Tag Archives: Noida Real Estate

Altico Capital invests INR 430 cr in Supertech project

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News Point: Investment infused for ORB & Cape Town projects in Sec 74, Noida.

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estateAltico Capital has invested INR 430 crore in Noida project being developed by Supertech.

This is Altico’s first investment with the group and is largely towards the development of Supertech’s Capetown project in Sector-74, Noida, which incudes ORB and CapeLuxe Towers while a part of the funding shall be utilized for refinancing an existing lender.

Sector-74 is largely a residential sector and part of a well-established residential micro-market, which is well connected to the Noida Expressway as well as Noida City Centre. The project is also located close to an under construction metro line that connects to Noida City Centre on one side and Noida Expressway towards the other.

Sanjay Grewal, CEO, Altico Capital said, “We are very pleased to partner with the Supertech Group which is one of the largest real estate developers in NCR, having delivered more than 40 million sq ft of residential and commercial projects, with the significant focus on development in NCR.”

Announcing the investment, R.K. Arora, Chairman, Supertech Ltd said, “It is a matter of pride to partner with Altico, one of the largest foreign owned and controlled NBFCs, in the country.  This investment will enable us to deliver our projects in Sector 74 of Noida, with an aim to deliver ORB within 18-24 months.  At Supertech, we continuously strive to bring value for all our stakeholders.  This partnership is in line with our vision to fulfil the commitment of delivering the best.”

Supertech Capetown is one of the largest Group housing project of NCR with 8000 residential unit. It boasts of all modern facilities and amentinites – 100-Bed Hospital, Senior Secondary School, Community Facilities, Convenient Shopping, Health Clubs etc. within the development.

Capetown is an advanced stage project totalling around 11 million sq ft; of this around 5.5 mn sq ft has been delivered and possession has been handed over for over 4,300 units. The project has various components, ranging from mid-ticket to premium and luxury residential apartments, along with some retail space.

Altico’s funding is for a part of the Capetown’s luxury phase, totaling around 2.3 mm sq ft spread over 7 residential towers including ORB and CapeLuxe, as well as completed retail inventory. With this funding, such portion of the project shall attain significant financial closure. This will help the group further expedite construction of the project.

ORB, is a circular shaped 40-storey project that has been designed by the eminent interior designer Twinkle Khanna that sets new benchmarks and redefines the dimensions of design and luxury.  These circular shaped luxury residences are sprinkled with a riot of colours and textures, seamlessly blending with contemporary large spaces to create a captivating world to call your own.

Portraying a heterogeneous union of art, science and technology, the apartments have an extraordinary structural delicateness and an incredibly precise equilibrium.

Supertech Group is currently developing multiple projects in NCR, ranging from affordable housing projects under the PMAY Scheme to ultra-luxury residential condominiums and villas as well as commercial and retail developments.

The company recently announced that it has become hundred percent RERA compliant, with all its ongoing projects registered with the authority. Supertech Group has delivered more than 22000 homes in last 3 years and working towards the target of achieving delivery target of 10,000 homes year ending March 2018.

Admitting fault, Noida Authority urges NGT to dump garbage in 138A

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News Point: In a classic case of callousness and contradiction on part of Noida Authority, the city civic administration urges the National Green Tribunal to let it dump the garbage closer to human habitation in absence of alternative.

Noida 137 Protest, Protest against garbage dumping in Noida, Noida real estate, Properties in Noida sector 137, NGT, National Green Tribunal, NGT raps Noida Authority, Noida Authority, India real estate news, Indian realty news, Real estate news India, Indian property market, Track2Realty In its reply to the National Green Tribunal (NGT) in the case filed by journalist Gaurav Chaudhary & others, the Noida Authority urges the NGT to let it allow unauthorized dumping the garbage in sector 138.

After having failed to respond to the earlier summon by the apex environment body, the Noida Authority has now admitted its fault. In a written submission, the Authority admits that the site at Sector 138 is not earmarked as the dumping ground in its Master Plan.

