Archive for January 2017

HC stays allotment of flats in Supertech’s luxury project in Gr Noida

The court has also directed the Greater Noida Industrial Development Authority (GNIDA) not to issue the certificate of completion to the builder and take action in accordance with law

HC stays allotment of flats in Supertechs luxury project in Gr NoidaNEW DELHI: The Allahabad High Court on Wednesday stayed allotment of flats in Supertech Czar Suites luxury project in Greater Noida on allegations that the builder constructed flats without proper approvals.

The court has asked the builder not to give possession of any flat in question in the project being developed in Sector Omnicon 1 of Greater Noida to buyers. In case the possession have already been given, it will be subject to the outcome of the writ petition.

The court has also directed the Greater Noida Industrial Development Authority (GNIDA) not to issue the certificate of completion to the builder and take action in accordance with law.

A bench comprising chief justice DB Bhosale and justice Yashwant Varma passed the stay order after nine flat buyers alleged that the builder constructed 1,904 flats in the place of 844 flats permitted as per the original sanction granted by the Greater Noida Industrial Development Authority (GNIDA) in 2007.

The buyers allege the builder applied for a revised sanction afterwards just to legalise the illegal construction.

The next date of hearing in the matter has been fixed for February 8.

HC stays allotment of flats in Supertechs luxury project in Gr Noida

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The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

SC directs Supertech to pay 10% per annum ROI to Emerald homebuyers

The next hearing for final disposal of the case has been scheduled for March 27

SC directs Supertech to pay 10 percent per annum ROI to Emerald homebuyersNEW DELHI: The Supreme Court on Wednesday directed Supertech to pay interest on investment at the rate of 10% per annum to the home buyers of its Noida twin towers project, in an extension to its September order.

Supertech wanted an adjournment of the Wednesday’s hearing, seeking time to place on record its written objections to the report filed by the National Building Construction Company (NBCC), which claimed the construction of the twin towers — Apex and Ceyane — in its Emerald Court project in Noida were in violation of Noida Building Regulation (NBR), 2010.

“The court allowed the same granting us four weeks time to file our reply,” said R Chandrachud, counsel for Supertech.

The apex court on September 6 last year had directed builder Supertech to pay 10% of invested money per annum as investment returns to 14 people who booked houses in its Emerald Court project in Noida, starting January 2015.

Few of the other home buyers had filed application before court, to which the court has now directed the payment of return on investment at the rate of 10% per annum to be paid monthly to customers, informed Shoeb Alam, counsel for the some of the homebuyers.

The next hearing for final disposal of the case has been scheduled for March 27, he said.

In a big setback to Supertech, NBCC in its report submitted to Supreme Court on November 8 last year found out that the open space available between the two towers — Tower 1 and Tower 17 — is less than 20.45 metres, which was in violation of the building laws.

Supertech, however, contested the findings of NBCC, saying the project was sanctioned in 2009 and NBR, 2010 was not applicable to it.

The Supreme Court in November last year had directed Supertech to deposit Rs 10 crore by January 3 to be used for refunding the home buyers of the Noida twin-tower project. However, the builder recently got an extension till March 20 citing financial crunch due to demonetisation.

The builder has already deposited Rs 5 crore as directed by the Supreme Court in July.

The Allahabad High Court had ordered demolition of the two 40-storey residential towers — Apex and Ceyane — on April 11, 2014, on Emerald Court RWA’s complaint that the builder did not have the permission to build the two towers. The company was also directed to refund money to homebuyers with 14% interest in three months’ time.

SC directs Supertech to pay 10 percent per annum ROI to Emerald homebuyers

DISCLAIMER
The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Make use of solar rooftops for houses mandatory, says CSE

The solar rooftop can also reduce monthly power bill of the consumers.The extra units generated through solar rooftop can be exported to the grid, something which cannot be done with DGs, according to CSE.

Make use of solar rooftops for houses mandatory, says CSENEW DELHI: Centre for Science and Environment (CSE) has called for installation of solar rooftops to be made mandatory for all upcoming residential societies and sought a ban on use of diesel generator sets in highly-polluted urban areas like the national capital.

The environmental watchdog has argued that decline in cost of solar panels means they are now a financially viable option and the cost of electricity generation through them, including the capital cost, is a third (Rs 10 per unit) of that generated through diesel generator (DG) sets (Rs 27- Rs 33 per unit).

The solar rooftop can also reduce monthly power bill of the consumers. The extra units generated through solar rooftop can be exported to the grid, something which cannot be done with DGs, according to CSE.

