19-25 September 2014
Vol. 4 No. 5 Pages 24 ` 10
RNI No. HARENG/2011/39319, Postal Regn. No. GRG/35/2012-2014
The NOIDA Challenge { Abhishek Behl / FG }
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OIDA/Greater NOIDA, which till now was trailing Gurgaon as a corporate and IT destination, has come up in the rankings. Good infrastructure, quality roads, good Metro connectivity, and most importantly a single decision making govt. agency/Authority, have helped the twin cities in attracting many Multi-National Corporations (MNCs), IT companies and BPOs - which hitherto had preferred Gurgaon. Even the start of the Rapid Metro and the development of the peripheral roads and expressways (NPR, SPR, KMP) and new sectors has failed to motivate the existing companies to bet long term on this City. Experts say that the primary reason for this scenario is that Gurgaon has become an expensive city, and more a real estate destination - the rent, maintenance and cost of living have
become irrational. One more positive development that has taken place in NOIDA is the adoption of the UP Apartment Ownership Act 2010, which has become applicable from June 2014. In contrast, in Gurgaon, the State has brought in the Societies Act 2012, to allegedly counter the Haryana Apartment Act – as even group housing projects are being asked to register under the Societies Act. As compared to NOIDA, the violations by builders are more brazen in the Millennium City; and the excuses, delays and inaction (conveniently) caused by the multiplicity of govt. agencies here, just seem to rub salt into the wounds of hapless buyers. Is it any wonder then that apartment buyers, IT workers, their companies and even corporates are now actively looking for a shift to NOIDA/ Greater NOIDA. The relatively lower rate of both commercial and residential real estate is also a motivating factor. The decision of the NOIDA authority to adopt the UP Apartment Act has sent a message
that the authorities will now ensure a better monitoring and regulation of builders – making the regularisation of any irregularity more difficult. Another interesting observation is that while MNCs, investors and NRIs have till now followed the conventional wisdom of going where the action is, there seems to have been a perceptible change in their outlook, as ‘hot, but not overheated’ markets like NOIDA (twin cities) are becoming the new attractions. An area that was mainly considered a hub for affordable housing is now turning into an IT, BPO and corporate hub. Sanjiv Kumar, a real estate consultant who has handled many big ticket clients, says that the demand for space in the IT sector is indeed rising in NOIDA, as corporates are now looking for the ‘right’ prices and the availability of affordable housing. The (ambitious) hope that the real estate industry would (as if ordained) quickly turn around in Gurgaon after the coming to power of Prime Minister Modi has been dashed,
Let there be Light
{ Barnali Dutta/FG }
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iat Lux’ – ‘Let there be Light’ (third verse of the Book of Genesis). The King James Bible refers to the context in which God is believed to have uttered these words. In the beginning, God created the heaven and the earth. But the earth was void, without form, and there was darkness all around. That is when God remarked, ‘Let there be Light’… and there was light. Mankind was
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awakened from darkness. But the Gurgaon Administration, which tries to play god in terms of being the sole (though multi-headed) arbiter for all matters impacting the City, is seen more as the devil by the people. The Administration seems to plunge the City further into darkness every day – even literally. Most of the areas of the City just go dark after sundown – there are no streetlights. Or, where installed, most don’t work. Darkness has always scared most decent people… and encouraged criminals. So, when
prakhar PANDEY
and prices have remained static. The builders are still taxiing for takeoff, and may have to return to base – and maybe even have to offload customers. Kumar is of the opinion that the slowdown in IT is also forcing these companies to look for options that are reasonable. Realty experts suggest that in the present circumstances, where a large number of investors are literally stuck – not wanting to sell or buy, the downside risk is clearly more than any upside opportunity. While the IT industry does not see Gurgaon from the prism of returns, it wants the City to be more organised, to be run professionally, and to have more affordable office and residence options. Nidhi Gupta, Head North, NASSCOM, says that NOIDA has emerged as a strong option for IT companies because the administration there is very active, and it considers the IT industry to be a growth engine and a driver of the Contd. on p 6
For Voters: Helplines:
darkness descends on the city of Gurgaon, there is little bustle on the streets – unlike neighbouring Delhi or even other cities in NCR. At night, even late evening, not many here would like to venture out on foot, unless it is an absolute necessity. This administrative apathy helps spawn more crime and violence. Emboldened perverts commit heinous crimes and just disappear in the vast darkness. It’s difficult for the police to track all crime… Contd. on p 8
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