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Though slightly late, the Uttar Pradesh government finally seems to have woken up to the fact that good road connectivity is the key to business linkages and a buoyant economy. In order to realise that dream, as many as five more expressways are being planned, which will crisscross the state from all corners. These five will be in addition to the Taj expressway and the Ganga expressways, work on which has already begun. Totaling around 2,500 km, these five expressways have been conceptualised along the major rivers that cut across the state—Yamuna, Betwa, Ghaghra, Ram Ganga and Hindan. Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) is authorised to explore the technical as well financial feasibility of these expressways. The proposed expressways include, 250 km eight-lane Ghaziabad-Saharanpur-Dehradun expressway on river Hindan, 950-kms long Jhansi-Kanpur-Lucknow-Gorakhpur-Kushinagar expressway, 500-kms Agra-Kanpur expressway on river Yamuna, the 350-kms Bijnore-Mo

GHAZIABAD: Residents of many areas of Ghaziabad adjoining Delhi and extending up to the Hindon river have been facing a severe power crisis – with cuts extending up 16 hours a day -- over the past few days on account of maintenance work going on at the 220-KV power sub-station in Sahibabad, which supplies power to these areas. Increasing demand for power and lack of power infrastructure have only made matters worse. “Overall power cuts extending up to 16 hours a day and six hours at a stretch have led to other problems like shortage of drinking water supply. Inverters, too, fail in these conditions making it all the more difficult in this humid weather,” complained Poonam Gupta, a housewife living in Shalimar Garden. “In the absence of power and water, it becomes difficult in the morning to even get the children ready for school,” she added. The unscheduled power cuts have also created peculiar situations for people in carrying out daily activities. “I was withdrawing money from an ATM

The question that bothers a lot of prospective home buyers is whether they will miss the bus if they wait any further. However, the right question should be: Can I afford to buy a house today? Even if you are one of those blessed ones, the thought should be: Is it a fair price for the house? Your house might not be an investment, but does that mean you should pay any price for it? The prices currently being quoted are simply atrocious. From a time, not too long ago, when people talked about loans of Rs 10 lakh to Rs 50 lakh, today the average loan size is substantially higher. A simple 2-bedroom house in Malad can cost up to Rs 1.2 crore (including stamp duty and registration charges). This is the price that sellers expect, but this does not mean they are actually getting it. The cost of a similar flat 4 years ago was close to Rs 30 lakh. The entire real estate boom took off in 2003 on the back of very low interest rates and low prices. However, the situation has changed now with realt

Road Transport Ministry Shows Green Light For NH-24 Project In Ghaziabad THE WIDENING project of the stretch of National Highway (NH) 24 in Ghaziabad is finally going to see the light of the day. After the approval from the Ministry of Road Transport and High ways (MoRTH), the National Highway Authority of India (NHAI) is now working out the modalities of the project. According to senior MoRTH officials, the Ghaziabad and Noida officials had made a presentation on the necessity of the widening of the highway, which also serves as an approach to several upcoming townships and residen- tial colonies of Ghaziabad. "Though the highway is meant for long distance traffic, the National Highway -24 caters to a large volume of local traffic of Noida and Ghaziabad. Ideally, the development authorities of the two districts should have devel- oped slip roads, but now when they are so insisting and even ready to share the cost the ministry has no objection, said a senior MoRTH official. "

Ghaziabad Development Authority (GDA) To Develop Integrated Logistics Hub In Loni The Ghaziabad Development Authority (GDA) will soon develop an integrated logistics hub at Loni in Ghaziabad. The GDA, in its board meeting held on Monday, approved the proposal regarding the development of this ambitious project. The Infrastructure Leasing & Financial Services (IL&FS) would develop the shopping and residential hub along with a container depot, warehouse and entertainment facilities, said vice-chairman (VC) Captain SK Dwivedi. In the board meeting, 31 proposals were considered out of which 22 were approved.In addition to the development of integrated hub, the GDA would go for a global consultancy services. For that the Government of UP had already approved the GDA's plan submitted earlier. The board in its meeting on Monday approved the proposal, said the VC of GDA. The board further approved the allotment of land to National Institute of Fashion Technology (NIFT) at Koyal Enc

