Noida approves new redevelopment policy inspired by Mumbai model
Noida Authority
has approved its new redevelopment policy, in line with ongoing redevelopment in Mumbai, a step that is expected to open up land in prime areas of the fast-growing city in Uttar Pradesh, giving a further boost to the thriving real estate sector.
As per the policy, old flats allotted to the economically weaker section (EWS) of people will be demolished and new flats will be built in its place. Developers will be allowed to generate revenues by selling these new housing units in addition to constructing bigger flats for the original allottees.
'We have identified 4-5 buildings, which are in a dilapidated state. When these buildings were constructed, FAR of 1.5 was allowed and now FAR of 3.5 is permissible. We will invite RFP (request for proposal) for every structure separately,' said a Noida Authority official.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
[Click Here] 2025 Top Trending local enterprise accounting software
Esseps
Learn More
Undo
As per the policy, the selected developer will be allowed to sell the extra area on the condition it builds bigger apartments for the original allottees and takes care of their stay till the old building its demolished and new flats are handed over.
'While the policy is a much-needed step towards opening of prime land bank in the city centre, every project will come up with its own challenges. The project has to be commercially viable because buyer's preference had changed in recent times,' said Nikhil Hawelia, MD, Hawelia group and secretary of industry body CREDAI (western UP).
Live Events
'The Noida Authority's decision can fulfil the dream of owning a home in the city's thriving sectors like 27, 93, and 93A,' said Yash Miglani, MD, Migsun Group. 'Allotment of higher FAR and engaging co-developers in stable projects will address the long-pending demand of stuck homebuyers and unlock immense potential for modern, vertical living spaces.'
The Noida Authority has recently approved the introduction of co-developers in five stalled projects, a step expected to benefit more than 5,000 customers waiting to get possession of their new homes.
According to the Confederation of Real Estate Developers' Associations of India (CREDAI), 190,000 units worth Rs 1 lakh crore are stuck in Noida, Greater Noida and Ghaziabad. In Greater Noida alone, at least 36 real estate projects are undergoing insolvency proceedings.
It is estimated that Rs 40,000 crore is owed to the Noida, Greater Noida, and Yamuna Expressway authorities, including principal, interest and penal charges for allotted plots where real estate projects are at various stages of execution.
'The (Noida Authority's) step marks a progressive step toward urban revitalisation as it unlocks a significant real estate potential, especially in the heart of the city. The redevelopment of old, dilapidated buildings with higher FAR while improving the existing structure and providing better facilities will also generate more homeownership,' said Salil Kumar, director, marketing and business management, CRC Group.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
30 minutes ago
- News18
Mumbai, Bengaluru Unaffordable? Real Estate In These Cities Gave ‘Best Returns'. On No. 1 Spot Is...
Last Updated: Investment banker Sarthak Ahuja pointed out that Tier 2 cities have delivered the best real estate returns in the past four years. When people think of real estate investment, their attention usually turns to metro cities like Delhi, Mumbai or Bengaluru. These urban hubs attract large numbers of migrants seeking better job prospects and improved lifestyles. As more people move in, housing demand rises, pushing property prices up. This consistent growth is why metro cities are often viewed as the safest and most lucrative options for real estate investment. But now, in a recent video, investment banker Sarthak Ahuja pointed out that it is actually Tier 2 cities that have delivered the best real estate returns in the past four years. He highlighted the data from real estate analytics firm Prop Equity, which studied 30 tier-II cities and compared property launch prices in 2020 to their market prices in 2024. The findings are truly eye-opening. Several non-metro cities have seen remarkable surges in property prices. Trivandrum reported a 54% increase, followed by Mangalore at 57% and Bhubaneswar at 58%. Ahmedabad recorded a 60% rise, while Dehradun climbed even higher at 68%. The Chandigarh-Mohali region saw a 70% jump, with Indore close behind at 72%. Ludhiana stood out with an impressive 89% growth, and Goa wasn't far behind, posting a 90% increase. Topping the list is Agra, which recorded a staggering 94% rise in property prices, the highest among all the cities studied. Why Agra Is A Smart Choice For Real Estate Investment? Tourism Boosts Demand Agra sees around 8 to 10 million visitors every year, according to a blog by Omni Infra. The Taj Mahal alone draws huge crowds, and places like Agra Fort, Fatehpur Sikri, and Mehtab Bagh add to the city's tourist appeal. This steady flow of visitors creates strong demand for hotels, guest houses and short-term rentals. Platforms like Airbnb are doing well here with rental returns of 8 to 10 per cent in good locations. The government is also working to boost tourism through new projects like the Taj West End and improved heritage walks. All of this makes Agra a smart and growing market for real estate investors. New Development The Agra Metro has already started running on its first stretch, which connects key places like the Taj Mahal, Agra Fort and residential areas. More parts of the metro will open by the end of 2025. The city is also part of two major industrial corridors, the Delhi-Mumbai and Delhi-Kolkata routes, which are boosting employment and housing demands. Better roads like the Yamuna Expressway now link Agra to Delhi in just 2.5 hours, and the upcoming Jewar International Airport, about 90 km away, will further boost connectivity. According to Omni Infra, real estate in Agra is still affordable, with prices in areas like Taj Nagri and Sikandra starting at Rs 3,500–5,000 per sq. ft. This is much lower than rates in Delhi-NCR or Mumbai. As demand for modern flats, gated societies and plots grows, prices are rising steadily. In fact, homes near Agra Metro stations have already seen a 15–20 per cent jump in the last two years. Growth Beyond