Sector 84 Property

The Cabinet on May 16 approved extension of the Metro rail network from Noida City Centre to Sector 62, which borders Ghaziabad, with an investment of Rs 1,967 crore. The New Line will be an extension of the Dwarka-Noida City Centre Line of the Delhi Metro. The extended route will provide transport facility to a large number of people living in Noida, besides catering to residents of close-by areas of Ghaziabad.

Here is the week's top news stories from the real estate sector.

The Noida Authority launched a multilevel car-parking (MLCP) facility in January to resolve the parking problems of the Sector 18 market. However, a hike in parking fee and issues such as flawed footpath design and lack of road infrastructure have played the spoilsport for the facility. So far, there are no as many takers for the parking space as the Noida Authority had expected.

The Noida Authority is seen trying every trick in the book to recover over Rs 20,000 crore from 94 developers who have failed to deliver their projects, and who have in turn not been able to pay their dues to the said authority.  Between May 7 and May 12, the authority would issue a list of “reliable” developers in order to dispel “negativity” in Noida’s real estate sector.

In 2009, registration of independent floors was made legal given that defaulting developers paid a penalty and only then could they get a floor-wise completion certificate. However, there were defaulters yet again. Fast forward 2018, the scenario hasn’t changed for the better. Owners of independent floors in plots that measure less than 180 sq yd cannot be the formal owners nor can they sell it.