Residents of many areas of Ghaziabad adjoining Delhi and extending up to the Hindon river have been facing a severe power crisis - with cuts extending up 16 hours a day -- over the past few days on account of maintenance work going on at the 220-KV power sub-station in Sahibabad, which supplies power to these areas. Increasing demand for power and lack of power infrastructure have only made matters worse. "Overall power cuts extending up to 16 hours a day and six hours at a stretch have led to other problems like shortage of drinking water supply. Inverters, too, fail in these conditions making it all the more difficult in this humid weather," complained Poonam Gupta, a housewife living in Shalimar Garden. "In the absence of power and water, it becomes difficult in the morning to even get the children ready for school," she added. The unscheduled power cuts have also created peculiar situations for people in carrying out daily activities. "I was withdrawing mon

Until some months ago, selecting a home loan was child's play. Floating rates that were a few percentage points below the fixed rates were the obvious pick of the borrower. Spiraling inflation and rising property prices have plunged the prospective borrowers in a dilemma. Adding to this confusion is the constant increase in the interest rates on home loans. How does a borrower select a home loan that works in his favour? Dilemma faced New borrowers wonder if they should take a loan now or wait for some more time. Borrowers hooked on to floating rates, contemplate migrating to fixed rates. However, the fixed rates are currently high - to the tune of 13 to 14 percent. Wouldn't it be better to wait till the rates dip and go fixed at lower rates? Were the fixed rates truly fixed or fixed for three years? What if the lender increases the rate after you refinance? Will I have to repay to the lender till I retire from service? Should I switch from floating to fixed, at the next

Developers charge interest if consumers delay any payment but don’t pay when they are at fault IT’S A long list of grouses, being held against real estate developers. Cases such as delayed possession, cancellation of allotments and charging excessive interest rates are very common. In fact, industry estimates say that out of every fresh 100 apartments, 60 to 70 of them are delayed for possession and the reason is due to slow construction. Interestingly, the developers charge interest if consumers delay any payment or installment but in turn, they don’t pay when they delay giving the possession. SundayET spoke to many police officials and they admitted that cases of delayed possession, cancellation of allotments and charging excessive interest rates come in large numbers but there is nothing substantial they can do as the terms and conditions of the agreement clauses between the two (developer and consumer) given clear indication for these kind of problems. Lawyers, however, are o

Present Downturn In Real Estate A Temporary Blip The persistence of inflationary pressure in the market will further affect the recovery in the real estate sector. As the government measures to improve supplies of essential commodities , so far, have had limited impact on controlling prices, RBI is likely to further take harsh measures to push the interest rates up on July 29 when it review its credit policy. Because of the central bank's monetary measures taken so far to contain inflation, the interest rates on home loan have gone up by 2 percentage points - to over 12% in the last one year. Prior to this, the central bank, in order to contain the rise in the prices of real estate, had curtailed the flow of money to the sector. This has resulted in the rise in interest rates by over three percentage points between 2005 and 2007. In fact, in the last three years, interest rates on home loan have increased by around 5 percentage points from around 7% in 2005 to over 12% at present.

GDA project of road widening from Maharajpur border to Dabur crossing has failed in its objective Foe the residents of Kaushambi and Maharajpur it is a dream that has sadly turned sour The ambitious Ghaziabad Development Authority (GDA) project for widening the section from Maharajpur border to Dabur crossing has failed in its objective and the stretch is back to being the narrow lane it used to be. The GDA chopped down 200 trees and spent Rs 3.5 crore to convert the stretch into an eight-lane road. The stretch was one of the first in the city to be modernised and a large number of trees were cut down so that the service lanes on either side could be utilised for traffic. Parking lot After such a huge expenditure and poor results, the area residents and the GDA blame an MCG parking lot for the chaos in the area. The MCG has given out contract for providing parking facility to vikrams. Eight hundred vikrams can remain parked near Maharajpur. The service lanes on the other hand have disa

