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The <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> government has approved yoga guru Ramdev-promoted <keyword id="6356684" type="UNKNOWN" weightage="100" keywordseo="patanjali">Patanjali</keyword> Ayurveda's (PAL) Rs 2,000 crore food park in <keyword id="6356788" type="COMPANY" weightage="20" keywordseo="Greater-Noida">Greater Noida</keyword> and around 450 acres of land on the <keyword id="6359591" type="COMPANY" weightage="20" keywordseo="Yamuna-Expressway">Yamuna Expressway</keyword> will be allocated for the unit, according to a news by the agency. 
 "Earlier this week, the <keyword id="512165" type="UNKNOWN" weightage="20" keywordseo="Uttar-Pradesh-cabinet">Uttar Pradesh Cabinet</keyword> has approved PAL's Rs 2,000-crore project in the state, which includes an agro-processing plant entailing an investment of Rs 1,500 crore in Greater Noida," a source privy to development said. 
 
"Around 450 acres of land have been identified, which will be allocated to the Greater Noida plant. The land will be bought by PAL." 
 The state <keyword id="6355513" type="ORGANIZATION" weightage="20" keywordseo="cabinet">Cabinet</keyword> approval comes amid speculation that Patanjali will announce its investment in Uttar Pradesh after assembly polls in March next year. However, the Uttar Pradesh government has been proactive in facilitating this investment on its terms only to encourage investors and create jobs. 
 
Earlier, the company officials had confirmed the development, saying the procedure for identification of the land is at an advanced stage and the unit can be near the Yamuna Expressway. 
 
The Greater Noida plant will be an international food park that will cater to overseas and domestic markets as well. 
 Patanjali CEO Acharya Balkrishna has held a series of meetings with CEO of the <keyword id="80359" type="COMPANY" weightage="20" keywordseo="Yamuna-Expressway-Industrial-Development-Authority">Yamuna Expressway Industrial Development Authority</keyword> (YEIDA) in this regard. After the land allotment, the unit can be made operational in 12-18 months. 
 The food park in Greater Noida is slated to manufacture all major products. It is expected to act as a hub given its location in the <keyword id="53426" type="CITY" weightage="20" keywordseo="NCR">NCR</keyword> region, which has proximity to the airport and dry ports. 
 
The plant, at full capacity, will produce goods worth Rs 25,000 crore annually. It is expected to generate around 10,000 direct jobs that can benefit nearly 50,000 families. 
 Patanjali is also in the process of setting up units in <keyword id="6355554" type="COMPANY" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword>, <keyword id="6354915" type="CITY" weightage="20" keywordseo="Assam">Assam</keyword>, Maharashtra and <keyword id="6357972" type="COMPANY" weightage="20" keywordseo="Jammu">Jammu</keyword> and Kashmir.

Patanjali’s Rs 2000 Cr food
park coming up in Greater Noida

New Delhi, Nov 15 () Housing prices in Gurugram and adjoining areas have dropped 4 per cent in the last one year, while Noida and Greater Noida saw one per cent increase, according to brokerage firm PropTiger.
 The weighted average basic selling price (BSP) in Gurugram declined to Rs 4,868 per sq ft in July-September period from Rs 5,055 per sq ft a year ago, News Corp-backed PropTiger said in its report Real Insight.
 Gurugram area includes Bhiwadi, Sohna and Dharuhera. 
 However, rates in Noida (including Greater Noida and Yamuna Expressway) rose marginally to Rs 3,921 per sq ft from Rs 3,886 per sq ft during the period under review. 
 As per the report, the combined housing sales in both Gurugram and Noida regions fell 47 per cent during the July-September period to 5,569 units.
 Sales in Gurugram fell by 31 per cent to 2,742 units in July-September this year from 3,988 in the corresponding period of last year, while demand plunged by 57 per cent to 2,827 units from 6,528 units.
 In new supply, Gurugram saw an increase of 27 per cent to 2,353 units from 1,851 units, but Noida witnessed fall of 55 per cent to 736 units only from 1,647 units. 
 As on September 30, 2019, builders in the two cities had an unsold stock of 1,06,317 units as against 1,15,598 units a year ago. 
 In its report, PropTiger tracks sales, launches, prices in residential markets of nine cities - Mumbai Metropolitan Region (including Navi Mumbai and Thane), Pune, Noida (including Greater Noida and Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera and Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.
 PropTiger.com is part of Elara Technologies that also owns Housing.com and Makaan.com. MJH ANS
ANS

