Latest news with #LokeshM
Hindustan Times
3 days ago
- Business
- Hindustan Times
Noida authority denies ₹67 cr waiver in transfer fee for Delhi One project
Noida: The Noida authority has refused to offer waivers on the charges levied on transfer of Delhi One realty project to Max Estates private limited, thereby, rejecting the proposal made by the company requesting for waivers. To be sure, the Max Estates took over the stalled Delhi One project in Sector 16B through corporate insolvency resolution process. (Sunil Ghosh/HT archives) Max Estates will have to pay ₹ 67 crore charges on change in constitution charges (CIC) or transfer charges, the authority said. To be sure, the Max Estates took over the stalled Delhi One project in Sector 16B through corporate insolvency resolution process. 'The decision not to give waivers was taken by the authority's board meeting on June 14, which stated that the full amount must be paid under its newly implemented Unified Policy,' said Noida chief executive officer (CEO) Lokesh M. Max Estates, part of the Max Group, emerged as the successful resolution applicant through National Company Law Tribunal (NCLT) proceedings to revive the long-delayed Delhi One mixed-use project originally developed by Boulevard Projects Private limited. As part of the approved resolution plan, Max Estates proposed settling dues with secured creditors and the authority, which had initially raised claims exceeding ₹ 932 crore. Only ₹ 325 crore of this claim was formally accepted in the plan. In a revised offer to clear outstanding liabilities and speed up project work, Max Estates proposed to pay ₹ 613 crore over three years. While the authority accepted this settlement offer in principle, the developer also sought a waiver of CIC charges, arguing these were not justified in the context of insolvency resolution and project revival. After receiving no decision on this request, Max Estates approached the Allahabad high court earlier this year. In April, the court directed the authority to place the issue before its Board and communicate a decision within four weeks. This April, Max Estates offered to deposit ₹ 22 crore in a separate interest-bearing account. However, after examining the matter, the authority's Board on June 14 ruled that the full CIC charges of ₹ 67 crore would remain payable. Max Estates has already deposited the first instalment of ₹ 135 crore under the ₹ 613 crore settlement. The project, which has faced years of delays affecting hundreds of homebuyers, now depends on the developer completing payments and following the resolution plan. The authority has also granted a three-year free extension to finish the project. Max Estate refused to comment on the matter as the case is sub judice. The Noida authority board said that they can allow waiver if the court will issue an order in this regard, waiving off the charges. The Max Estate had sought waiver on the ground that the transfer of the company from one to another is not 'business as usual' and company was taken over in insolvency benefiting the home-buyers and investors to revive the insolvent realty firm.
Hindustan Times
25-06-2025
- Business
- Hindustan Times
Noida adopts Mumbai's redevelopment model, customises it for EWS and leasehold group housing societies
Noida's new redevelopment policy marks a 'progressive shift' in urban renewal, drawing inspiration from Mumbai's model but adapting it to meet Noida's local requirements. Noida's new redevelopment policy draws inspiration from Mumbai's model but adapts it to meet Noida's local requirements. (Representational photo) (Photo by Sunil Ghosh / Hindustan Times)(HT_PRINT) Like Mumbai, it incentivizes developers by allowing a higher Floor Area Ratio (FAR) and the sale of additional units. At the same time, it ensures that existing residents benefit from upgraded, more spacious homes and are provided with temporary accommodation during reconstruction, say real estate experts. However, the key distinction lies in its focus. Unlike Mumbai's broad, city-wide redevelopment framework, Noida's approach is more targeted and phased. It specifically prioritizes the redevelopment of Economically Weaker Section (EWS) units and leasehold group housing societies, with Requests for Proposal (RFPs) issued on a project-specific basis. Noida's redevelopment policy In its 218th board meeting held on June 14, the Noida Authority approved several initiatives, including the redevelopment of aging, dilapidated high-rise group housing towers. Noida Authority CEO Lokesh M told Hindustan Times, 'The board has given in-principle approval to the redevelopment of old, dilapidated high-rises so that users of these projects can avail themselves of better basic facilities and modern infrastructure within their buildings.' Under the scheme, existing EWS flats will be demolished and reconstructed. Developers will be allowed to sell additional housing units but must ensure that original residents receive larger, improved flats. They are also required to provide temporary accommodation to residents until the new homes are ready for possession. The Authority aims to redevelop old housing projects built by the Noida Authority in Sectors 27, 93, and 93A. Cooperative and private developers who have old low-rise buildings can use a 3.5 floor area ratio instead of the old 2 FAR to build more flats and go vertical if they can purchase additional FAR for the redevelopment, Lokesh M told the newspaper. This is what experts have to say about Noida's redevelopment policy 'Noida's new redevelopment policy is a progressive step. While it is closely modelled on Mumbai's approach, it is more customized to Noida's specific local needs. Like Mumbai, it incentivizes developers by allowing higher FAR and sale of additional units while making sure that the original residents benefit from more spacious, upgraded homes as well as temporary accommodation while reconstruction is underway,' explained Santhosh Kumar, vice chairman, Anarock Group. 