acquired for first phase of Jewar airport

GREATER NOIDA: Almost 70 % of the total land needed for the first phase of the proposed airport at Jewar has been acquired, with Gautam Budh Nagar district administration handing over 39 hectares to the Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday.

So far, 784 hectares have been acquired from six villages and almost 75% of the total compensation amount has been distributed towards resettlement and rehabilitation (R&R) packages among 7,690 families. In all, 8,000 families are to be displaced.

“We have acquired 31.28 hectares from Kishorepur village and 7.72 hectares from Ranhera village for the Noida International Greenfield Airport at Jewar. Physical possession of 39 hectares was handed over to YEIDA officials on Tuesday,” said Abhay Kumar Singh, deputy collector, Jewar.

According to him, so far, physical possession of 784 hectares has been provided to YEIDA, which amounts to 64 % of the total land that has to be handed over to the authority. This week, around 60 hectares more is likely to be handed over. “A total of 1,239 hectares is required for the first phase of the project. Of this, 80% land (992 hectares) has to be handed over to YEIDA to start work,” said Singh.

“Around 8,000 families are to be displaced from Dayanatpur, Ranhera, Kishorepur, Rohi, Banwariwas and Parohi villages. We have distributed Rs 2,305 crore among 7,690 families, clearing nearly 75% of the designated amount,” he said.
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UCO Bank starts website for Amrapali buyers to deposit pending dues

More than two months after the Supreme Court ordered NBCC to complete the unfinished housing projects of embattled Amrapali group in Noida and Greater Noida, UCO Bank has floated a website asking all buyers to start depositing pending dues which would help finance the commencement of construction by the state-run company.

To be able to pay their dues, the buyers would have to fill in details of the project name, flat or unit number, registration or application number, buyer’s name, father’s name and amount pending towards the flat. Following this, the buyers can credit the due amount into the UCO Bank account.

“It is in the interest of all homebuyers that the funds should be repaid fast by them so that the construction work should start without delay,” Ravi Kant, a buyer in Sapphire I, told TOI on Thursday.

On July 23, the court removed the Amrapali group from its housing projects, cancelling its registration and land lease deeds, and took control by appointing a receiver and asked NBCC to complete the projects.

The court had also directed Noida and Greater Noida authorities to issue completion certificate and execute the tripartite agreement within one month in projects where homebuyers are residing and directed water and electricity supply be provided. Of its 49,000 flats in multiple projects, some 14,000 are currently occupied by homebuyers.
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Noida authority to issue flat-wise OCs to speed up registries

Registry of flats in delayed projects will become easier after the Noida Authority on Friday decided to issue flat-wise occupancy certificates, relaxing its earlier rule of issuing these documents tower-wise.

The decision was taken at the 197th board meeting of the Authority, amid concerns of the state losing revenue because of a huge number of pending registries.

What this means is that even if a developer has completed, say, 10 flats in a tower which has a total of 100 apartments, OCs can be issued for these 10, allowing owners to apply for registries.

Rajesh Kumar Singh, OSD to the Authority, said the move would help buyers in getting their flats registered faster. “Buyers of all those projects whose developers have not yet cleared dues of the Authority can get individual registries done,” he added.

Officials did not clarify when the move would come into effect. But the decision will help more than 4,000 flat owners across 20 projects in Noida, including Wave City in Sector 32, Logix group, 3C etc.

“This decision will facilitate individual flat registry by a builder who has got an OC, but is yet to clear the dues to the Authority,” Singh added.

A project is awarded a completion certificate only after all the towers and other facilities mentioned in the approved plan, such as parks, lifts, etc have been constructed. Noida Authority had said recently that a number of applications for completion certificates is delayed because the developer fails to submit the required documents. This often holds up the registry process.