Housing prices in Gurugram down 4 pc in last one year; Noida sees marginal rise: PropTiger

Noida, Dec 21 () The Yamuna Expressway Authority on Saturday cancelled the allotment of 1,000 hectares of land to Jaypee group on which India's only Formula One motor racing circuit is built in Greater Noida over non-payment of dues, officials said.
 The decision was taken by the Yamuna Expressway Industrial Development Authority (YEIDA) during its 66th Board meeting.
 "A thousand hectare land was allotted to Jaypee Sports Limited, an affiliate of Jaypee group, in YEIDA's special economic zone. Jaypee Sports Limited has been defaulting on payments to YEIDA and not completing projects promised to buyers," YEIDA CEO Arunvir Singh said.
 The embattled business group defaulted on payments of over Rs 500 crore, he added.
 The Jaypee group had sub-leased plots to 11 builders on the allocated land and separately had taken around Rs 2,000 crore from homebuyers in 10 projects but not delivered it, he said.
 "So, in light of the violation of lease deeds, it was decided during the board meeting that the land allotment be cancelled," Singh said.
 However, the authority said modalities are being worked out to safeguard the interests of third parties and homebuyers who had invested in projects on this land parcel. KIS AAR

Jaypee loses 1,000 hectare land that has F1 Circuit

Lucknow, June 30 (IANS) Microsoft India will set up its campus in Uttar Pradesh, giving a major boost to the state's efforts to bring in investments. This will ensure employment to about 4,000 persons in the state. An agreement through a virtual discussion has been reached between Microsoft India managing director, Rajiv Kumar, and UP MSME minister Sidharth Nath Singh. The Microsoft team will soon make a site visit. According to the minister, "The government had earlier said that it will make it simpler for investors willing to acquire land within 1 km distance on each side of the state's expressways. The company has said that they want to move their North India campus to Greater Noida. The next step will be a site inspection by the team both in Greater Noida and along the Yamuna Expressway and this will be followed by their proposal which the state government will examine." The software major currently has two campuses, with capacities of 5,000 and 2,000 each, in its headquarters in Hyderabad and in Bengaluru. Uttar Pradesh, meanwhile, plans to develop an electronics manufacturing park near the Jewar International Airport. --IANS amita/skp/

Microsoft to set up campus in UP soon

New Delhi, Jan 17 () Realty firm Gaurs group on Friday announced an investment of Rs 10,000 crore over the next five years to develop housing, commercial, schools, hospitality and healthcare projects in the national capital region.
 The group announced this investment plan on completion of its 25 years of operation.
 "We have completed and delivered more than 50,000 units in the last 25 years. Now, we are targeting to deliver another 50,000 units in the next five years. We will increase our focus in commercial segment which is doing very well," Gaurs group Managing Director Manoj Gaur told reporters here.
 He said the company's sales bookings have been strong despite demand slowdown in the housing market. Sales booking jumped to Rs 4,000 crore from Rs 1,600 crore in the previous year.
 Gaurs claimed that the company has never defaulted in delivering units to customers and repayment of debt to financial institutions.
 On future plan, Gaur said the company would be investing Rs 10,000 crore over the next five years to develop projects across all verticals -- housing, offices, retail, hotels, service apartments, schools and hospitals.
 These projects would be mainly at Noida, Greater Noida, Yamuna Expressway and Ghaziabad in Uttar Pradesh. The company will soon be foraying into Dehradun market with a mixed-use project.
 Gaurs group is developing 237 acre township 'Gaur City' at Noida Extension and 250-acre township at Yamuna Expressway in Greater Noida.
 Asked about source of fund to make this huge investment, company's director Sarthak Gaur said it will be through internal accruals and debt.
 "We have a customer receivable of nearly Rs 3,000 crore. We also have unsold unit of Rs 2,000 crore," he added.
 On the commercial segment, Gaur said the company has so far developed about 25 lakh sq ft of commercial area of which around 15 lakh is under the lease model.
 "We plan to develop 10 million sq ft of commercial space in the next 5 years. We have a rental income of Rs 100 crore currently and target is to touch Rs 400 crore in the next five years," he said.
 Asked about the company's turnover and debt, Manoj Gaur said the turnover fluctuates between Rs 1,200 crore to Rs 2,000 crore depending on revenue recognition based on area completion, while its debt is around Rs 2,000 crore.
 Gaurs Group recently raised Rs 450 crore in debt from ICICI Bank and the amount will be used for a shopping mall project in Greater Noida.
 The group CSR arm Gaurs Foundation tied up with Pinkishe Foundation, an all-women NGO that works for empowerment of girls and women. MJH SHW
SHW