In a survey conducted in five residential societies across Delhi, Haryana, Uttar Pradesh and Rajasthan it was found that “size of the diesel generator was often not connected to outage” but was sometimes linked to the “status” of a particular society.

For instance, ICON, an upscale society in Gurugram, which experiences an outage of only 16 minutes per day on an average had “full backup” with DG size of 1,112 KW.

“DG back-up has become increasingly redundant because of reducing power outages in cities. We must realise that full back up was considered a basic need by upscale societies when the outages often lasted several hours a day,” said Chandra Bhushan, director general, CSE during the launch of report ‘Solar Rooftop: Replacing Diesel Generators in Residential Societies’.

“If power outage is less than an hour a day then the very definition of ‘full back-up’ needs to be changed. For tens of minutes of outage, even for the high-end societies ‘partial load back-up’ should be sufficient,” Bhushan added.

As per CSE, this partial load can be easily met by solar rooftop for individual flats. DG sets though can be used to supplement additional power requirements for shared facilities in a residential society like elevators and for energy-intensive appliances such as ACs.

However, solar power providers, who develop, operate and maintain, solar power generation equipment for their customers have their set of concerns as well. pti

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Residents demand concrete answers in pre-poll bid in Noida

According to Amit Gupta, a resident of Sector 77, despite the many infrastructure expansions and new projects like elevated roads, underpasses and metro rail etc., the city’s growth is negligible.

Residents demand concrete answers in pre-poll bid in NoidaNOIDA: Even as the state gears up for impending polls and the ruling Samajwadi Party (SP) remains embroiled in family squabbles, residents of Noida are in a mood to seek some tough answers from representatives of the many political parties before they hit the campaign trail. Topping the agenda for Noida and Gautam Budh Nagar residents at large are – answers on freehold property in Noida – a poll promise unfulfilled by SP despite its mention in their manifesto. The RWA federation has decided to take up the issue just as they did for a toll free DND through their PIL. “The SP government in its manifesto had promised freehold property for residents of Noida. It’s been close to five years of their rule with full majority. Then why was the promise not fulfilled? What is their excuse? Isn’t the right to property a valid right for the residents of the city? How long do political parties want to exploit the common man whose hard earned money goes in building one home for himself which in Noida is still on 99-year lease? Election after election political parties make tall claims with dazzling sops for the common man, but none is fulfilled. It’s time residents of Noida woke up and exercised their mandate in favour of only those who are willing to serve their interests and not the larger interests of their party or ideology,” said N P Singh, president Federation of Noida Residents Welfare Associations (FONRWA).

According to Singh, Gautam Budh Nagar is a constituency rich in revenue and infrastructure facilities. But the benefits of these are not reaped by its residents which still languish in deteriorating law and order across the city/district, traffic snarls, illegal parking, harassments of homebuyers by builders, lack of transparency in public works, lack of public transportation like DTC for Noida, public facilities like toilets/water every 500 metres, maintenance of parks and open spaces, dedicated vendor zones, parking regulation and more.

According to Amit Gupta, a resident of Sector 77, despite the many infrastructure expansions and new projects like elevated roads, underpasses and metro rail etc., the city’s growth is negligible. “Sorry to say but the ‘so called smart city Noida’ is on its way to become any backward city with no forward management and no planning. Just building underpasses, elevated roads, U turns etc. don’t make any city smart. Noida lacks in basic amenities such as a dedicated garbage dump yard which is still not in place despite the city’s exponential growth for the last 30 years. Its sewers and drains are blocked, there’s no rain water harvest in place, its water is still not suitable for human consumption, its roads are encroached, parking spaces are unregulated, and the city suffers daily traffic snarls. I can go on. This is not what you expect from a revenue generating IT, publishing and corporate hub of India,” said Gupta who not only battles daily traffic jams, but also suffers on account of lack of parking due to encroachment in at his work space in Sector 62.

According to S K Jain, president of market association, Sector 18, “Political parties while campaigning during polls promise the moon, but in reality once the polling is over, their only interest from Noida remains in its revenue which is diverted to other cities of Uttar Pradesh instead of Gautam Budh Nagar,” said Jain, adding that every residential sector should have medical services with OPD facilities linked with government hospitals, sports facilities within maximum distance of 2 km and increase in government school/college as per population growth.

A large and new vote bank is expected from newer sectors such as 71, 72, 75, 76, 77, 78, 119, 120, 121, and 122. Their immediate redressals relate to infrastructure facilities such as necessary U-turns, local markets, community centres, hospitals and metro connectivity. “These would be the deciding issues for many such voters even as the larger growth and development of the city is the benchmark,” said Gupta.

