NCR OLYMPIA BY NCR GROUP – GREATER NOIDA PROJECT

Greater Noida is now a preferred destination for Investors and therefore its attracting more and more developers and builders to launch the projects (Residential or Commercial) in Greater Noida (Especially Greater Noida West, Expressway, Noida Extension and Knowledge Park). But not every developer is able to keep up the commitments and timely delivery of the project which is a prime concern for any investor apart from its Assured returns or Location.

Recently another project (NCR Olympia) was launched in Greater Noida with almost no track record of Builder (NCR Group).

Kindly Comment and Share your Interaction, Review and Experiences with NCR Group, as most of forum discussions and blogs say that the name is new and investment with them may prove to be risky (In terms of project delivery or delays associated). Share the Official Website of Builder / Developer NCR Group or its Project NCR Olympia

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AIRWIL INTELLICITY (AIRWIL BUSINESS PARK) AT GREATER NOIDA WEST BY AIRWIL GROUP (AIRWIL INFRA LTD)

Yet another Project launched in Greater Noida by a Developer. Airwil Intellicity – Airwil Business Park is located in Greater Noida West (Noida Extention) by Airwil Group (Airwil Infra Ltd)
So again lot of Brokers saying Best location, Assured Returns, Promosing Project but is there anyone to comment on:

1. Reputation of the Developer, Airwil Group. Is the Airwil Group new group or have some track record of delivering projects ?(Delivering a project is more important rather just launching it)
2. Airwil Infra Ltd (Airwil Group) came up with a broad concept:

Airwil Cerebrum – Airwil IT Park / Airwil IT Space
Airwil Spine Tower – Airwil Office Space (A-wing & B-Wing)
Airwil Smartville – The Luxury Villas – Airwil Villas
Airwil Chord – The Grand Club
Airwil TFL – Airwil The Front Lobe – Retail Space
Airwil Thinkpad – Airwil Serviced Apartments – Airwil Studio Apartments.
Airwil Bank Space – The Option to Invest and Rent Space to Banks for operating branch.
Airwil ATM Space – The Option to Invest and Rent Space for ATM SPACE.
Airwil Occiperital
So are they really into position to deliver such a big project as the name is altogether new to market ??

Lot of Investors in past few years had bad experiences with new small time developers, so reputation of developer is more important. Best Location works only when project is delivered timely.

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Penalty on Hiranandani Builder Slashed to 218 Cr from 2000 Crores by MMRDA

Speaking to PP, Niranjan Hiranandani on this issue said, “There is no violation hence the penalty has to be ZERO. There is nothing unauthorised done by us.”

Country’s leading builder, Hiranandani Group would soon be beneficiaries of a benevolent government which has decided to substantially reduce a penalty imposed on the firm for violations in the Powai land-development agreement.

As per knowledgeable sources in the Democratic Front (DF) revealed to a leading city tabloid,  that a decision has been taken to reduce the penalty of Rs 1,993 crore - which was recommended by the Mumbai Metropolitan Region Development Authority (MMRDA) - to Rs 218 crore.

This decision would soon be communicated - as part of the action-taken report - to the Bombay High Court where at least three petitions are pending against the builder.

The 230-acre land was leased to the group in 1986 to create “affordable housing” through a tripartite agreement between the Government of Maharashtra, MMRDA (who drafted the Powai Area Development Scheme) and the Hiranandani Group.

The developers - MMRDA says - have instead turned the land into a complex of high-end apartments. Citing a number of violations, the MMRDA had recommended immediate stoppage of construction work, and the withdrawal of all concessions given to the builders. It also demanded that the land be taken back as is.

The present ruling Maharashtra government, instead, directed the MMRDA to calculate the complete nature of the violations.

Therefore - after scrutinising all the records available with the BMC - the MMRDA submitted its report in January 2009, and recommended a penalty of Rs 1,993 crore on the builder.

This penalty calculated was based on three alleged violations: differential areas of the flats, construction of commercial complexes and the usage of TDR (Transfer of Development Rights).

While permission was granted for only 40 and 80 sq-metre flats, the developer had constructed apartments measuring 200 to 400 sq metres. The penalty proposed for this violation itself was worked out at Rs 946 crore.

A further penalty of Rs 597 crore was imposed on the developer for constructing commercial complexes when no such permission was given under the agreement. And finally, a 'penal premium' of Rs 448 crore was to be levied on the developers for the usage of TDR.

The Hiranandani Group, however, has always denied any violations and has adopted a stand that it was armed with all the necessary permissions by the government.

When contacted by the tabloid, T C Benjamin, principal secretary of the Urban Development Department, said: “The Hiranandani Group had made a representation to the government after MMRDA submitted its report, and requested that it take into consideration the various permissions that were subsequently given to it. The builder also pointed out the clause that allows for 15 per cent commercial use of the land, permissible under the government rules.”