The National Green Tribunal (NGT) refused to lift the ban on dumping of garbage at Sector 138A of Noida and asked the Noida Authority to prepare a plan for shifting of the illegal dump yard to the site earmarked for the purpose.
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.
Real estate industry in our nation has always been in question due to prevailing autonomous rules and guidelines of every developer. There is an immediate need of a governing body which can address all such concerns of the sector. Government of India at national level has already introduced RERA which will address all these concerns.
During the CREDAI national convention few years back, a miffed real estate seemed to settle scores with the then Union Urban Development Minister Kamal Nath. Displaying stiff opposition to the proposed real estate regulator, the builders’ body went critique to say it is not actually a regulator bill, but builders’ harassment and public amusement bill.
The developers are by and large living in denial. The deep rooted psyche is that once the market conditions improve the buyers have no choice but to run for an asset class that is not only need-based but also a business where the demand far exceeds the supply. This medieval thought process is in fact the biggest roadblock in the way of best practices gaining ground in the Indian real estate.
Some discussions about best practices in the Indian real estate has started because today the investors also do not want their money to be locked in an asset that is neither growing nor is likely to get delivered. Worse even, there is no authority or court in India that has been successful in getting a stalled project restarted or in forcing a bankrupt builder into selling his assets to compensate his allottees.
The residents of a housing society, Supertech Emerald Court, in Noida were taken aback one fine morning when they found the office of facility management locked. The builder had left the maintenance overnight after having tussle with the Residents’ Welfare Association (RWA) for quite some time over the maintenance, or rather the lack of it. The residents alleged that the builder had left them in the lurch as it was not a proper handover of maintenance to the RWA.
The 30th-floor single level unit of the new Four Seasons Private Residences at Embassy ONE has been sold for a record-breaking INR 50 crores, the highest price ever fetched for a branded residence in South India.
Coercing the buyers at the project Victoryone Central in Noida Extension to pay arbitrary demands, the builder is flouting all business ethics, established market norms and his own one-sided Builder Buyer Agreement (BBA).
When Gaurav Choudhury, a journalist by profession, bought an apartment in Noida Sector 137 along Noida-Greater Noida Expressway, he was confident to invest in an organized property market where the master plan being rolled out by the Noida Authority could tell him about the present and future developments.