Realtors do not see demand going down due to spiralling input costs. Leading realty player Parsvnath Developers said it sees no reason to offer lower prices for property on the back of an inflationary phase, which can further surge the costs of housing and commercial establishments. Debunking the perception that real estate sector is in a slump, the company Chairman Pradeep Jain said it has raised the prices of its properties up to 39 per cent in the last six months on account of rising input costs. Asked if there is any hope for prices to cool down, Jain said, "There is no question of prices going down. Inflation will further push the input costs and we will have no other option, but to pass on this entirely to our end-users." The construction costs have risen by 10-12 per cent in the last one year, he added."The prices of our different properties were increased in the range of 3-39 per cent in the last six months due to rising input costs," Jain said. The company,

Greater Noida is a fast developing township with focus on industrial development Noida, the popular IT and IT enabled services hub of India is known for its standard of living and highly supportive industrial environment with its unique infrastructure providing numerous matchless facilities. Considering the vast scope in the area, the Government of UP came up with the idea of creating Greater Noida, extension of NOIDA but with better and strict planning. The idea was to create a world class city or ever a better city. As an extension (of Noi da) in territory, infrastructure, residential and commercial facilities and education, Greater Noida is on the fast track of progress. Greater Noida is home to a number of Indian and foreign multi-national companies. Today, Greater Noida stands a class apart from other cities. The residentail and commercial policies formed and implemented by Greater Noida Authority have resulted in an influx of number of residents and commercial activities in this

After Mega Land Scams in Ghaziabad & Greater Noida Now A Rs 1,000 Crore Land Scam in Surajpur After Moti Goel's infamous land scams in Ghaziabad and Greater Noida, another major land scam has come to light in Surajpur town. A land mafia, in connivance with the revenue department officials, has usurped 750 bighas of land belonging to Gram Samaj and Pokhar land--land under a pond--near district headquarters. The market value of this land is estimated to be over Rs 1,000 crore. The district magistrate, Gautam Budh Nagar, Sharwan Kumar Sharma has ordered a probe into the scam. According to available information, Gram Samaj's land in the town was registered under Khasra No. 1 to 9 and again Khasra Nos 16, 19, 98, 100, 178, 179, 121, 142, etc. But the land mafia is reported to have got this land transferred in its own name with the connivance of revenue department officials. The fraud was committed through a sleek operation and with such finesse that scamsters could not be caught

Property prices, barring certain areas in big metros, may witness further correction in the near future. The smaller pockets have already seen a 15-20 per cent decline in the recent past, according to Mr Deepak Parekh, Chairman, HDFC Ltd. Some areas in cities such as Mumbai and Delhi may not see a drop in prices because there is a huge demand for property from multinational companies, but suburbs and smaller cities have already seen a declining trend. Addressing the annual general meeting of HDFC here on Wednesday, Mr Parekh said purchasing real estate is not an attractive investment option now. But he does not expect a slowdown in housing demand, as there is a huge demand for housing in the country. Mr Parekh also dismissed reports about defaults by big builders, but said that some big deals could collapse as builders had committed to buying land at high prices, which no longer seem profitable. There have been some cancellations of large deals recently. He said HDFC is expected to reg

New circle rates have been introduced in Ghaziabad with effect from today. The rates registered an increase of 25 to 50 per cent over the old rates. According to informed circles after the relief given to people in stamp duty rates for registry of property, the government has neutralized it by announcing a hike of 25 to 50 per cent in circle rates. From July 16, people will have to pay stamp duty as per the enhanced rates. According to the new rates also, Kaushambi tops in higher residential rates. A sum of Rs 32,000 has been fixed per sq mt as against previous rate of Rs 25,000 per sq mt. For Vaishali and Indirapuram a rate of Rs 26,000 and Rs 28,000 has been fixed which is the second highest rate. Vasundhra is at third place with a rate of Rs 20,000 to Rs 22,000 per sq mt Though the administration had heard suggestions and objections, it stuck to the rates finalized. Joint commissioner, Stamps, K.P. Yadav kept telling people till the last moment that the rate list has not been implem