In an attempt to increase deliveries, the deadline for clearing dues has been extended for builders from August 31 to November 30. “For hundreds of buyers waiting for their flats, this looks like a progressive step. While most builder apartments are coming up in Greater Noida, we, as a homebuyers’ collective, believe this decision will also be replicated for apartments in Noida Extension. The main advantage of a flat-wise OC-CC system is that the buyer would get to sell his flat easily in the market. But, safety should not be compromised. Builders should ensure fire and electrical safety for owners. We welcome this move by Noida Authority and urge the Greater Noida Authority to replicate it,” said Abhishek Kumar, president of the Noida Extension Flat Owners’ Welfare Association (Nefowa).
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Noida: Jaypee Wish Town buyers send list of 15 demands to NBCC

NOIDA: Nearly a week after the state-owned NBCC expressed its willingness to complete the 22,000 pending flats of Jaypee Wish Town, buyers of the housing project have sent a 15-point proposal to the government-backed construction agency to safeguard their interests as consumers during the handover of their homes.

Buoyed by the Centre’s proposal that it was ready to grant tax concessions to Jaypee Infratech in order to bail out homebuyers, NBCC told the Supreme Court on September 6 that it was willing to file a fresh proposal to the National Company Law Appellate Tribunal to take over the embattled real estate developer.

And three days later, the court asked NBCC to do so. “The 15-point proposal has been sent to NBCC by the buyers through their legal counsel ML Lahoty on September 12, in the wake of the court’s September 9 order, in which it has instructed all stakeholders in the Jaypee resolution case to give their conditions to NBCC so that it can include the same in its revised bid,” said Krishan Mitroo, a buyer.

TOI has learnt that some of the major demands of the Wish Town buyers include that the construction and handover of the project should be concluded within three years, else delay compensation should be factored in.

Also, the cost of stamp duty should be as per the sales value. And there should be no change in the agreement between the builder and buyers after the NBCC takeover of the project.

The buyers also want that NBCC to take responsibility for maintenance of the township, including external infrastructure facilities, common and shared areas.

Moreover, all safety measures like rainwater harvesting, electrical substations, sewage systems, places of worship, police post and fire station should be constructed as per the original layout plan. And no extra cost can be levied on the buyers.

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After nine years, Gayatri Aura nears completion under UP-RERA's supervision

NOIDA: In Gayatri Aura, a 450-apartment housing project in Noida Extension, is a story mired in inordinate delays, largely caused by long periods of stalled work because of protests by farmers for compensation.

Launched in 2010, the project remains incomplete and is now being monitored by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera).

Spread over nine acres, Gayatri Aura in Noida Extension’s Sector 1 comprises four towers. Of its 544 units, 450 have been sold.

The project was supposed to be completed between 2016 and 2018. But it was delayed primarily because of farmers’ challenge to land acquisition for the project in court that led to construction being stayed between 2012 and 2014.

Explaining the reasons for the delay, a spokesperson for Gayatri Aura said, "The project was delayed for two-three years because of various reasons. Final possession of land from the Greater Noida Authority delayed our project. Due to encroachment on one part, we began construction on the other part. Farmers refused to vacate land due to the court case and no rehabilitation was facilitated by the Authority till 2015."

But the delays have cost the buyers time and patience. "I bought my flat with an investment of Rs 20 lakh in 2011. It has been a long wait. Thanks to the efforts made by some buyers, the flats are expected to be handed over soon," DP Singh, a buyer, said.

In fact, UP-Rera came into the picture after a group of aggrieved buyers approached the regulator to complain of delays.

Subsequently, the regulator instituted a reconciliation committee with two representatives from buyers, two from the developer, one from the Greater Noida Authority and one from UP-Rera.

Construction at the site restarted from October 2018 after the farmers’ issues were resolved. All four towers are now due by March 2020.

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Amrapali Sapphire buyers have Rs 46 crore dues: Report

NOIDA: A section of buyers of Amrapali Sapphire 1 and 2 owes the builder Rs 46.5 crore, a forensic report states, at a time when a tripartite agreement is to be signed among the Noida Authority, buyers and the court receiver.

According to the report, over Rs 3 crore is due from buyers who have already moved into flats.

A copy of the forensic report, accessed by TOI, also points out several discrepancies in the financial transactions of Sapphire 1 and 2, which is among the few Amrapali projects that have seen completion to a certain extent.

The total number of Amrapali flats in which buyers have moved in is 14,000. Of this, Sapphire phase I is the first project that is awaiting a tripartite agreement.