Tourism With close proximity to the Yamuna Expressway and the planned Agra-Lucknow Expressway Extension, Agra is becoming an important growth area. New projects like IT parks and the Agra IT City are bringing in new types of jobs. Over the next 10 years, more than 50,000 jobs are expected to be created. Agra's old and well-known areas near monuments are good for long-term investment. Because the Archaeological Survey of India (ASI) limits new construction near heritage sites, these places stay exclusive and in demand. Spots like Civil Lines and Sadar Bazaar, known for their old charm, have given steady price growth of 6–8 per cent every year, which is better than many big cities. Government Support According to Omni Agra, the Uttar Pradesh government is giving subsidies for affordable housing and tax rebates for heritage-related projects. Agra is also part of the Smart City Mission, which is improving sanitation, using more solar power and adding digital services. About the Author Buzz Staff A team of writers at bring you stories on what's creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture. First Published:
Time of India
an hour ago
- Time of India
Tokyo snubs Washington: Japan pulls plug on 2+2 security talks with US; defence budget demand sparks row
Japanese PM Shigeru Ishiba (left) and US President Donald Trump (PTI) Japan has cancelled a high-level meeting with its closest ally United States, after the Trump administration abruptly demanded Tokyo to spend more on defence, reported The Financial Times on Friday. US secretary of state Marco Rubio and defence secretary Pete Hegseth were expected to meet their Japanese counterparts, defence minister general Nakatani and foreign minister Takeshi Iwaya in Washington on July 1, for an annual 2+2 security talks. However, Tokyo called off the meeting after the US asked Japan to raise its defence spending to 3.5 per cent of GDP, up from an earlier request of 3 per cent, according to three sources familiar with the discussions, including two officials based in Tokyo, cited by the newspaper. A senior Japanese official stated that the decision to cancel the July 1 meeting was also influenced by the upcoming upper house elections on July 20, where the ruling Liberal Democratic Party is anticipated to lose seats. Reuters quoted a US government official confirming, Japan had 'postponed' the meeting and the decision was made weeks earlier, though no reason was provided. Meanwhile, a non-government source familiar with the matter confirmed hearing about Japan's withdrawal from the talks but was also unaware of the motive behind the move. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo The Financial Times said, the new, increased demand came in recent weeks by Elbridge Colby, the third-most senior official in the Pentagon, who also recently stirred tensions with another major US ally in the Indo-Pacific by initiating a review of AUKUS, the nuclear-powered submarine deal with Australia. The tensions of security come as Japan and other US allies have been engaged with the United States in a tough trade talk over US President Donald Trump 's worldwide tariff onslaught. While speaking at the IISS Shangri-La Dialogue defence forum in Singapore last month, Hegseth urged Asia-Pacific allies to follow the 'newfound example' set by Europeans in boosting defence spending, pointing to regional threats from China and North Korea. 'The US is now playing hardball with allies in the Asia-Pacific,' one defence official was quoted. In March, Elbridge Colby's call for Japan to boost its defense spending, at his Senate confirmation hearing for under secretary of defense for policy, prompted a sharp response from Japanese Prime Minister Shigeru Ishiba, who asserted that Japan's defense budget would be determined by Tokyo alone, not by outside pressure.
Economic Times
an hour ago
- Economic Times
NSE IPO clears final regulatory hurdles, as Sebi chief Tuhin Kanta Pandey says no obstacle remains
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel India's largest stock exchange, the National Stock Exchange (NSE), has inched closer to its long-pending initial public offering after SEBI Chairman Tuhin Kanta Pandey confirmed that there are 'no obstacles' remaining for the bourse to proceed with its plans. The statement marks a critical regulatory green light in a process that has been stalled for nearly a at the FE CFO Awards on Friday, Pandey said there is no obstacle that will remain in case of NSE IPO , according to ETNow. While he declined to offer a timeline when asked if the IPO could materialise before Diwali, his remarks signal the clearest indication yet that the exchange may soon head to the public has put on hold proposals to separate clearing corporations from stock exchanges, removing a key regulatory hurdle that had previously complicated NSE's path to listing. Pandey indicated that the regulator is comfortable with the current ownership structure and does not view it as a barrier to the IPO. He noted that models for clearing corporation ownership vary globally, while brokers typically own them in the U.S., they operate as separate entities in addition to receiving regulatory clearance, NSE is currently working through a few pending legal matters. This includes settling certain processes that may involve financial payments and the withdrawal of specific cases. While Pandey acknowledged these ongoing steps, he did not disclose further details on the nature of the settlements or the amounts exchange has already paid Rs 640 crore to SEBI in October 2024 to settle a regulatory case, and a Bloomberg report previously said NSE had offered Rs 1,000 crore in a broader settlement proposal to resolve legacy is expected to form a working group to improve fee transparency and ensure clearer governance independence, moves that are likely to reduce compliance friction as NSE prepares for its IPO. Rather than pursuing sweeping structural reforms, the regulator may now focus on unbundling trading and clearing IPO has been in the works since 2016, when the bourse filed draft papers to raise Rs 10,000 crore through an offer for sale of a 22% stake by existing shareholders. Regulatory delays and legal overhangs have kept the process in limbo ever a definitive timeline is still absent, Pandey's assertion that all major hurdles have now been cleared suggests that NSE's long-awaited public debut may finally be on the horizon.