The project will not be able to meet its Commonwealth deadline. The Centre has put the proposed Rs 3,500-crore global airport hub at Noida in Uttar Pradesh into cold storage and the ambitious project would not be able to keep its date with the 2010 Commonwealth Games in New Delhi. The matter is pending approval from the Union Cabinet since long even as the government has allowed development of a greenfield airport within the 150-km radius of an existing one on a case-to-case basis. "However, this relaxation does not apply in this case as the matter was already before the Union Cabinet and not the Director General of Civil Aviation (DGCA)," UP Chief Secretary and Industrial Development Commissioner (IDC) Atul Kumar Gupta told Business Standard. "Despite our repeated efforts and representations, the issue has `effectively' been put in the cold storage," he said. Proposed in 2001, the Taj International Airport hub is to be built over 1,500 hectares at Jewar in Gaut

Megapolis is very well connected with Delhi and other vital commercial centres through expressways and highways, ie Gautam Budh Expressway to Greater Noida, Eastern peripheral expressway, NH-91. The Poject lies within the National Capital Region (NCR). The mega city lies to the proposed International Airport and is adjoining north India's largest proposed rail terminal coming up in Bodaki on the Delhi Howrah railway list. Habitation Par Excellence Megapolis is gifted with 5 natural lakes and a grand canal which enhances the township's beauty, thereby creating verdant expanse of serene greens picture perfect to house waterfront boulevards. A clean and healthy pollution free environment in harmony with nature will ensure an improved eco-system. Nick Faldo Signature Golf Course Megapolis will offer one of the finest golf courses in India. World champion golfer Nick Faldo from U.K. will design the 18-hole international championship standard golf course, the first in India. Certifie

Work on the 165 km long Yamuna Expressway (formerly Taj Expressway) between Greater Noida and Agra in Uttar Pradesh is to begin within a fortnight as the process of land acquisition by Jaiprakash Associates is now complete. The new expressway will cut down travel time between Delhi and Agra by at least one hour. The decision to build a new international airport at Jevar, half way between Agra and Greater Noida, will help accelerate economic development of the whole region and give a big boost to tourism, according to businessmen in Agra. The Yamuna Expressway Authority has given the green signal to develop industrial clusters at half a dozen places. The expressway passing through the districts of Gautam Buddha Nagar, Aligarh, Mahamaya Nagar (Hathras), Mathura and Agra will come up on land belonging to 115 village panchayats. A series of under-ways, fly-overs and over-bridges will ensure that motorists can drive at a speed of upto 120 kmph. According to information provided by the autho

The Apartments coming up as part of the Commonwealth Games Village, next to the Akshardham temple, is all set to change the image of east Delhi. If real estate experts are to be believed, the prices of these flats will bring the value of new properties in east Delhi and satellite towns like Noida, Greater Noida and Ghaziabad at par with similar properties in central, west and south Delhi. During the 15-day long games in October 2010, the apartments will be used to accommodate 8,500 athletes. Post games, the developer, Dubai-based Emaar MGF, would hand over one third of the total 1,168 flats to DDA and the remaining 779 flats - for which bookings have already started would be handed over to the buyers. "The developers are obviously benchmarking it for Delhi. Though there is a general decline in sale of residential properties, there are still end users in the market. The high prices of flats at the Commonwealth Games Village will ensure that more end users buy it instead of investor

Many rare birds, such as the animated yellow wagtail or the flamboyant black-necked stork, would soon come calling home here, with the government planning to build a sanctuary for these winged visitors. The state forest department has identified a 330-hectare area in the Greater Noida region to develop it into a prime bird habitat, with water bodies and roosting trees that will be home to different bird species. The state government has already given its consent to build the Greater Noida Bird Sanctuary, adjacent to a reserve forest. The project is also expected to boost eco-tourism. Nature lovers from across the country would now get another opportunity to watch this spectacular show of birds of different size, shape and colour, in their natural surroundings. The sanctuary would be built in the Surajpur area on the outskirts of the city, at a cost of Rs 56.4 million. The forest department is expected to complete the project by 2010. "The site is being closely monitored and the wo