Gaurs group to invest Rs 10K cr in next 5yrs on various realty, hotel, hospital projects in NCR

Everyone wants a house in Delhi. And while buying a property in the main city has been a distant dream for many, real estate developers suggested that the property prices across the city has dipped in the past two years. 
	 
	“Residential property prices in several areas of Delhi having declined by 10-20% in 2013 and then stabilized in 2014. Fence-sitters are watching the market movements to determine if prices will slide further,” said Santhosh Kumar, international director at JLL India. 
	 
	He added, “Residential prices in established locations of South and Central Delhi such as Vasant Vihar, Defence Colony, Jor Bagh and Golf Links saw a decline of 15-20% in 2013 and remained at those levels in 2014. A correction in prices was also observed in areas like Westend, Shantiniketan, Prithviraj, Aurangzeb Road and Amrita Shergill Marg, but in a lower range of 10-15%.” 
	 However, property prices in <keyword id="6361586" type="COMPANY" weightage="20" keywordseo="Gurgaon">Gurgaon</keyword> and <keyword id="18858" type="COMPANY" weightage="20" keywordseo="Noida">Noida</keyword> remained stable last year. According to market players, the supply in this market has been more than the demand, which has resulted in excess inventory. “A bad economy made property buyers cautious in their purchases. The consumer sentiment was down coupled with high interest rates. All tthis resulted in a sluggish demand,” said Sunil Singh, a property broker in the region. In order to boost the demands, developers have been doling out heavy discounts on their projects. 
	 
	 Interestingly, the prices in areas such as Neemrana, Sohna and Delhi’s J and L zones recorded an increase of 15% to 35% last year. This is in contrary to the negative market dynamics and the stagnant property prices in Delhi and NCR. “The only exception to the appreciation observed in these locations was Yamuna Expressway, which remained stable. However, low land prices and development potential continue to help Yamuna Expressway remain an attractive destination for investors” added Kumar. 
	 
	BI India shares some tips offered by Kumar for home buyers interested in investing in Delhi and NCR. 
	 
	South and Central Delhi 
	 
	According to Kumar, if you are interested in buying an apartment in South and Central Delhi, then 2015 is a great time to do so. “The next six months are likely to witness an increase in developers’ pain; persistent negotiation can result in excellent deals,” said Kumar. 
	 
	Gurgaon and Noida 
	 According to market players, <keyword id="20486" type="UNKNOWN" weightage="20" keywordseo="Golf-course">Golf course</keyword> road in Gurgaon is the next upcoming area apart from Sohna Road and Dwarka Expressway. However, in Noida, Kumar has advised property investors and home buyers to invest in projects in Noida-Greater Noida Expressway and Noida City, that are being built by developers with proven credibility. 
	 
	Delhi J and L zone 
	 
	For the ultra rich property buyers, buying or developing farmhouses or townhouses is a good option. “However, due diligence highly advised for buyers,” noted Kumar.

How
to know for sure if 2015 is a good time to buy property in Delhi?

If you have plans to buy a house in Delhi NCR, this is the right time. Thanks to sops announced in the Union Budget 2017, leading real estate companies are up on heels to build affordable homes. Supertech, that has built numerous project in Noida and Greater Noida have recently announced to launch 40,000 affordable housing units in NCR in the next few years. 
 
