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Time of India
6 days ago
- Business
- Time of India
GDA to fast-track new township in I'puram amid property price surge
Ghaziabad: Ghaziabad Development Authority (GDA) is set to accelerate work on its long-delayed Indirapuram Extension township project, citing a sharp surge in property prices and renewed demand for housing in the area. Planned across 230 acres off the Delhi-Meerut Expressway, the scheme was first announced nearly 20 years ago but stalled following farmers' protests over land acquisition. Now, with the market heating up, GDA vice-chairperson has directed the engineering department to prepare a detailed layout plan. According to GDA officials, average circle rates in Indirapuram stand at Rs 8,825.7 per square feet, while market values have jumped 73% between 2021 and 2025. In 2021, homes were selling at Rs 4,400 to Rs 5,400 per sqft. But in 2025, prices had climbed to Rs 8,100 to Rs 9,000 per sqft. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Of the planned 230 acres, GDA currently holds 96 acres, while 29 acres have already been sold. Acquisition hurdles remain for 103 acres. In June, the Authority freed 24 acres in Kanawni, worth around Rs 800 crore, after clearing a decade-old encroachment. GDA plans to integrate this land parcel into the scheme. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold 2024 Cars Now Almost Free - Prices May Surprise You Unsold Cars | Search Ads Learn More Undo "Indirapuram recorded a 19% price hike in FY 2025, which is double the city's average of 9%," said a CREDAI-NCR representative. "Recent changes in UP Building Bylaws, 2025, now allow higher vertical development, with enhanced Floor Area Ratio (FAR) limits, making high-rise group housing more viable." Previously, the FAR had been capped at 2.5 in developing areas and 1.5 in developed zones, alongside strict ground coverage and density limits. The revised rules permit an additional 5% FAR for commercial facilities — either on the ground floor of residential towers or in separate buildings — and another 5% for community amenities. Developers say that improved infrastructure has fuelled interest. "With rapid rail services and NH-9, connectivity for Indirapuram, Siddharth Vihar, and Crossings Republik has transformed," said Shailendra Sharma, chairman of Renox Group, a developer. "The upcoming flyover and metro expansion will further boost demand across the city's micro-markets." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
The Hindu
15-05-2025
- Politics
- The Hindu
Fee hike rules in private schools of Delhi barely followed in the past few years, say parents
Amid growing outrage over the arbitrary fee hikes in private schools, the Delhi government has recently approved a draft Bill that aims to regulate the increase in school fees and bring relief to the parents who have taken to the streets in the past month. Besides parents' protests, the fee hike issue has also snowballed into a political slugfest between the ruling Bharatiya Janata Party and opposition Aam Aadmi Party (AAP), which have pointed fingers at each other for igniting the issue in the first place. Structural reforms The draft Bill promises key structural reforms such as the formation of three committees at the school, district and State levels. Taking a cue from the earlier framework, it proposes a ₹50,000 penalty per student if the schools take 'coercive action' such as isolating students for non-payment of the increased fee. Currently, schools are following the Delhi School Education Act, 1973, which prohibits mid-season fee hikes and makes it mandatory for schools to notify the Directorate of Education (DoE) before increasing fees. Shailendra Sharma, who served as the principal adviser to the Education Director during the previous AAP government, said that the DoE recognises two types of private schools. There are roughly 300 schools built on Delhi Development Authority (DDA) land, and the remaining 1,500 schools are run by private, religious and charitable trusts. 'The schools built on DDA lands need prior government approval before fee hikes, while the other schools are also expected to inform the DoE about their proposed fees before the academic year begins,' said Mr. Sharma. 'No profiteering' In its 2004 judgment, the Supreme Court mandated that schools must not 'profiteer' from students. 'Based on this, the [Arvind] Kejriwal[-led AAP] government has prevented arbitrary fees since 2015,' said Mr. Sharma. Meanwhile, Aparajita Gautam, president of the Delhi Parents' Association, said that under the 1973 Act, the consequences for violations were severe, ranging from freezing the funds of aided schools to derecognition and even a government takeover for unaided institutions. 'However, this has barely been followed in the past few years. Schools that have been derecognised have moved court and got a stay claiming that it impacts the students. Many schools, despite not being granted permission to increase their fees, have been doing so in the past few years with hardly any action taken,' Ms. Gautam said, highlighting that several schools have increased fees without DoE approval. 'The draft Bill will be a relief for parents. However, it should be in the public domain, open to suggestions from parents before being passed. It should be implemented strictly, and the government should ensure that the committees are being formed fairly,' she added.