“A sum of Rs 46.44 crore is recoverable from the homebuyers of Amrapali Sapphire Developers Private Limited from Sapphire I and II schemes. Out of Rs 46.44 crore, a sum of Rs 3.64 crore is recoverable from homebuyers of Sapphire phase I who have already taken possession but not paid the full amount,” says page 207 of the forensic report, secured by a group of buyers.

Of the total amount, buyers have to pay Rs 7 crore for buying commercial space. While Sapphire 1 has 1,033 flats allotted, Phase 2 has 1,308. The report also says, “…Rs 76.02 crore worth transactions do not have accounts pertaining to Sapphire phase 1 and 2 as flats have been sold at Rs 1,000-Rs 1,400 per square feet, which is lower than construction costs. The forensic auditor has made a note of this…”

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Noida Authority reclaims 18,570 sq metre commercial land worth Rs 295 crore

NOIDA: As part of its ongoing anti encroachment drive, Noida Authority with the help of police personnel on Sunday reclaimed 18,570 sq m commercial land worth Rs 295 crore from Sarfabad village.

The area was reclaimed from Khasra numbers 5, 6, 8, 9, 10, 24, 25, 33 and commercial plot number 3 sector 72.

The area was encroached by 150 shanties, one nursery, four furniture showrooms, four rooms and 12 spots for animal/cattle shelter/dairy.

While an FIR had already been filed against the said encroachment, the area which is notified as authority land was cleared peacefully by officials from work circle 6 with the help of police.

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UP-RERA deregisters 16 projects in Shahberi

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has deregistered 16 builder projects in Shahberi. The move comes a month after Uttar Pradesh chief minister Yogi Adityanath ordered officials to fix accountability of Shahberi developers.

Calling it an “oversight” at the time of registration of the projects with the regulator in 2017, officials said the 16 projects were taken off the UP-Rera list on Tuesday and the same was conveyed to the Greater Noida Industrial Development Authority.

In June this year, GNIDA had surveyed Shahberi and identified 1,453 apartment projects, illegally constructed on Shahberi land.

“When UP-Rera was formed and the builders were asked to register the projects, all projects were registered. But only later we realised Shahberi is not a planned area and UP-Rera can’t register any project. So we decided to deregister them,” UP-Rera member Balwinder Kumar said.

With the projects now being taken off the UP-Rera list, the legal veil some projects had, despite the area being declared illegal by GNIDA, is now lifted.

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UP-RERA to auction unsold flats of defaulting builders to refund buyers

NOIDA: In a major relief to lakhs of aggrieved buyers who are forced to wait for possession of their homes for years, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has decided to auction unsold flats of defaulting builders to pay back investors seeking refund in delayed housing projects.

While Rera benches have taken several steps against defaulting builders across the country, this is perhaps the first time that such a move has been announced in India under the new real estate law.

Officials said UP-Rera will soon float a portal for the global e-auction of unsold properties of cash-strapped builders who have been issued recovery notes. A recovery note is a notice sent by Rera that seeks a refund of money owed by homebuyers.

“When a buyer approaches UP-Rera to seek a refund on their investment, we issue an order for a refund and the district administration is sent a recovery note to collect the money from the defaulting builder. But because most of the builders are cash-strapped, the notes are not honoured,” Balwinder Kumar, member of UP-Rera, told TOI.

“None of the 660 recovery notes sent to the builders through the district administration in Gautam Budh Nagar has been honoured by the defaulters. So, we have now decided to auction unsold inventories of such builders to return the money to the aggrieved buyers stuck in delayed projects, should they want it back,” he added. With this move, all builders against whom buyers have moved UP-Rera stand to lose their unsold inventory for refunding buyers who want to exit the delayed projects.

“There are two kinds of refunds — one where a builder has not been able to deliver the flat and the buyer wants to exit the project. The other one is where the builder has promised penalties for delay but has not paid any late fine to buyers. In both the cases, the money accrued from the auction will be used,” Kumar said.

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Noida: Dwelling Star loses land lease over pending dues of Rs 157 crore

NOIDA: Land lease of a private developer here was cancelled on Thursday over non-payment of over Rs 157 crore dues towards the Noida Authority, officials said.