Not juts Supertech, according to The Economic Times, Signature Global will be launching around 30,000 apartments in next one year. 
Promoter and managing director Pradeep Aggarwal told The Economic Times; the company has already launched 7,500 apartments and is in the process of launching 20,000 apartments in Delhi-NCR by the end of the next financial year. 
 
Not just new projects, several real estate companies are converting their existing housing projects in Greater Noida, Raj Nagar Extension, Yamuna Expressway, Tronica City, Faridabad, Bahadurgarh, Gurgaon, Daruhera, and Bhiwadi into affordable ones by capping the maximum unit size at 60 sqm (643 sqft). The developers are working to keep prices in the range of Rs 15 lakh to Rs 35 lakh, depending on the area and size of the apartment, as per the ET report.

You can buy a home in Delhi NCR within
your budget. Here’s how

While there are nearly 5.68 lakh houses under various stages of construction in Delhi-NCR, any kind of periodic ban on construction by different agencies can only delay the projects, adding to the woes of the buyers. The maximum number of under-construction units is in <keyword id="18858" type="General" weightage="80" keywordseo="noida" source="Orion">Noida</keyword> and Greater Noida areas, accounting for nearly 2.70 lakh units, as per an estimate. On average, a one-month ban on all construction activity delays a project by at least 3-4 months, according to research by <keyword id="4695749" type="General" weightage="80" keywordseo="anarock" source="Orion">Anarock</keyword> consultants. As per the research, the areas in Delhi-NCR with the maximum under construction units presently include Greater Noida West, Yamuna Expressway, New Gurugram, Noida Expressway, Dwarka Expressway, Central Noida, Sector 150 (Noida), <keyword id="1464478" type="General" weightage="50" keywordseo="greater-faridabad" source="Orion">Greater Faridabad</keyword>, <keyword id="15299315" type="General" weightage="50" keywordseo="raj-nagar-ext" source="Orion">Raj Nagar Ext</keyword> (Ghaziabad), Sohna and Golf Course Ext Road. These areas together have more than 4 lakh units that are currently under various stages of construction. Greater Noida West alone has more than 1.37 lakh under-construction units currently. The air quality in Delhi-<keyword id="53426" type="General" weightage="100" keywordseo="ncr" source="Orion">NCR</keyword> has turned poor and heavy smog has started engulfing the region. This year too, to battle pollution, an action plan has been rolled out in advance, mandating that if the pollution levels breach certain levels (i.e., Stage III or 'severe'), authorities will have to enforce a ban on construction and demolition activities in NCR, except on essential projects (like railways, metros, airports, ISBTs, national security/defence-related projects of national importance). Apart from this, the construction of projects also gets hampered due to protests on the issue of land compensation. The Anarock research said that being periodic, the impact of these construction bans on overall property prices is almost negligible. Moreover, real estate prices in most cities are not so much a function of environmental concerns as of accessibility, proximity to the city centres or major employment hubs, urban mobility via various modes of public transport, and affordability. In Mumbai too, the city perennially experiences floods during monsoon, yet property prices remain steady. In fact, in the last two-and-a-half years since the pandemic, the Mumbai Metropolitan Region (MMR) has been the most active in terms of both new supply and new launches. As for Delhi-NCR, the region too has been very active. While developers restricted new supply, housing sales have been significant. In fact, the region has shed at least 23 per cent of its unsold stock in the last 2.5 years since the pandemic. Back in Q1 2020-end, the overall unsold stock in Delhi-NCR stood at 1.73 lakh units which have reduced to a little over 1.32 lakh units as of Q3 2022-end, said the Anarock research. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/huge-hike-in-airfare-from-delhi-mumbai-to-patna/articleshow/94961347.cms">Huge hike in airfare from Delhi, Mumbai to Patna</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/nissan-x-trail-premium-suv-to-launch-in-india-features-specs-and-everything-you-need-to-know/slidelist/94961171.cms">Nissan X-Trail premium SUV to launch in India – features, specs and everything you need to know</a>

