Latest news with #YashMiglani
Time of India
23-06-2025
- Business
- Time of India
Inspired from Mumbai model, Noida Authority approves new redevelopment policy
Developers must ensure larger flats for original residents and arrange their accommodation until new flats are ready for possession. (AI image) The Noida Authority has implemented a new redevelopment scheme, following Mumbai's model, which aims to unlock land in prime locations of this growing Uttar Pradesh city, strengthening its real estate sector. The scheme involves demolishing existing EWS flats and constructing new ones in their place. Builders will have permission to sell additional housing units whilst providing larger flats to original residents. "We have identified 4-5 buildings, which are in a dilapidated state. When these buildings were constructed, FAR of 1.5 was allowed and now FAR of 3.5 is permissible. We will invite RFP (request for proposal) for every structure separately," said a Noida Authority official according to an ET report. Under this scheme, developers must ensure larger flats for original residents and arrange their accommodation until new flats are ready for possession. "While the policy is a much-needed step towards opening of prime land bank in the city centre, every project will come up with its own challenges. The project has to be commercially viable because buyer's preference had changed in recent times," said Nikhil Hawelia, MD, Hawelia group and secretary of industry body CREDAI (western UP). "The Noida Authority's decision can fulfil the dream of owning a home in the city's thriving sectors like 27, 93, and 93A," said Yash Miglani, MD, Migsun Group. "Allotment of higher FAR and engaging co-developers in stable projects will address the long-pending demand of stuck homebuyers and unlock immense potential for modern, vertical living spaces." The Authority has also sanctioned co-developers for five delayed projects, potentially benefiting over 5,000 awaiting homeowners. CREDAI reports 190,000 units valued at Rs 1 lakh crore are stalled across Noida, Greater Noida and Ghaziabad. Greater Noida specifically has 36 projects under insolvency proceedings. Approximately Rs 40,000 crore is due to various authorities, including principal, interest and penalties for allocated plots with ongoing real estate developments. "The (Noida Authority's) step marks a progressive step toward urban revitalisation as it unlocks a significant real estate potential, especially in the heart of the city. The redevelopment of old, dilapidated buildings with higher FAR while improving the existing structure and providing better facilities will also generate more homeownership," said Salil Kumar, director, marketing and business management, CRC Group.
Fashion Value Chain
18-06-2025
- Business
- Fashion Value Chain
Lucknow Drives Tier-2 Realty Boom with 48% Sales Growth
India's Tier-2 cities are emerging as powerful growth hubs in real estate, driven by infrastructure upgrades, affordability, and evolving lifestyle demands. Defying a broader slowdown, Lucknow recorded a remarkable 48% jump in property sales value and a 25% increase in residential units sold, according to a PropEquity report. The city's transformation is underpinned by modern infrastructure, private sector responsiveness, and an expanding middle class seeking better urban living. Alongside Lucknow, Western cities like Ahmedabad, Surat, and Gandhinagar contributed to 79% of units sold and 74% of sales value. Other capitals—Jaipur, Bhubaneswar, Goa, and Bhopal—also showed healthy growth, jointly accounting for 30% of total revenue. Lucknow's real estate momentum is fueled by major infrastructure projects such as the Purvanchal Expressway, Outer Ring Road, and the expanding metro network. These efforts, combined with initiatives like AMRUT and Smart City Mission, are reshaping the city's urban fabric and improving its liveability. The city's realty value climbed to ₹1,797 crore with 1,301 units sold, the highest in Tier-2 cities. Developers are seizing this moment, investing in planned urban corridors and premium micro-markets like Gomti Nagar Extension, Shaheed Path, and Raebareli Road. These zones are seeing rapid price appreciation: Gomti Nagar Extension: 1.7× rise in 10 years, projected 1.9× by 2035 Shaheed Path: 2.4× rise in 10 years, projected 3.0× by 2035 Raebareli Road: 3.5× rise in 10 years, projected 3.4× by 2035 Real estate leaders including Mohit Goel (Omaxe Group), Yash Miglani (Migsun Group), and Neeraj Sharma (Escon Infra Realtors) agree that Lucknow is not just growing—it's setting the benchmark for Tier-2 urban development. Infrastructure, lifestyle appeal, and smart planning are transforming it into a long-term investment hotspot. As demand rises for quality housing and infrastructure keeps pace, Lucknow is redefining Tier-2 city potential, offering both end users and investors a future-ready, high-return market.