Strangely, the plea of the Authority nevertheless is that they don’t have any alternative site for dumping the garbage. The designated dumping and solid waster treatment site at Astroli is yet not ready.

Furthermore, the Authority seems to have tried to mislead the NGT when it files the reply that the area is not closer to the human habitation. It says the garbage site is 600 meters away (aerial distance) from the human habitation.

A Google Map nevertheless shows that the garbage dumping ground is just 500 meter away from the nearby village. It is also closer to the eight housing societies of Noida Sector137 that is home to no less than around 50,000 people.

The Noida Authority also submits that the quality of ground water has been tested and is found to be meeting the required standards. It fails to mention the details of the findings of the report, if any by a standard agency. The residents of the area are continuously complaining about the heavy metal contents in the water.

The residents of the area maintain that Noida Authority is playing foul with them. If they manage to convince the NGT, the onus of future potential epidemic in the area due to air pollution and water contamination will shift to the NGT. The Authority will escape free maintaining that they dumped the garbage closer to human settlement on the orders of National Green Tribunal.

“It is travesty of justice that a responsible government body like Noida Authority is asking the NGT to reverse its stay order and allow garbage dumping in the residential zone. Who will be responsible for future epidemic? Why did Noida Authority cheat the homebuyers by concealing the fact that tomorrow they would create a dump yard closer to the homes that we bought on the promise of Authority’s Master Planning?” questions HO Katiyar, a resident of Paras Tierea.

The reply by Noida Authority is contradictory when it says, “The site in question is a temporary site and not permanent site and the moment the demarcated permanent site becomes operational there will be no necessity of even storing the garbage at the site in question. It is submitted that the application is misconceived.”

Track2Realty maintains that the response of Noida Authority is misleading and goes against the law of natural justice. The 20,000 odd homebuyers have bought the apartments on the promise of the Master Plan of Noida Authority that does not have any garbage dump yard in the neighborhood with potential health hazards.

Moreover, the plea that the Authority should be temporarily allowed to use the site as the dump yard because they don’t have any alternate plan shows the poor planning and execution of practical problems on part of the Noida Authority.

Growth corridors galore in Noida

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Bottom Line: In Noida connectivity is better, infrastructure is better, public transport is better and the city is not being pulled by one CBD but multiple of growth corridors.

Noida, Noida real estate, Noida property market, Investment in Noida, Housing in Noida, Noida Authority, New launches in Noida, Business in Noida, Track2Media Research, Track2RealtyEvery city defines its potential with the growth corridors which has the inherent potential of investments and thriving economic activity. Of course, to make this happen the infrastructure has to keep pace with the aspiration level of the investors. If the jewel in the crown of Delhi-NCR market, Gurgaon could emerge as one of the key markets across the country, it could be feasible due to DLF cyber city that attracted the investors and multi nationals to set up their base with quality projects and an infrastructure that was accessible for the international clients with international airport in the vicinity.

Where is the growth corridor of Noida that could lead this market as another case study in attracting that kind of investment? The answer to this is not easy, not because of lack of a growth corridor but due to the problem of plenty. While the Atta Market of sector 18 continues to be its main Central Business District (CBD) even today, the emerging growth corridors are even better positioned to put Noida high on the radar of investors.

That is precisely the reason why a number of market analysts in this part of the world assert that Noida is growing not at the cost of Gurgaon but due to its own inherent potential. Connectivity is better, infrastructure is better, public transport is better and the government focus is there to make Noida-Greater Noida a world class city.

Better connected locations, particularly in and around metro rail, are already seeing spurt in demand. Yamuna Expressway is going to be one of the best growth corridor, added to it the proposed DMIC will also change the landscape of Noida. Noida Extension also promises to be the growth corridor once the legal issues related with land acquisition settles down. Overall, the areas in and around Noida-Greater Noida Expressway are the traction point of big ticket investments.