Delhi-NCR: 5.68L houses under construction; periodic bans add to buyers' woes

New Delhi, Jan 5 () Realty firm Supertech on Sunday said it has sought Rs 1,500 crore from the government's newly created stress fund to complete its 12 ongoing housing projects at Noida and Greater Noida in Uttar Pradesh.
 The company said these 12 projects comprising 20,000 flats are at an advanced stage of completion and it requires last mile funding to finish the pending works and deliver units to homebuyers. 
 In November, the central government announced a Rs 25,000-crore fund to help complete over 1,500 stalled housing projects, including even those that have been declared NPAs or admitted for insolvency proceedings. 
 The move is likely to help 4.58 lakh housing units across the country. Only RERA-registered projects with positive net worth will be provided funds.
 Real estate developers were asked to apply to seek money from this fund. 
 "We have applied for stress fund of Rs 1,500 crore for our 12 projects nearing completion in Noida, Greater Noida and Yamuna Expressway to finish 20,000 flats in 1-2 years," Supertech Ltd Chairman R K Arora told . 
 "We are eligible for stress fund and hope to get the same," he added. 
 Arora said the Uttar Pradesh government and state regulatory authority are helping builders in making applications. 
 The Finance Ministry had said that the maximum funding would be Rs 400 crore for any single project that will seek assistance from the 'special window' or the alternative investment fund (AIF).
 SBICAP Ventures has been appointed to manage the AIF. 
 The Centre would infuse Rs 10,000 crore in this fund, while the remaining would be provided by SBI and LIC. 
 Lakhs of home buyers are stuck in various stalled housing projects across the country. 
 The National Capital Region is the most affected as many builders, including Amrapali, Unitech and Jaypee Infratech, failed to give possession of flats on time. 
 Developers are banking on this fund not only to bail out the sector but also to help boost sluggish demand in residential property market. MJH ABM RVK
RVK

Supertech seeks Rs 1,500 cr from stress fund to complete 12 housing projects

<keyword id="6406649" type="COMPANY" weightage="20" keywordseo="Patanjali-Ayurved">Patanjali Ayurved</keyword>, promoted by yoga guru <keyword id="6369109" type="PERSON" weightage="20" keywordseo="Ramdev">Ramdev</keyword>, may announce an investment of Rs 1,600 crore shortly for setting up a herbal food park in Noida in the poll-bound <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> to meet its domestic as well as global demand. 
 "It is almost finalised now. You may see an announcement by <keyword id="6356684" type="UNKNOWN" weightage="100" keywordseo="patanjali">Patanjali</keyword> Ayurved for an investment of around Rs 1,600 crore in Noida for setting up a food processing plant around <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali">Diwali</keyword>," a senior UP government official privy to the development told <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
"As far as investments in the state are concerned, the Uttar Pradesh government is fair and transparent for promoting industrialisation which will create jobs." 
 
There were speculations that Patanjali will announce its investment in Uttar Pradesh after the assembly polls in March next year. However, the company officials have also confirmed the development, saying the procedure for identification of the land is at an advanced stage and the unit can be near <keyword id="6359591" type="COMPANY" weightage="20" keywordseo="Yamuna-Expressway">Yamuna expressway</keyword>. 
 
A Patanjali Ayurved official told the news agency, "It would be an international food park, which would be for exports and domestic markets as well." 
 He further said Patanjali CEO <keyword id="669583" type="UNKNOWN" weightage="20" keywordseo="Acharya-Balkrishna">Acharya Balkrishna</keyword> has held meetings with the CEO of <keyword id="80359" type="COMPANY" weightage="20" keywordseo="Yamuna-Expressway-Industrial-Development-Authority">Yamuna Expressway Industrial Development Authority</keyword> (YEIDA) in this regard. 
 
"The state bureaucracy is also involved in this project under the instructions of the chief minister of UP. It would be a major investment boost for UP and employment generation," he added. 
 
Asked how soon Patanjali could start manufacturing at the proposed plant, the official said: "We would make the unit operational within 12-18 months of allotment of land." 
 He added: "The food park will manufacture all major products. As it is located in the <keyword id="53426" type="CITY" weightage="20" keywordseo="NCR">NCR</keyword> region, which has proximity to the airport and dry ports, it will act as a hub." 
 