The property in the Sports City of sector 98 was allotted to the Dwelling Star Developers, which was issued multiple recovery notices and reminders over the non-payment since November 2017, the officials said.

Noida Authority CEO Ritu Maheshwari had called for a review of major defaulters and entities which have dues pending towards it and accordingly initiate action against them, they said.

"During the ongoing review, it was found that Dwelling Star Developers is among the major defaulters. It was allotted a property in Sports City H Block of sector 98 in Noida but the developer's dues have accumulated to Rs 157 crore over the years," a Noida Authority official said.

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FM announces Rs 20,000 crore fund to provide last-mile funding for housing projects

NEW DELHI: With a focus on construction of unfinished units, Nirmala Sitharaman, finance minister, on Saturday announced special window to provide last mile funding for housing projects which are non-NPA and non-NCLT and are net worth positive in affordable and middle income category.

The government of India will contribute Rs 10,000 crore and roughly same amount will be contributed by outside investors. The fund will be set-up as category-II AIF trust and would be professionally run with experts from housing and banking sector.

The objective behind the move is to focus on the construction of unfinished units. This is part of a package of measures announced by the government to boost the housing sector.

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DLF sells nine-acre land to American Express for Rs 300 crore

NEW DELHI: Realty major DLF has sold a 9 acre land parcel in New Gurugram to American Express for about Rs 300 crore in one of the costliest land deals in this area, sources said. The selling price comes out to be around Rs 32 crore per acre.

American Express will develop a large campus on this land parcel, which is located in Sector 74A, known as New Gurgugram, they added.

When contacted, DLF's MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed the development.

"This transaction creates a benchmark of value of the land in the area around Southern Peripheral Road (SPR) and NH-8 where the Haryana government has made a lot of effort to develop infrastructure," he added

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Sachin Bansal, Reliance MF, other investors of Altico face defaults on Rs 95 crore debt

MUMBAI: Nonbank lender Altico Capital’s bond investors, including Flipkart cofounder Sachin Bansal and Reliance Mutual Fund, face immediate defaults on two series of outstanding debt coming up for repayment in the next two weeks--about Rs 95 crore all told is due on September 26 and 29.

Altico has bonds worth a total Rs 1,808 crore that will mature between now and May 2022, India Ratings data showed. Most of them are due to mature in 2020 and 2021.

Another series of bonds worth Rs 30 crore is scheduled to mature late December. These are short-term papers sold in March and June 2018 through private placements.

Fund houses and high net-worth individuals (HNI) invested in these instruments that promised yields up to 10.5%.

Mumbai-based Vistra ITCL is the trustee, or custodian, of these bonds.

“The ongoing crisis of capital may deepen with such a top investor-backed company failing to meet debt obligations,” said an investment banker at an Indian financial institution.

Altico and Bansal didn’t respond to queries.

The nonbanking finance company (NBFC) offers real estate credit and is backed by Clearwater Capital Partners, Varde Partners and Abu Dhabi Investment Council. The lender said last week that it missed Rs 19.97 crore in interest payments to Dubai-based Mashreq Bank.

It could also not pay Rs 85.78 lakh in interest due on a short-term loan facility taken from the government-run IFCI. Altico Captial has borrowed Rs 4,361.55 crore from banks and financial institutions.

NBFCs have been squeezed by a liquidity crunch that was triggered by the default of the Infrastructure Leasing & Financial Services (IL&FS) group last September. The government has sought to provide support to NBFCs through a partial guarantee scheme.

“Our failure to repay the amounts set out… may result in an acceleration of interest repayment/redemption obligations in respect of non-convertible debt securities issued by us and may trigger a default in their timely repayments,” Altico Capital said in an exchange filing last week.

India Ratings downgraded Altico’s debt to D or default grade after the missed interest payments.

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Homebuyers' body asks PMO to bring RERA officials under CVC

MUMBAI: Home buyers’ body FPCE has urged the Prime Minister’s Office to bring officials enforcing the provisions of the Real Estate (Regulation & Development) Act (RERA) under the ambit of the Central Vigilance Commission.

In its letter to the PMO, the Forum for People’s Collective Efforts (FPCE) has also recommended that all orders passed under RERA should be subjected to audit by the Comptroller Auditor General of India (CAG) to check for compliance with RERA provisions.

