Property in Yamuna Expressway Greater Noida

The development body of Yamuna Expressway had formed in September last year a panel to probe whether builders developing group housing projects in the area had willfully flouted building byelaws. According to homebuyers, developers have not followed the sanctioned building layout map approved by the development body. The alterations, accuse the buyers, have been made to gain more profits. The panel will submit its report on March 15.

The Yamuna Expressway Industrial Development Authority has signed pacts with as many as 28 private players who promised to invest as much as Rs 10,074 crore in the region. To make sure investment promises do not go to cold storage, the agency will soon start the process to allocate land to these companies to set industrial units in the region. If all the companies set their units in the region, 28,000 new jobs will be created, apart from five lakh indirect jobs. This could give a major boost to real estate in the region.

Causing huge traffic jams and breaking down of vehicles, Noida roads are known for all the wrong reasons. The Noida Authority, however, now plans to up its sleeves and begin the task of resurfacing the damaged roads covering 300 kilometres of area. The drive will include all the arterial corridors which experience high traffic, internal roads in the residential and industrial pockets of the town and roads which have not been repaired in the last four years. The authority is presently awarding contracts worth Rs 300 crore for the road resurfacing work which is likely to begin in a few days.

The ongoing audit exercise by global consultancy Currie & Brown on behalf of the Noida Authority shows only two of 15 builders might have diverted money collected from buyers to employ it elsewhere. When a large number of homebuyers approached Uttar Pradesh Chief Minister Yogi Adityanath last year over delayed projects, most of them suspected fund diversion was the key reason behind developers failing to meet completion scheduled. There are about 94 stuck residential projects in Noida, in which about 78,000 people have invested.

The Noida real estate market is in for better times as the works on the Noida-Greater Noida Metro Rail Corridor is in full swing. The areas falling on the corridor will be the perfect choice for homebuyers for the superb connectivity they have on offer. MakaaniQ lists some of the most promising housing projects in Noida where you may consider investing.