The Noida and Greater Noida authorities have already short-listed a few projects along the industrial corridor to make it lucrative for investment. The first among these is to upgrade the inter-city transportation system.

The plan is to connect the Noida, Greater Noida and Yamuna Expressways with monorail and Metro. Not only this, Noida seems to be conscious of the fact that in future it does not have to fall under the weight of its crumbling infrastructure and hence management of solid waste is also a priority. To ensure a clean environment, the Noida and Greater Noida authorities would follow the example of solid waste management applied in Tokyo and other cities of Japan.

Then there is Noida-Faridabad Expressway that promises to add to the connectivity of Noida. It also plans to have a logistics park, a project which, officials claim, has the potential to develop Noida-Greater Noida into a pool of foreign investment. With Noida-Greater Noida being one of the largest area of NCR and having enough land for future expansion, some of the global corporate like Mitsubishi and Mitsui have shown interest.

Vishwanath Agrawal, CMD, Techman Buidwell believes that Noida Extension-Yamuna Expressway are the engines of future growth. According to him, both the destinations have tremendous potential and definitely growth drivers in the real estate sector in Noida. However, both the destination caters altogether to different section of people. Noida Extension is on affordability and Yamuna Expressway caters to the luxury segment.

“Yamuna Expressway is becoming a hub for the real estate market and the projects in the area have received overwhelming response. Infrastructure is the backbone of any real estate development and Yamuna Expressway is amongst one of these. People are attracted towards this place because of the congestion free smooth ride, great infrastructure, best of the amenities and various great options available by reputed developers. Again, in Noida Extension because of its connectivity and budget pricing, the demand is sky rocketing. Property prices are also escalating. The prices of affordable houses have risen 20 to 30 percent in the last two years. Because of this reason, it has also been considered as a great investment destination,” says Agrawal.

Some of the property consultancy reports have rated Yamuna Expressway as ‘The Destination’ due to its connectivity which is a major factor as it connects with Agra via Mathura. The proposed metro link is an added advantage as it will connect with Noida, Ghaziabad and New Delhi.

Nikhil Hawelia, Managing Director of Hawelia Group maintains that properties located in Noida Expressway and Noida Extension would give any other real estate property a run for their money. This is not just due to its connectivity but also because looking at the upcoming development plans for that area, including an amazing transport system, the above mentioned regions are in high demand. Many corporate offices are now being planned in the region which would make travelling to workplaces for the residents very easy.

“Once the corporate sector starts operating the face of the city will change drastically. And I am sure they would soon start shifting their base here since many of them have acquired sizeable land parcels in and around Noida. Add to it, the upcoming Jewar airport is set to make the place an investment magnet,” says Hawelia.

It seems Noida’s growth corridors have just started taking shape and hence the first movers will reap the kind of benefits that has not been seen in any of the markets of Delhi-NCR. It is just a matter of time before big ticket projects and big investments will change the landscape of Noida, making it not the best market of the region but a market where many will repent not spotting the growth corridors when it was shaping up.

An open letter to MLA Pankaj Singh on Noida dump yard controversy

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Bottom Line: While the interest and intervention of Noida MLA Pankaj Singh against garbage dump yard in Sector 137 is welcome move, it is time to apprise him that vested interests with political motive & media limelight in mind are trying best to hijack the cause and sabotage it.

Pankaj Singh Noida MLA, Pankaj Singh visits Noida Sector 137, Pankaj Singh on Noida Sector 137 dump yard,  Dump yard in Noida Sector 137, Noida Authority dumping garbage in Sector 137, India real estate news, Indian property market, Real estate news India, Track2Media Research, Track2RealtyDear Mr Pankaj Singh

As a journalist and socially conscious citizen of the city, I would welcome your interest and intervention for shifting the garbage dump yard from Sector 137, Noida. However, I would also like to bring certain ground realities on the table over the issue that has been brought to your notice in the guise of civil society initiative.