The FPCE has also raised concern over statements made by state regulators against RERA. The forum is of the view that such remarks from the regulators, who are expected to enforce the provisions of RERA, are aimed at preparing the ground for an amendment to the Act.

“These casual observations by the regulators not only question but also abuse and challenge the wisdom of our legislators, the cabinet, the governments and the judiciary, who have together prepared and cleared this Act after a rigorous process over the years,” Abhay Upadhyay, president of FPCE, told ET.

“Furthermore, these statements question the ability and competence of the government to enact proper laws.” The FPCE has suggested that all proceedings of RERA, appellate authorities and the Conciliation Forum should be held in-camera with provisions for a live-feed.

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Noida authority issues RC against Hacienda Projects over Rs 65 crore dues

NOIDA: The Noida Authority on Thursday issued a recovery certificate (RC) against realtor Hacienda Projects over pending dues of Rs 66.65 crore, officials said. The action came on instructions of Noida Authority CEO Ritu Maheshwari during a review of major defaulters in group housing projects, they said.

"During the review, it was found that Hacienda Projects has overall Rs 66.65 crore in pending dues against property in Sector 107. It has been issued notice over non payment on July 31 but has not cleared the dues," the Noida Authority said in a statement.

"A recovery certificate (RC) is being issued against the firm for not taking the notice seriously and for violations of rules under the UP Urban Planning Act, 1973 and the UP Industrial Area Development Act, 1976," it said.

In December 2018, three directors of the real estate firm were arrested for allegedly diverting Rs 191 crore invested by home buyers into its other projects and not delivering houses, according to officials.

They were arrested by the Delhi Police's Economic Offences Wing (EOW) after a case was registered against them for not delivering flats in a housing project named Lotus 300 in Noida Sector 107, police said.

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Noida Authority cancels lease deeds of SBI, Canara Bank, others

NOIDA: The Noida Authority on Wednesday issued a recovery certificate following cancellation of lease deed of three banks, a hotel and an individual allottee for non-clearance of revenue dues towards the Authority.

These include State Bank of India, B block sector 2 which owes Noida Authority a sum of Rs 144.13 crore, Canara Bank which owes Rs 6.16 crore and Vijaya Bank owes Rs 1.67 crore in sector 6.

Others include Gopala Hotels at B 12 Rajnigandha shopping complex sector 15 (which owes authority a sum of Rs 3.32 crore and KK Mishra of 1A block G sector 3 (owes Rs 1.61 crore).

"We will be cancelling more lease deeds of defaulters in coming days who have not cleared their rent dues towards Authority," said Ritu Maheshwari CEO Noida Authority.

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Illegal land sale soars in Jewar airport's vicinity

NOIDA: Flights taking off from the Jewar international airport may be years away, but land mafia in nearby villages are flying high already.

A section of villagers has started reaping benefits of the prestigious project and is selling notified land to gullible buyers in the vicinity of the airport site without taking permission from the Yamuna Expressway Industrial Development Authority (YEIDA).

The district administration said it had recently come to know about the racket and has asked officials to carry out an inspection soon. Officials — wary of an illegal colony coming up right under the nose of authorities in Shahberi — have suggested that those found selling land illegally in Jewar could be booked under the Gangster Act.

Villagers who have bought land from YEIDA need the agency’s permission before selling it. Sources said that with the demand for land around the airport soaring, some villagers are selling plots at hiked rates and with fake documents.

“During the land acquisition process, officials had come across some illegal plotting in the area and pamphlets advertising about prime property for sale around the upcoming airport. If land is sold this way and colonies come up without YEIDA’s approval, it would be illegal. Sale of such plots to gullible people would be construed as cheating if the building plan is not sanctioned by the development agency. Strict action will be taken against such developers and the Gangster Act will also be imposed on them if they are found guilty,” said BN Singh, the district magistrate.

He added that teams from the administration had been making announcements over the public address system and conducting awareness drives in surrounding villages. According to the administration, the illegal sale of land is rampant in four villages — Jewar Bangar, Modelpur, Thora and Gopalgadh. All these villages are within five kilometres of the area proposed for the international airport.