'The key differences are that Noida's focus is on EWS and leasehold societies, and the Requests for Proposal are project-specific. This renders it more targeted and phased than in the case of Mumbai, which uses a broader, city-wide redevelopment framework,' he said. Concurs Abhishek Singh, director, V3 Infrasol, Noida's redevelopment policy is a forward-looking move that addresses both urban renewal and infrastructure optimization. From a legal standpoint, it offers a clear framework for title regularization, transfer of rights, and stakeholder consent, key aspects that led to delays earlier. Technically, it allows for the upgrade of aging structures, improved safety codes, and sustainable design practices. The policy encourages efficient land use, better density management, and integration of smart infrastructure, he said. Also Read: Does redevelopment of old buildings impact housing prices and rentals in Mumbai?
Hindustan Times
24-06-2025
- Business
- Hindustan Times
Noida: Homebuyers to get relief in Lotus Boulevard housing project
Two hundred homebuyers in the stalled Lotus Boulevard Espacia project in Noida Sector 100 can now get home registry as the developer Cloud 9 Projects has paid ₹ 21 crore land cost dues under a state policy in which realty firms can get interest waivers if they pay 25% of total dues upfront. Lotus Boulevard Espacia in Noida Sector 100. (HT Archive) The housing project was built on 10 acres of land, and the lease deed was signed in June 2009. It was supposed to be completed by June 2016 but got delayed due to non-payment of dues and legal issues. The project has eight towers with 606 flats. In March 2016, five towers (366 flats) got partial occupancy, and 320 flats have been registered. But two towers with 168 flats, and 46 unregistered flats from earlier towers, are still pending — affecting 214 homebuyers. 'We have paid ₹ 21 crore under the scheme, and also applied again for occupancy certificate before the Noida authority. The Noida authority visited the Lotus Espacia project site on Monday, and are processing our application. Once the OC is issued, homebuyer registries will start taking place,' said Ashish Gupta, director, Cloud Nine. 'The Uttar Pradesh government's policy for stalled housing projects was announced on December 21, 2023, and it had a condition that if a National Company Law Tribunal or any other court case can be settled between the realtor and the petitioner then the stalled project can become eligible for the benefits of this scheme. So, the Noida authority board has allowed this project to take the benefit as per the norms of the state government policy,' said Lokesh M, chief executive officer of the Noida authority. Cloud 9 Projects private limited was facing a corporate insolvency resolution process (CIRP) after orders from the National Company Law Tribunal. This project can become eligible for interest waivers under the state government's scheme meant for stalled legacy housing projects if the realty firm settled NCLT's CIRP, said Noida authority officials. The Noida authority, in its board meeting on June 14, said the project will be considered for inclusion under the policy only after all court cases are resolved. A big relief came on February 29, 2024, when the Allahabad high court directed Noida authority to issue occupancy certificates and allow registries of flats without waiting for the builder to pay all dues. The court also ordered the Enforcement Directorate (ED) to investigate the company's directors for alleged misuse of buyers' money. The court also allowed Noida to recover some dues from unsold flats. The developer was not available for comment on the issue. After this order, new cases were filed and the Noida authority filed a review petition, which was rejected in May 2024, and then filed a petition in the Supreme Court, which is still pending. Meanwhile, the homebuyers' group filed a contempt case against the chief executive officer of Noida authority for not following the high court order. At the same time, one of the directors went to the Supreme Court against the high court's order. On October 1, 2024, the apex court put a stay on ED action and the next hearing will be held in July. In another case, IndusInd Bank filed an insolvency case in NCLT in 2022. However, Cloud 9 told Noida that no bankruptcy process has started, and they are trying to settle the matter with the bank. Cloud 9 told the Noida authority that it never refused to pay dues but only objected to personal liability. 'It has paid ₹ 21.21 crore out of the total ₹ 84.86 crore and plans to clear the rest once final calculations are done,' said a Noida authority official aware of the development.