The fact today is that the cause itself has been relegated to the sidelines where some vested interests with political motive and media limelight in mind are gradually taking the center stage. The fact is that there is a fierce infighting among the leading faces of the shift dump yard campaign and I feel I must apprise you against getting motivated by these forces.

After all, the MLA should be least bothered with the dirty mohalla (locality) politics as he presents the entire constituency and not a selected set of self-styled representatives.

The fact is that the socially concerned citizens of the 8 housing societies who initially took up the issue and mobilized the masses are nowhere in the picture today. They have been working silently on the ground thus far and suddenly the media orchestrated vested interests jumped into the fray. Most of the characters probably lack social recognition in the world at large and hence they are finding a solace in the ten minutes of media fame within the mohalla politics.

This probably is the reason why the so-called activists are least bothered to get the issue of shifting the dump yard immediately. If the issue would be settled so early where would they go for recognition?

A case in point is Track2Realty last story “NGT stay likely on Noida Sector 137 dump yard”. A section of these so-called activists jumped into action to immediately question and contest the story vehemently as if saying, “Oh my God! How can it be solved so early”. This is despite the fact that the story is only talking about a likely scenario (as shared by a source with the NGT) and also puts pressure on the NGT and the other government agencies.

I would urge you sir to look into the following points before entertaining only a small set of people that has completely turned off a large section of people residing in the 8 housing societies of the sector:

Q. Whether a small group of people who come to you as representatives of the entire sector have the sanction of the respective societies to represent them?

Q. How many of these so-called representatives of the sector are elected office bearers of the respective apartment owner associations?

Q. How many of them have even contested the elections of the respective apartment owner associations, forget any sector level association?

Q. Will they still be active for socially relevant causes if there would be no media spotlight tomorrow?

Q. What legal action has thus far been initiated before roping in the media and the political establishment?

Q. Can selfie driven representation to MLA and Noida Authority solve the problem of dump yard in the vicinity?

I know you have many close aides in this part of Noida and if you look for an honest answer to the above queries/points raised, you will realize that only one side of the picture has been shown to you thus far. I would request you to look for complete picture and help the residents of the sector 137 Noida in a broader perspective.

Instead of entertaining a closed coterie in the name of Sector 137 representation, it would help you to get a pulse of the masses if you come to respective housing societies and meet everyone in general. There are a number of socially conscious citizens and senior citizens who could then bring to the table the real issues and could also be willing to assist you (beyond selfie sessions) in getting it addressed.

Furthermore, the 8 housing societies of Noida Sector 137 are only a fraction of the local population. There is a greater share of rural population, which is legally represented by the Gram Pradhans, but their involvement is not up to the desired extent. Despite the fact that they are the real voters of the constituency and hold more influence they have hardly been given the due voice in this campaign.

The bottom line is that, and coming from a political family you must understand that, the grass root connect works better and longer than connecting with a coterie of limelight hungry characters who are more interested in ten minutes of media fame.

Needless to say, most of the so-called voices of shift dump yard campaign in Sector 137, Noida are today least bothered with the cause. I rest my case sir and hope you understand the dirty politics behind a social cause that is now dragging you in the guise of civil society intervention. I have anyway some more expose ahead on the subject.

By: Ravi Sinha

Why Noida commands lowest rental in India?

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News Point: Due to the absence of sound economy in the region, Noida property commands lowest rental yields among the major property markets of India. 

Noida, Noida Skyline, Noida Property market, Noida real estate, Rental value of Noida property, India real estate news, India property market, Track2Realty, Track2Media, Noida newsSome harsh realities of Noida property market that would scare any investor. It may nevertheless tempt the tenants due to affordability:

Noida commands the lowest rental value among the top 10 cities

In some of the locations the rental yields are even less than 1 per cent

The tenants are renegotiating with landlords to reduce the rent or include maintenance in the rent

Investors in Noida are struggling as the tenants are commanding the rent which has taken 5-15% hit in recent times 

Rakesh Sharma, a retired doctor spent his lifetime saving to buy an apartment on the Noida-Greater Noida Expressway. With already having a house in Delhi he had it in mind that the rental income of the property would be enough for him to lead a comfortable life post his retirement.