Singh in the meantime reiterates that many developmental projects (currently at various stages of progress or in the pipeline) were all a joint result of residents’ feedback and previous government’s plans. “Without residents’ valuable feedback through RWA meetings with officials, none of these would have seen the light of day. Hence it’s time the residents staked their claim while exercising their voting rights during elections,” said Singh. He adds that residents batting mohalla committees on various developmental and maintenance related work of authority should now reflect in their representation in Noida and Greater Noida authority boards.

DISCLAIMER
The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Noida RWAs say civic failures shadow good infrastructure work

The RWA federation, market associations and residents are all ready with questions for the ruling Samajwadi Party as well as representatives of other parties.

Noida RWAs say civic failures shadow good infrastructure workNOIDA: As the state gears up for assembly elections in February, Noida residents say they do not want to fall prey to hollow poll promises once again that leave UP’s commerce hub high and dry.

The RWA federation, market associations and residents are all ready with questions for the ruling Samajwadi Party as well as representatives of other parties. According to the residents, they want answers on the unresolved issue of freehold properties, promises on the overhaul of the district’s infrastructure and other civic issues faced by the people.

“In its last election manifesto, the ruling SP promised freehold property for Noida residents. The five-year tenure of the government is coming to a close, yet the promise has not been fulfilled,” said N P Singh, president, Federation of Noida Residents Welfare Associations (FONRWA).

There has been a long-pending demand for freehold properties for the Noida residents, who can buy a property only on a 99-year lease.

“How long do political parties want to exploit the common man?” Singh asked.

Several residents are also of the view that they have not been able to reap the benefits of the rich infrastructure in the district due to their unaddressed civic grievances.

“Construction of underpasses or elevated roads alone does not make a city smart. Despite exponential growth in the past three decades, Noida lacks basic amenities such as a dedicated garbage disposal system and a proper drainage system. Encroachment and traffic snarls add on to the civic woes,” said Amit Gupta, a resident of Sector 77.

This election, the candidates are expected to tap on a fresh vote bank in newer sectors such as sectors 71, 72, 75, 76, 77, 78, 119, 120, 121, and 122.

Several residents from these areas spoke to TOI and said they would like to see an infrastructure overhaul including necessary U-turns, local markets, community centres, hospitals and Metro connectivity.

“During campaigning, politicians promise the moon but forget the promises after winning. Every residential sector should be provided with medical services and sports facilities within a maximum distance of 2 km,” said S K Jain, president, Sector-18 market association.

DISCLAIMER
The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Your credit rating will soon decide your home loan rate

Bank of Baroda (BoB), which announced lowest rates on home loans on Monday, will be the first bank to link interest rates on home loans to credit scores of borrowers.

Your credit rating will soon decide your home loan rateMUMBAI: The interest that you would pay on your homes loans will soon be linked to your credit rating, or the discipline you maintain in repaying your existing loans. If the credit score improves, you will have to pay less EMI, and the other way around.

Bank of Baroda (BoB), which announced lowest rates on home loans on Monday, will be the first bank to link interest rates on home loans to credit scores of borrowers. The bank will initially rely on credit scores of Credit Information Bureau of India (CIBIL) wherein those with scores above 760 points will be charged 8.35%. Other banks are likely to take a cue from BoB’s latest initiative.

Customers of BoB having credit score in the range of 725 to 759 points will be charged 8.85% while those having credit score below 724 points will be charged 9.35% on home loans. First-time borrowers, with no credit history with any credit information bureau, will be charged 8.85%. Officials from the bank who did not want to be named said that it wanted to reward customers with better rating by offering them better rates. The new rates charged by the bank is irrespective of the tenure and the amount.

Bank of Baroda’s rate of 8.35% is the lowest among all banks. Other large banks – State Bank of India and ICICI Bank – which have predominantly offered lower rates are charging 8.65% and 8.70%, respectively, on home loans.The Cibil score indicates the financial discipline maintained by borrowers in terms of timely repayment of their dues. All banks are mandated to provide information about their customer’s loan history to credit information bureaus such as Cibil, and based on this data, credit score of a borrower is chalked out. Bank of Baroda’s one-year marginal cost lending rate (MCLR) – which is the floor rate at which they lend to the best customers – is pegged at 8.35%. The bank has not kept any spread or mark-up on its MCLR for best rated home loan borrowers. In case of SBI, which has a one-year MCLR of 8%, has kept a 65 basis point mark-up for home loans.

If after a year, BoB’s customer’s credit scores improves from 700, they would be offered better rates, bank officials said.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

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