It is not hard to see why most top tycoons or multi-millionaires and successful businessmen are all related to property investment. Since ages experts have been professing the benefits of investing in property and reaping benefits. And if the current trend in global economy is anything to go by, property will be as a sure shot winner, as the best asset-class for investment. It is a fact that we are all land animals and can live only on land, and that land is God's bounty to all, but just look at the population growth on earth today. With the stupendous rate of its growth, and only limited land on earth, property demand will continue to increase and supply will gradually decrease especially at selected urban areas. The value of money is becoming smaller every day. Inflation has jumped up to a 13 year high and global oil prices are flaring up. Even bank deposits are not proving as attractive as before, as interest rates being offered by the banks do not help investors in beating i

The Supreme Court on Tuesday indicted the National Capital Region Planning Board (NCRPB) for its failure to decongest Delhi. This has brought the spotlight back on the neglected body, which could never quite realise its mandate only because the region that it was supposed to cater to never took off because of lack of political will. Thus after 22 years, Rs 800-odd crore and a handful of feasibility studies, NCRPB -- headless for the past two months with no signs of a member secretary being appointed -- is, for all practical purposes, an organisation consigned to convenient oblivion by its political masters -- the Union urban development ministry. Planning in NCR has been virtually taken over by the private developers who are minting money, while the board has no role to play. The last incumbent, P B Sudhakaran, was transferred to the ministry of urban employment and poverty alleviation around two months ago and the NCRPB has been functioning under its chief regional planner, Rajeev Mal

The Supreme Court on Wednesday restrained the Mayawati government from dispossessing land allotted to different companies for constructing hotels in Noida. A bench headed by Chief Justice K.G. Balakrishnan directed the UP government not to take action against the sanctioned plots that were earmarked for hotels, until the next hearing on July 18. The order was issued on a petition filed by the ITC Group. In 2006, the then UP government led by Mulayam Singh Yadav had allotted 14 plots to different companies, which was cancelled by Mayawati after she took over as CM. Appearing for the petitioner, senior advocates Anil Diwan and Harish Salve claimed the allotments were cancelled due to the change in state's regime. "It's all about who is in power," said Salve, indicating the present government led by BSP leader Mayawati reversed the allotment orders since they were issued during Mulayam Singh's tenure. According to the ITC, Mulayam Singh's government had in 2006 p

Entry Points Into Capital To Decked Up By Huge 80-Metre Tall, Futuristic Steel Structures By Games Within the next couple of years, visitors driving into Delhi will be greeted by huge 80-metre tall, futuristic steel structures overarching the highways leading into the Capital. The Delhi government has cleared the designs for seven entry points into the Capital. These points include Anand Vihar, Tikri border, Mayur Vihar-Noida Link Road, Shahdara border, Ghazipur border, Loni border and Nand Nagri-Bhopura border. An artist impression of the structures being at the various entru points, Top: Noida Border,Left: Anand Vihar, Right: Ghazipur Border In addition to beautification of these points, the Guru Teg Bahadur Memorial is coming up on National Highway 1, or the GT Highway. The memorial is being constructed by the Delhi Tourism and Transportation Development Corporation (DTTDC) and will be ready by March 2009, officials added. The structures, varying between 60 metres and 80 metres in h

Non-Resident Indians (NRIs) Home In On India, Account For 10% Of Sales Home sales in India might have turned sluggish but sales to non-resident Indians (NRIs) are booming. According to Jones Lang LaSalle Meghraj (JLLM), residential sales to NRIs have tripled over the last six months, from 3% to about 10% of the total sales. "What would happen when one loses his job in the US? The downturn is scaring many NRIs who fear job cuts," says JLLM's Raminder Grover. "There is a renewed interest in selling abroad," says Lodha Group senior VP R Kartik. Many NRIs have been thinking of coming back to India and "many of them are making safety investments," explains Mr Kartik. Over the last few months, Lodha has seen a 25% increase in its sales to NRIs. Sobha Developers has seen the share of NRI sales go up from 5% to 10% of its sales. "In the last six months, we have been selling about 25,000 sq.ft. a month to NRIs," says Sobha Developers MD Jagdish C Shar