Today, he repents his decision after having spent INR 1 crore for the said property. With only INR 13,500 as the rental return, including the INR 3,500 as maintenance outgo, he feels he has made the biggest investment blunder of his life. This income, after paying the EMI and inflation adjustment, is making this investment more of a liability than asset.

Welcome to Noida reality! Contrary to the dynamics of property market where lesser transactions lead to skyrocketing of rental values, in Noida this conventional wisdom of market does not hold true. Noida, as a matter of fact, is a classic case in contrast where the supply is huge, transactions are less and the rental values are the lowest. Reason: imbalance of demand & supply in the same catchment area.

Why low rental yields? 

Absence of economic infrastructure & job market

No takers for Grade A office space due to absence of international airport

Perceived to be cheapest market of Delhi-NCR

Over-supply in select pockets without proper development of catchment area

Demand-supply mismatch leading to tenants controlling price point 

What actually makes Noida one of the worst markets for the rental yields? There are many contributing factors but the single biggest stumbling block is the absence of economic activity in the district that makes it a last choice of those tenants who can not afford in any other part of Delhi-NCR.

Ashok Sinha, a local property consultant believes the low rental yield of Noida is a reality and will continue to be so in the foreseeable future. He feels unless there are quality Grade A offices and quality occupiers in the market that could add to jobs, the residential segment will not be witness to the high priced rental transactions.

“I recently negotiated for an office space with much difficulty. On an extended lease of nine years the occupier accepted to pay only the maintenance part for the first three years, followed by 50 per cent rent in the next three years and full rental only for the last three years. My point is that unless the quality employers will not come to this market the affordability and its offshoot with low rental yield will continue to be a reality,” says Sinha.

Developers, on their part, are mostly in denial about their own miscalculation to add to the demand & supply gap. After all, premium housing and bigger housing units in a market that is the last choice of the buyers defies the conventional wisdom of economics.

Nikhil Hawelia, Managing Director of Hawelia Group candidly points out that the developers themselves have to introspect why the rental values have gone down over the years. According to him, the more one goes up the value chain, either with luxury elements or with size, the least are the chances of commanding decent rental yields.

“I do not think affordable houses are not commanding the rental yields of around 2 per cent, like other parts of the country. The problem is with the premium housing and projects with bigger units where the supply far exceeds the demand. The owners have no option but to compromise with even 1 per cent rental yields or lesser because there are hardly any takers,” says Hawelia.

Analysts believe in the absence of an international airport the multinational companies are reluctant to set-up base in this part of the Delhi-NCR and hence Noida continues to be affordable and low-cost market. This is reflected in both the property sales velocity as well as in its rental yields. All that the property owners are left with in Noida is a wish that one day the property rally will compensate them for their stuck up investment.

By: Ravi Sinha

False promises land Amrapali Group in serious trouble

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News Point: Delayed possession and false promises land Amrapali Group in serious trouble, as homebuyers cry foul, celebrities backing off and political connections deserting.

Anil Sharma, Amrapali Group, India Real Estate News, Real Estate & Crime, Indian realty news, India property market, Noida real estate, Track2Media Research, Track2RealtyAfter taking the homebuyers for a ride long enough, the Amrapali Group seems to have ran out of luck with the homebuyers taking to social media to mobilise support, the brand ambassador Mahender Singh Dhoni exiting as face saver and the political support to the builder deserting.

Amrapali Group, after much-publicised “Mission Possession” has only been diverting the attention of the buyers till the residents of Amrapali’s Saphhire project in Noida lost their patience and went viral on Twitter. They also tagged the brand ambassador Mahender Singh Dhoni in their tweets asking the cricketer to dis-associate himself from the builder.