When the plant runs to its full capacity, it would have a capacity to produce goods worth Rs 25,000 crore annually, the official claimed, adding that around 10,000 direct jobs could be provided benefiting 50,000 families. 
 Patanjali is also in the process of setting units in <keyword id="6355554" type="COMPANY" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword>, <keyword id="6354915" type="CITY" weightage="20" keywordseo="Assam">Assam</keyword>, Maharashtra and <keyword id="6357972" type="COMPANY" weightage="20" keywordseo="Jammu">Jammu</keyword> and <keyword id="6354495" type="CITY" weightage="20" keywordseo="kashmir">Kashmir</keyword>, besides another plant in the drought-hit area of <keyword id="6368366" type="PERSON" weightage="20" keywordseo="Bundelkhand">Bundelkhand</keyword> region of UP. 
 
"For Bundelkhand regional plant, we are discussing for the special package and incentive with the state government. We are working on that," the company official said.

​ Patanjali’s food park of Rs 1,600 crore would come up at Noida

New Delhi, Dec 10 () Realty firm Gaurs Group has raised Rs 450 crore in debt from ICICI Bank and the amount will be used for a shopping mall project in Greater Noida. 
The project 'Gaur City Mall' is part of 237-acre township 'Gaur City'.
"We have successfully closed Rs 450-crore transaction with leading private sector lender ICICI Bank for our Gaur City Mall," Gaurs Group MD Manoj Gaur said.
"The transaction will cut down our interest cost and make our portfolio stronger as one-third of our total corporate loans will be LRD/LAP (loan against rental discounting/loan against property)," he added 
The group has repaid a major part of the Rs 640-crore funding facility it availed from PNB Housing Finance Ltd last year. 
Gaur City Mall project has a leasable area of 8.5 lakh sq ft. It also has 1,200 office spaces, 180 rooms-hotel and 120 service apartments. 
"At a time, when the real estate sector is passing through a challenging phase, the trust and confidence that ICICI Bank has shown in our Group offerings speaks volume about our robust business performance and strong credentials," said Vineet Singhal, Group CFO at Gaurs.
Besides Gaur City township, Gaurs is developing another township on Yamuna Expressway on a 250-acre land which it purchased from Jaypee Group in 2013.
Founded in 1995, Gaurs Group has developed more than 45 commercial and residential projects, having 51 million sq ft area. MJH MKJ

Gaurs raises Rs 450 cr in debt for Greater Noida shopping mall

New Delhi, Jan 6 () Jaypee Infratech's Interim Resolution Professional Anuj Jain has filed an application before the National Company Law Tribunal (NCLT), Allahabad, to approve the bid of state-owned NBCC to acquire debt-laden realty firm through insolvency process, sources said.
 Last month, NBCC won the bid to acquire Jaypee Infratech after financial creditors, including lenders and homebuyers, approved its resolution plan.
 NBCC's resolution plan was approved by the committee of creditors (CoC) with 97.36 per cent votes in favour.
 This was the third round of bidding process to find a buyer for Jaypee Infratech, which went into the corporate insolvency resolution process (CIRP) in August 2017.
 The successful resolution will provide a big relief to over 20,000 distressed homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).
 NBCC has proposed to complete these pending projects in the next three-and-a-half years.
 Jain had admitted homebuyers' claim amounting to over Rs 13,000 crore and lenders' claim of nearly Rs 9,800 crore.
 In its resolution plan, NBCC has offered 1,526 acres to lenders under a land-debt swap deal.
 On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
 Jain was appointed as an IRP to conduct the insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days. MJH HRS