“This area would be highly valuable soon, now that the construction of the airport is about to begin. However, if it is left unchecked, another Shahberi-like unauthorised colony might come up in the near future. We have already informed the Authority about it and will provide all administrative support for removing them,” said Abhay Kumar Singh, deputy collector of Jewar.

YEIDA, which has identified illegal constructions in at least six such plots, has written to police and the administration for starting a demolition drive and filing a complaint against the land mafia. Officials informed that a demolition drive is being planned for September 18 under Section 10 of the Uttar Pradesh Industrial Development Act, 1976.

“Under this Act, any construction in a notified area without permission from the authority concerned is illegal. We have planned a demolition drive at six such plots where illegal construction has been noticed. Four other reports are being processed. We are doing a physical survey of the entire area to check for any illegal activity,” said Naveen Goel, officer on special duty at YEIDA.

YEIDA officials have sought help from the police and the administration for the demolition drive. The physical survey of the area may take a few weeks, by when more such illegal constructions might come to the fore.

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Over 14,000 Amrapali buyers told to re-submit ownership documents

NOIDA: Residents of Amrapali Sapphire, who are awaiting registry of their flats, have been asked to produce a fresh set of documents to help authenticate ownership of their houses.

It has already been more than a month since the Supreme Court directed Noida Authority to execute the agreements for residents of Amrapali.
But the court receiver, R. Venkatramani, had earlier said that examining the authenticity of buyers and the right proceedings might need more time than what the court might have planned initially.
The entire registration process for 14,000 buyers of Amrapali was supposed to have been completed by August 23 in keeping with the SC order dated July 23.
The residents said on Monday that the first set of documents had not been accepted by the court receiver.

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Mahagun Moderne residents file complaint against builder with Noida authority

NOIDA: Residents of Mahagun Moderne filed a fresh complaint with the Noida Authority on Friday, alleging that the builder has only installed an iron fence in front of the apartments when it was supposed to build a concrete wall. The residents met Authority CEO Ritu Maheshwari.

Authority officials had on August 15 instructed the builder to construct a concrete wall and had said the agency would do it if the developer failed to do it.

Mahagun has at least 80 shops around the Sector 78 housing complex. Buyers alleged that these outlets, which were supposed to be convenience stores, are now operating as commercial shops and causing traffic jams in the vicinity.

The complaint against convenience stores at Mahagun was filed by the society’s RWA in April last year to the then Authority CEO, Alok Tandon.

Sandeep Chauhan, head of the Mahagun Moderne RWA, said, “Once again, we have lodged a complaint with the Noida Authority. The Authority had ordered the developer to build a concrete wall. But they have built an iron grille, which hardly solves our problem. The boundary wall is integral to the construction plan. How can a builder flout it?”

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Tripartite registrations of about 14,000 Amrapali Group's buyers begins

NOIDA: Some 40 days after the Supreme Court ordered the Noida Authority to facilitate the tripartite registrations of nearly 14,000 existing residents in various housing society projects of the beleaguered Amrapali group, the court-appointed receiver’s requirements were finally put up on the Authority’s website on Tuesday evening.

Among the first ones to queue up for the registration of flats were the residents of Sapphire I, followed by a slew of other Amrapali project homebuyers awaiting papers.

A section of Amrapali Zodiac buyers also met Authority officials on Wednesday, requesting that the exact dimension of their flats be approved so that the residents do not have to pay excess for the registry.

As per the document uploaded by the Authority on its website, signed by receiver R Venkatranami, investors will now have to produce the flat buyers’ agreement, allotment letter, possession letter and occupancy letter.

They will also have to produce a ‘no-dues’ certificate. In case of transfer from the original allottee, buyers are required to produce the registered documents of such transfers or documents issued by Amrapali approving the transfer.

In case the buyers are not present in India, they would have to send documents duly attested by a public authority to the RWA via email or anyone holding a letter of attorney on behalf of the buyer, according to the Authority website.

Meanwhile, the buyers of Amrapali Zodiac on Wednesday submitted a complaint to the Noida Authority, demanding a fresh measurement of their apartments as they claim that the flats have not been built as per the promises made on the builder-buyer agreements.