Residents are complaining about the pending civil and electrical works in the project. The company said it would complete the same in next three months.

Amrapali Group CMD Dr Anil Sharma said, “Sometimes there are so many unforeseen reasons. There are so many force majeure, which are beyond the control of a developer. So, during those periods construction is stopped for two years, three years, four years, five years. Those period can’t be contracted. There are two losses, one is time loss, another is finance loss. We are not burdening that finance loss to our esteemed customers, but time loss we can’t make up. Ultimately, time loss has to be extended.”

As the homebuyers were welcoming the Dhoni’s rebuttal to Amrapali, another cricketer Harbhajan Singh tweeted: “Well done @msdhoni for dropping #Amarpali builders’ brand ambassadorship..they didn’t gave us VILLAS they announce after 2011 worldcup win”.

“At least they should give them houses who paid..may be announcing a villa for us .. was a publicity stunt,” he said in another tweet.

Reacting to Harbhajan’s complaints on social media, Amrapali CMD issued a press statement, “We offered these villas to World Cup winning team as to honour their efforts, for that we did not charge anything. Amrapali Group never denied to handover those villas, nor now.”

“In this duration, cricketers or their representatives did not ask about the status of their villas and also there were some relevant process and formalities need to be done from their end.

“Whenever they will ask us, we will share the required details of their villas with them. I would also like to clarify that the project is in final stage where villas were promised,” Sharma said.

However, it is not just a case of one or two projects of Amrapali Group getting delayed. The homebuyers allege most of their projects are delayed and they are just unresponsive to the buyers.

Over 4,000 buyers of the Group’s Golf Homes project are also the sufferers after the developer delayed the possession by about 15 months and allegedly stalling the construction work.

As if the ire of homebuyers and the celebrity cricketers was not enough, sensing the public mood even the political patronage of Amrapali Group has deserted. Anil Sharma, who contested Lok Sabha Elections on JD(U) ticket in 2014 found his party distancing itself from Dr. Sharma. The party’s General Secretary, K C Tyagi, said, “Anil Sharma for the last Lok Sabha Elections was on the ticket of JD(U), but after 15 days he was an independent candidate.”

Tyagi added, “As a member of the Real Estate Committee, I am on record to say that they (builders) must be prosecuted. I am with the buyers of Amrapali Golf Villas and stern action must be taken against him. Homebuyers must go to the court and they must present their case to the Parliamentarians. From the 25th, Parliament session will start and I am hopeful that entire Parliament, after passing the Real Estate Bill, will stand by the consumers.”

Once a powerful man as an influential builder with connections in cricket to film and politics, it is not just fall from grace for Anil Sharma, but could be termed as self-inflicted disaster. It is a learning curve for the builders who think they are too powerful to take the homebuyers for a ride.

By: Ravi Sinha

ATS Infrastructure establishes ‘Professional Chair’ in ‘Infrastructure Management’ at IIM-A

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ATS Infrastructure, Geetamber Anand, Noida real estate, IIM, Indian Institute of Management, Indian property market, India real estate news, Indian realty news, Track2Media Research Pvt Ltd, Track2RealtyTrack2Realty: ATS Infrastructure has partnered and established a ’Professional Chair’ with the prestigious business school Indian Institute of Management, Ahmedabad on ’Infrastructure Management’. A professional chair is established to enable higher levels of learning and research activities in the focus arena.

“Good infrastructure acts as a catalyst in a developing economy. Implementing latest technology in this field as available within and outside India has become imperative now.  ATS Infrastructure Ltd, which is in the field of construction and housing in Northern India is pleased to establish ‘ATS Infrastructure Chair’ at Indian Institute Management, Ahmedabad for the purpose of research and learning in the area of infrastructure & housing management, given the Prime Minister’s plan of providing housing for All by 2022”, said Getamber Anand, Chairman & Managing Director, ATS Group of Companies.