Time of India
15-05-2025
- Business
- Time of India
Two stalled housing projects in Noida back on track
Renox Group and Diligent Builders have acquired two unfinished housing projects in Greater Noida , giving hope to more than 200 individual investors who have been awaiting delivery of their apartments for over a decade now. The NCR-based property developers have started development work on over 1.5 million sq ft of space after clearing the dues of the lenders and the state urban development authority. 'We have completed the acquisition of Nivas Promoters by paying all the liabilities of the development authority, financial institutions and former allottees,' said Shailendra Sharma, chairman of Renox Group. 'The old allottees of the project, who were stuck for about 12 years, have been given relief. The claims of financial institutions were paid, which reduced the NPA (non-performing assets).' The group is investing Rs 300 crore on the 3.3-acre land parcel of the erstwhile promoter. There were around 70 buyers who had paid 10-20% of the cost and they have been given a full refund. In the Diligent Builders project, 60 of the 120 home buyers have chosen to stay and the remaining have opted for a refund. In this case, only the management of the company has been changed to revive the project. 'The change of directors with positive outlook enabled to revive the stalled project and the supportive policy of the government on the basis of the recommendations of the Amitabh Kant Committee played a pivotal role in ensuring that projects get completed and home buyers get their much-deserved homes,' said Ashwani Nagpal, COO of Diligent Builders. Renox Group said that based on the approved map and layout, it will develop approximately 924,000 sq ft of area. This will have 400 units spread over four towers. 'By getting the liabilities and claims resolved and payments verified in UP RERA, the registration of the old project was being cancelled and secured the registration of the new project,' said Sharma. 'Initially, we have invested Rs 120 crore in Renox Thrive, which includes complete demolition of the decade-old construction and commencement of the new construction as per the new approved plan. The remaining investment will be raised by the institution itself and through sale.' Diligent Builders will develop 575,000 sq ft with 316 units spread over two towers. Recently, Nimbus Projects Ltd , a listed real estate developers headquartered in New Delhi, said it will invest close to Rs 1,000 crore, covering the dues of the state authority and the lenders, to revive a stuck housing project in Noida 's Sector 168. The first project under the UP stalled project policy, formulated by a committee headed by Amitabh Kant--who is now India's G20 sherpa--is being carried out by realty developer Hawelia Group, which has taken over a 22-acre partially delivered project, Shree Radha Sky Garden, in Greater Noida. According to the Confederation of Real Estate Developers' Associations of India (Credai), 190,000 housing units worth Rs 1 lakh crore are stuck in Noida, Greater Noida and Ghaziabad. In Greater Noida region alone, at least 36 real estate projects are facing insolvency proceedings. It is estimated that Rs 40,000 crore is due to the Noida, Greater Noida and Yamuna Expressway authorities, including premium, interest and penal interest against allotted plots on which real estate projects are at different stages of execution.
Time of India
15-05-2025
- Business
- Time of India
Two stalled Noida housing projects back on track
Renox Group and Diligent Builders have acquired two unfinished housing projects in Greater Noida, giving hope to more than 200 individual investors who have been awaiting delivery of their apartments for over a decade now. The NCR-based property developers have started development work on over 1.5 million sq ft of space after clearing the dues of the lenders and the state urban development authority. 'We have completed the acquisition of Nivas Promoters by paying all the liabilities of the development authority, financial institutions and former allottees,' said Shailendra Sharma, chairman of Renox Group. 'The old allottees of the project, who were stuck for about 12 years, have been given relief. The claims of financial institutions were paid, which reduced the NPA (non-performing assets).' The group is investing Rs 300 crore on the 3.3-acre land parcel of the erstwhile promoter. There were around 70 buyers who had paid 10-20% of the cost and they have been given a full refund. In the Diligent Builders project, 60 of the 120 home buyers have chosen to stay and the remaining have opted for a refund. In this case, only the management of the company has been changed to revive the project. 'The change of directors with positive outlook enabled to revive the stalled project and the supportive policy of the government on the basis of the recommendations of the Amitabh Kant Committee played a pivotal role in ensuring that projects get completed and home buyers get their much-deserved homes,' said Ashwani Nagpal, COO of Diligent Builders. Renox Group said that based on the approved map and layout, it will develop approximately 924,000 sq ft of area. This will have 400 units spread over four towers. 'By getting the liabilities and claims resolved and payments verified in UP RERA, the registration of the old project was being cancelled and secured the registration of the new project,' said Sharma. 'Initially, we have invested Rs 120 crore in Renox Thrive, which includes complete demolition of the decade-old construction and commencement of the new construction as per the new approved plan. The remaining investment will be raised by the institution itself and through sale.' Diligent Builders will develop 575,000 sq ft with 316 units spread over two towers. Recently, Nimbus Projects Ltd , a listed real estate developers headquartered in New Delhi, said it will invest close to Rs 1,000 crore, covering the dues of the state authority and the lenders, to revive a stuck housing project in Noida's Sector 168. The first project under the UP stalled project policy, formulated by a committee headed by Amitabh Kant--who is now India's G20 sherpa--is being carried out by realty developer Hawelia Group, which has taken over a 22-acre partially delivered project, Shree Radha Sky Garden, in Greater Noida. According to the Confederation of Real Estate Developers' Associations of India (Credai), 190,000 housing units worth Rs 1 lakh crore are stuck in Noida, Greater Noida and Ghaziabad. In Greater Noida region alone, at least 36 real estate projects are facing insolvency proceedings. It is estimated that Rs 40,000 crore is due to the Noida, Greater Noida and Yamuna Expressway authorities, including premium, interest and penal interest against allotted plots on which real estate projects are at different stages of execution.