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Noida authority asks Unitech to clear Rs 2,734 crore dues in 15 days

The Noida Authority has asked realtor Unitech to clear its Rs 2,743.29 crore dues within 15 days against the land allocated to it for group housing projects or face cancellation of the allotments, officials said on Wednesday.The realtor was allocated land for developing group housing societies in Noida's Sector 113 and Sector 117 with dues of Rs 1,203.45 crore and Rs 1,539.84 crore pending against them respectively, said Noida Authority in a statement.

Realtor Unitech was issued notices respectively on August 24 and August 30 for clearing the two dues, it said.

"On the plot in Sector 113, the group has also come up with 17 towers without getting the map cleared by the authority, in violation of the Noida Building Regulation, 2010," it added.

"Unitech also tried to have an agreement to sell 19,181.50 sq metre of land to M/s Sethi Residents and M/S GMA Developers, making them third-party, without seeking the authority's permission. This was done in violation of the lease law," it added.

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NCDRC directs Unitech to give compensation at 8% interest to home buyers

NEW DELHI: The country's apex consumer panel, the NCDRC, has directed Unitech to pay compensation to 33 home buyers, complete construction of the flats within nine months and hand over the possession to them. The National Consumer Disputes Redressal Commission (NCDRC) has asked the real estate giant to pay compensation to the home buyers at the rate of eight per cent from the date committed for delivery of possession of the apartments till the day on which the possession would be offered.

It directed the company to complete construction of the flats within nine months and to hand over the possession of those to home buyers in two months of obtaining occupancy certificate.

"The opposite party, namely, Unitech Limited shall complete construction of the flats allotted to the flat buyers, in all respects, within nine months from today," NCDRC Presiding member V K Jain, said.

The panel also directed Unitech to pay Rs 50,000 as litigation cost to the complainants. It said that any balance payable amount towards the price of the flat shall be adjusted out of the compensation payable to them.
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Noida authority to build walls in front of housing society shops

Following a complaint filed by Mahagun Moderne residents about convenience stores of the complex being used as commercial spaces in violation of building plans, the Noida Authority has started constructing a wall in front of the shops.


On Wednesday evening, officials took measurements of the area to create a facade in front of 80 road-facing shops in the Sector 78 housing complex. The construction is likely to start by Friday, officials said, and the expenses would be billed to the developer.


The use of convenience shops as full-fledged markets is common in Noida as well as neighbouring Ghaziabad, which has often led to legal battles between residents’ groups and developers. In several large group housing societies, market complexes that are supposed to house convenience stores for that particular society have been designed in a way that they face the road instead of being located within the perimeter walls, in violation of building plans.

While this has made them more commercially attractive, allowing builders to get better prices and sell more, the practice has led to traffic congestion at these points across the NCR cities because suitable provisions for parking space have not been made, leading to clogging of roads.

This is the first time Noida is taking decisive action on this scale. Last week, in a similar step, the Ghaziabad Development Authority (GDA) instructed four housing societies in Raj Nagar Extension to ban outsiders from accessing shopping complexes meant for society residents. 

The complaint against convenience stores at Moderne was filed by the society’s RWA in April last year. The RWA had complained about the method of shop allocation and how the stores, that are open for general public, had created a security worry for the complex. Sandeep Chauhan, head of the Mahagun Moderne RWA, said, “While convenience shops are part of the super area, commercial stores cannot be permitted at the same space. Besides, all these shops are paying electricity bills at domestic rates. These are all gross violations. By creating such a busy commercial space in front of a residential area, the entire complex has been made vulnerable, as cars are parked along the streets most of the time and incidents of chain snatching and thefts have also become common.”

Noida Authority senior manager (civil) Mukesh Vayas said all apartment plans in the area in which shops have been approved will be inspected. “If the shops are being operated as per the approved plan, then there is no problem. But if rules are being violated, then we would build barricades in front of such shops.”

Mridul Bhatia, the secretary, Mahagun Moderne RWA, said, “Most apartments in Noida’s 7x sectors (70-79) have a similar problem where builders have converted convenience shop areas to commercial spaces. The convenience shops are part of the common area or super area of the apartment buyers and converting those is not legal.”