Ashish Nanda, Director, IIM-A said “I am thankful to CRISIL and ATS Infrastructure for establishing chairs in Financial Markets and Infrastructure respectively. SAP’s desire to foster the spirit of entrepreneurship is in line with IIMA’s long-term goals, and we are delighted to partner with them. The contribution of these companies will help the institute to strengthen its impact and maintain its quality. As we continue to connect with practice, I am confident the institute will benefit from access to current management practices and challenges; and also support for high-quality research”.

Amrapali Group CMD Anil Kumar Sharma booked in murder case

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Anil Sharma, Amrapali Group, India Real Estate News, Real Estate & Crime, Indian realty news, India property market, Noida real estate, Track2Media Research, Track2RealtyTrack2Realty-Agencies: An FIR has been lodged against seven persons including real estate baron, Amrapali Group’s Anil Kumar Sharma in Bihar’s Lakhisarai district in connection with the murder of a former secretary of an educational trust who was shot dead.

Sharad Chandra Kumar, former Secretary of Balika Vidyapeeth Trust, was shot dead by two unidentified persons on Saturday, August 2, after which an FIR was filed by his wife Usha Sharma.

“We have arrested one of the seven accused persons and raids are being carried out in Lakhisarai and Patna districts to nab other accused persons named in the said murder case,” Superintendent of Police of Lakhisarai Ashok Kumar said from Lakhisarai.

“We have simultaneously launched a massive manhunt for arrest of two unidentified shooters who committed the crime in order to find out motive behind the murder case,” the SP said.

Kumar said that a seven-member investigation team has been constituted with the Town Police Station’s Officer In-Charge (OIC) Manoj Kumar as the Investigating Officer (IO) to probe the case.

Refusing to share specific lead in the case, he said that the police will be able to move in the right direction only after the two shooters are arrested.

Chandra had served as the secretary of Balika Vidyapeeth Trust for 20 years before being succeeded in that post by Anil Sharma five years ago.

Meanwhile, Anil Sharma the CMD of Amrapali Group has rubbished the murder slur on him saying he has been ‘falsely framed’ in the murder case and the allegations of conspiracy against him were ‘completely false and ill-motivated.’

“I have resigned from the trusteeship of the Balika Vidhya Peeth Trust and also from its official position on March 9 last itself and since thereafter I in no manner related to the affairs of Balika Vidyapeeth,” Sharma has said in a statement.

“I have been falsely framed and the allegations of conspiracy against me in the murder case of Sharad Chandra Kumar are completely false and ill-motivated,” he said.

NOIDA Extension in trouble, farmers win in High Court

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Allahabad High Court, Greater Noida, Noida Extension, Amrapali, Supertech, Mahagun, Delhi NCR real estate, Noida Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyThe Allahabad High Court on Thursday quashed the acquisition of land by the Greater Noida authority in Sahberi village in Gautam Budh Nagar where leading builders Amrapali, Supertech and Mahagun have launched their residential schemes under the name of Noida Extension.

In its order, the bench comprising Justice Sunil Ambwani and Justice K.N. Pandey, denotified the entire land of Sahberi village for not giving the farmers an opportunity to file their protest under section 5 of the Land Acquisition Act (LA Act).

The Greater Noida Authority had on June 10, 2009 notified the village land of Sahberi and later took physical possession of it by entering it in revenue records. It deposited the compensation in the district treasury to be given to farmers whose land was acquired. After formalizing the process of the Land Acquisition Act, the land was allotted to the real estate developers.

Farmer leader Satya Pal Chaudhary and 20 affected farmers challenged the acquisition process and filed writ petitions before the Allahabad High Court against the ‘arbitrary acquisition’ of land by not giving farmers an opportunity to file their objections. The high court clubbed the 21 cases together and initiated legal proceedings.

After hearing arguments from both sides, the bench set aside the process of acquisition and declared the entire land of Sahberi village as denotified. In their judgment, the court observed that the entire process of acquiring the land was illegal.