Time of India
23-06-2025
- Automotive
- Time of India
Government hires two agencies to run 500 electric buses for 12 years
Noida: The long-pending plan to launch 500 electric buses across Noida, Greater Noida and Yamuna Expressway areas has moved a step forward, with the UP's directorate of urban transport (DUT) opening the financial bids on Monday. Two private firms — Travel Time Mobility and Delbus Mobility — have been selected to operate the fleet of nine- and 12-metre-long e-buses under the gross cost contract (GCC) model. The e-bus fleet will include 250 nine-metre buses (28-passenger capacity) for feeder and intra-city transit and 250 12-metre buses (36-passenger capacity) on high-demand routes. The estimated total cost of the project is Rs 675 crore, which includes the purchase of 500 buses, charging infrastructure, operational logistics and service management. The selected agencies will now be considered for the final agreement once a joint special purpose vehicle (SPV) — comprising Noida, Greater Noida and Yamuna authorities — is formed to oversee project implementation and negotiate final terms. "Noida Authority is in the process of forming a SPV to oversee project implementation," Noida CEO Lokesh M said. As per the request for proposal (RFP) floated by DUT in March, the 500 buses will be deployed across 25 routes — 15 in Noida, seven in Greater Noida and three in the YEIDA area. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play Chess on Your PC, Free Play Classic Chess Install Now Undo Buses will ply at 10-15 minute intervals during peak hours and 15-20 minutes during off-peak times. Out of nine agencies that participated in the tender process floated in March, eight qualified for the financial round. Travel Time Mobility India emerged as the lowest bidder for operating nine-metre-long electric buses, quoting Rs 55 per kilometre (excluding GST), while Delbus Mobility offered the lowest rate of Rs 68 per kilometre for 12-metre-long buses. These rates were found to be the most competitive among the bids submitted by eight agencies in the tender process conducted by DUT. Several other firms, including Express Trans Coaches, Hansa Vahan and Aeroeagle Automobiles, quoted significantly higher rates. The SPV, once formally registered, will be responsible for overseeing the e-bus project for 12 years and ensuring an assured mileage of 72,000km per bus annually. As per the agreement, Noida Authority will lead the SPV and shoulder 48% of the project cost. Greater Noida Authority and YEIDA will each contribute 26%. The distribution of buses will reflect the same ratio: 300 buses for Noida, 100 each for Greater Noida and Yamuna Expressway areas. The SPV will manage the fare system, while the operators will be paid on a per-kilometre basis. As per the RFP, each bus is meant to ply 200 km per day. However, in practice, buses may run 250-300 km daily. Officials said that fares are expected to generate Rs 135 crore annually, with another Rs 10 crore from advertising. However, despite total revenues of Rs 145 crore, projected expenses exceed Rs 370 crore, creating a funding gap of Rs 225–230 crore annually. Noida Authority's share of the viability gap funding (VGF), based on its 48% stake, comes to about Rs 107 crore per year, or Rs 1,290 crore over the contract's 12-year duration. Initially, buses will be operated from terminals located in Sector 82 and Sector 91. Noida Authority will handle the necessary infrastructure development. Within one year of the agreement, Greater Noida and YEIDA will each construct one bus depot, officials said.
Time of India
23-06-2025
- Business
- Time of India
Noida to go back to interviews for allotting hospital, school plots
Noida: Institutional plots meant for setting up hospitals and schools will be allotted through earlier interview-based process, instead of e-auctions that were introduced this year. The Noida Authority's board made the decision at a meeting on June 14 after the institutional department flagged concerns that e-auctions could lead to a steep rise in land prices, which would eventually make education and healthcare unaffordable for the public. In Jan this year, the Noida Authority adopted Unified Regulations, 2025, mandating e-auctions for institutional land allotments. This policy has been adopted by Noida Authority, YEIDA and GNIDA to operate on a common framework of land allotment norms. At the latest board meeting this month, officials argued that institutions providing affordable education and healthcare services may be unable to compete in auctions against commercial entities, driving up reserve prices and impacting service affordability. The board subsequently passed an amendment in the Unified Regulations policy, which says plots meant for hospitals and schools will be allotted through the interview process. For other institutional plots, the e-auction process will continue. "The objective is to ensure that essential services such as education and healthcare remain accessible and affordable," said Lokesh M, Noida Authority CEO.