Ghaziabad Municipal Body Cancels Tenders Worth Rs 3 Crore The Ghaziabad Municipal Corporation has dismissed tenders of Rs 3 crore as investigations by the civic agency showed that contractors had, in connivance with a few government officials, secured these tenders. To make the process more transparent, the corporation has sought the tenders through banks, officials said. The corporation has also blacklisted some of the contractors, officials said. "A list of the blacklisted contractors has also been sent to the police administration, which will resume action against them," a senior official said. "During an investigation, we found that only 15 contractors were getting the tenders each time a project came up. They even threatened other contractors from applying for any project advertised in the papers," City Commissioner Ajay Shankar Pandey said. Meanwhile, the City Commissioner said the municipal corporation's role in distributing tenders would be reduced. He s

Land scam In Ghaziabad Costs Govt Rs 200 cr, A 1300-Bigha Land Were Sold To 'Multiple `Owners' Scrutinising complaints lodged in lok adalats, the Ghaziabad district administration has unearthed a scam in which plots on a 1300-bigha land were sold to multiple `owners', and the government cheated of approximately Rs 200 crore in stamp duty. Ghaziabad District Magistrate Deepak Aggarwal said on Friday that the huge piece of land in Loni (Ghaziabad) was owned by one Jeevan Singh, and that it is worth an estimated Rs 690 crore. Aggarwal said the land was divided into 11,000 plots and 12,000 transactions were carried out -- simply put, this means some of the plots were sold many times. THE WHATS AND HOWS 1300-bigha land in Loni worth Rs 690 crore Carved out into 11,000 plots Sold 12,000 times 200-bigha govt land encroached upon 30 people involved, says Administration Five held till date The scam, he said, was conducted by giving false land documents and power of attorney. He said

To Download Brochure : Click Here The Greater Noida Authority has, after a long interval, launched a scheme of residential plots in 120 sq mt and 200 sq mt sizes. The last date for receipt of applications under this scheme will be August 22. The forms for this scheme will be available from the divisional banks in UP besides Noida and Delhi. For quite some time, the GNIDA was preparing to launch a residential plots' scheme which was finally launched on July 3. The chairman of Greater Noida Authority, Lalit Srivastava said residential plots will be allotted in two sectors of Greater Noida and plots will be of 120 and 200 sq mt. sizes. A draw for allotment will be held on December 22. Application forms will be available from different banks in Delhi, Kanpur, Ghorakhpur, Varanasi, Barielly, Muradabad, Lucknow, Ghaziabad, Allahabad, Agra, Meerut, etc. Forms can also be downloaded from the Greater Noida website. A demand draft of Rs 1,100 will have to be submitted for the application for

In a recent letter to the HDFC shareholders, the chairman of HDFC, Deepak Parekh slammed developers for not differentiating between super built-up area and carpet area (internal wall to wall area) of the houses that they sell. He further said that developers misguide buyers by selling on the basis of super built-up area, without clearly mentioning how much is the carpet area. Parekh added, “There are instances where the difference between the carpet and super built-up area is as high as 50 per cent. Bifurcating the carpet area and common amenities increases transparency in the transaction. Ironically, though some states have legislation for flats to be sold on the basis of carpet area, what is lacking is enforcement.” If experts like Parekh feel that carpet area should be the basis of transactions then why do developers charge buyers on the basis of super built-up area? In Delhi, the authorities are following the recommendations of new the Master Plan of Delhi 2021 (MPD 2021). But thes

Experts suggest that investors willing to buy residential properties should not wait. It is better to invest at current levels. The inflation rate is ruling at quite high levels (above 11 percent) and is expected to remain high in the short to medium term. This means the rise in input costs of properties will continue and builders will be forced to raise the property prices in future. Also, home loans attract income tax incentives for the borrowers. This means it is good to invest early in property. However, investors should factor in some variables while going in for a home loan. As a home loan is a longterm commitment from the borrower, it requires proper financial planning. Typically, a home loan tenure is 15 to 20 years. Some factors to consider while availing a home loan: Scheme First of all, a borrower needs to decide on whether to go in for a fixed or floating interest rate home loan. Usually, the rate of interest is 1-1.5 percent higher in fixed interest rate options. Bor