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Editor’s Note

First it was polls, then came the results with  a massive unexpected sweep for the BJP-led NDA, and now the industry is looking up to the budget  that will be out by the time you are reading this magazine. This budget is poised at a critical point in time and is expected to be the growth driver for all sectors of the Indian economy, real estate being no exception.

The past one  month  had  been quite  eventful  for  the  real estate industry  – firstly, riding  on the metro  rail, property  prices rose in many localities near Delhi and in Mumbai. While Mumbai saw its first metro run on the Ghatkopar-Varsova-Andheri corridor, the NCR town of Ghaziabad received the nod for the extension of the Metro rail. Another  NCR town,  Noida  too  got  the  go-ahead  for  Metro  rail extensions – from  Botanical Garden to  Kalindi Kunj. Additionally, Greater Noida will be connected to Noida through Metrorail. The Yamuna  Expressway Industrial   Development  Authority  too  has started  work  on  getting  the  Metro  rail linked  to  its  region  from Greater Noida. As if to kick-start it all, the Union urban development minister flagged off the Mandi House-Central Secretariat Metro  rail line in New Delhi. We try to find out in our cover story how property prices have been riding on the Metro rail all along…

At the same time, there is also bad news on the real estate front in Delhi-NCR, specifically in  Noida  which  has been  crippled  by  an environmental    issue.  The National   Green Tribunal   has barred authorities from issuing completion certificates for any construction within a ten-kilometer radius area of the Okhla Bird Sanctuary. This effectively means that the fates of an estimated 50,000 flats are in limbo. Not only Noida, the order affects two more states-Delhi and Haryana. While the buyers and the developers are in a state of shock, the authorities are hopeful of a solution soon.

The flat owners of Campa Cola society in Mumbai too have their share of woes-not only are the residents living without electricity, water and gas supply connections, the sword of demolition also hangs on their heads… we explore who is to be blamed for the mess and what lies ahead…

Amid these disturbing events, the trio of Noida, Greater Noida and the Yamuna Expressway region witnessed something to cheer about. The Noida  Authority has decided to  adopt  the UP Apartment  Act 2010,  which  is expected not  only  to  bring transparency into  the sector but also safeguard buyers’ interest. Also the state government has approved the setting up of new police stations besides modernization of the existing policing system. Property prices are set to soar in Noida and Greater Noida as the respective authorities have also hiked the land allotment rates citing price indexation.

Our regular reads-Vaastu tips, new launches in major cities across the nation, property prices of key cities, home loan rates of various banks continue… Also your horoscope for the month  of July…enjoy reading!