Jaypee Infra's IRP approaches NCLT Allahabad for approval of NBCC's bid

New Delhi, Nov 28 () Lenders of <keyword id="6367819" type="ORGANIZATION" weightage="20" keywordseo="jaypee-infratech">Jaypee Infratech</keyword> on Thursday asked state-owned <keyword id="159757" type="COMPANY" weightage="20" keywordseo="NBCC">NBCC</keyword> Ltd to offer more land with clear title and debt-free Yamuna Expressway, while homebuyers want compensation for huge delay in completion of flats, sources said. NBCC and Mumbai-based <keyword id="599049" type="ORGANIZATION" weightage="20" keywordseo="Suraksha-Realty">Suraksha Realty</keyword> are in race to acquire Jaypee Infratech through insolvency proceedings. They submitted fresh bids on November 17 as per direction of the Supreme Court. A meeting of Committee of Creditors (CoC) was held here to negotiate with the two contenders. In the meeting, sources said bankers sought many clarifications from NBCC on its resolution plan and asked it to sweeten the bid.
 To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC has offered 1,426 acre land worth Rs 5,000 crore.
 That apart, it has offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and is likely to be transferred back to Jaypee Infratech.
 Moreover, NBCC will share 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
 Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
 During the meeting, bankers asked NBCC to provide more land with clear title and withdraw its offer related to benami flats and pledged land, the sources said.
 Lenders also asked that the expressway should be transferred to them without any debt obligation, they added.
 The NBCC official told bankers that their demand will be communicated to the top management.
 However, the NBCC official asserted that the public sector has already met all previous demands of lenders made in May, including the increase in land-debt swap deal to 1,426 acre from 950 acre.
 NBCC board could meet tomorrow to discuss the demand and finalise its resolution plan. The deadline for submission of final bid is December 3.
 Homebuyers representative demanded that delay compensation should be paid to home buyers as promised by Jaypee Infratech. The compensation for future delays should be as per realty law RERA.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
 Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
 As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted.
 Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
 The Mumbai-based developer has proposed to complete flats in the next three years. MJH BAL

You Searched For "yamuna expressway the greater noida" and got 13 results

Patanjali’s Rs 2000 Cr food park coming up in Greater Noida

BI India Bureau

Housing prices in Gurugram down 4 pc in last one year; Noida sees marginal rise: PropTiger

PTI

Jaypee loses 1,000 hectare land that has F1 Circuit

PTI

Microsoft to set up campus in UP soon

IANS

Gaurs group to invest Rs 10K cr in next 5yrs on various realty, hotel, hospital projects in NCR

PTI

How to know for sure if 2015 is a good time to buy property in Delhi?

Purba Das

You can buy a home in Delhi NCR within your budget. Here’s how

BI India Bureau

Delhi-NCR: 5.68L houses under construction; periodic bans add to buyers' woes

IANS

Supertech seeks Rs 1,500 cr from stress fund to complete 12 housing projects

PTI

Patanjali’s food park of Rs 1,600 crore would come up at Noida

BI India Bureau

Gaurs raises Rs 450 cr in debt for Greater Noida shopping mall

PTI

Jaypee Infra's IRP approaches NCLT Allahabad for approval of NBCC's bid

PTI

NBCC and Mumbai-based Suraksha Realty are in race to acquire Jaypee Infratech

PTI

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Patanjali’s Rs 2000 Cr food park coming up in Greater Noida

BI India Bureau

Housing prices in Gurugram down 4 pc in last one year; Noida sees marginal rise: PropTiger

PTI

Jaypee loses 1,000 hectare land that has F1 Circuit

PTI

Microsoft to set up campus in UP soon

IANS

Gaurs group to invest Rs 10K cr in next 5yrs on various realty, hotel, hospital projects in NCR

PTI

How to know for sure if 2015 is a good time to buy property in Delhi?

Purba Das

You can buy a home in Delhi NCR within your budget. Here’s how

BI India Bureau

Delhi-NCR: 5.68L houses under construction; periodic bans add to buyers' woes

IANS

Supertech seeks Rs 1,500 cr from stress fund to complete 12 housing projects

PTI

​ Patanjali’s food park of Rs 1,600 crore would come up at Noida

BI India Bureau

Gaurs raises Rs 450 cr in debt for Greater Noida shopping mall

PTI

Jaypee Infra's IRP approaches NCLT Allahabad for approval of NBCC's bid

PTI

NBCC and Mumbai-based Suraksha Realty are in race to acquire Jaypee Infratech

PTI

Popular Keywords

Buying Guides

Patanjali’s food park of Rs 1,600 crore would come up at Noida