Saumitra Vihar Housing Scheme faces another delay
The Saumitra Vihar Housing Scheme near New Jail Road in Gosainganj, a key project of the Uttar Pradesh Housing and Development Board (Awas Vikas Parishad), has been delayed once again -- this time by at least another month. The delay stems from the pending allotment of plots to farmers who gave up their land under the board's land pooling policy for the project, officials aware of the development said. Saumitra Vihar scheme is a key project of Awas Vikas Parishad. (For representation)
Originally scheduled for launch in January, the scheme has now seen over six months of postponements, with the board now eyeing an August rollout, provided all land transactions are completed on time, they added.
'The first step is to hand over the developed plots to the farmers, as required under the land pooling agreement. Only then we can proceed with the public launch,' U.P Housing and Development Board secretary Neeraj Shukla said. He explained that under the Real Estate Regulatory Authority (RERA) guidelines, all transactions, including possession and documentation, must be completed before a project is formally launched.
The board is required to return 25% of developed land to the farmers. 'We expect the exchange process to take about a month. Once the land is officially handed over to the farmers, the scheme will be launched in phases,' Shukla added.
The scheme will be released in two phases, with each offering around 2,000 residential and commercial plots. It is designed to cater to all income groups. According to the plan 10% plots will be reserved for the economically weaker section (EWS) and 10% for the middle-income group (MIG), officials said.
Commercial plots will also be available at around ₹ 23,000 per square metre.
Once launched, the board will open registrations for a month, and plot allotments will be done through a lottery system. Selected applicants must complete payment within the stipulated deadline, officials said.
The board has committed to handing over possession within two years from the date of allotment. 'By that time, all basic infrastructure including roads, streetlights, and parks will be in place,' Shukla said.
According to land acquisition officer KC Srivastava, plots to be allotted to farmers have already been identified and the exchange process is expected to be completed shortly.
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Hindustan Times
19 hours ago
- Hindustan Times
Saumitra Vihar Housing Scheme faces another delay
The Saumitra Vihar Housing Scheme near New Jail Road in Gosainganj, a key project of the Uttar Pradesh Housing and Development Board (Awas Vikas Parishad), has been delayed once again -- this time by at least another month. The delay stems from the pending allotment of plots to farmers who gave up their land under the board's land pooling policy for the project, officials aware of the development said. Saumitra Vihar scheme is a key project of Awas Vikas Parishad. (For representation) Originally scheduled for launch in January, the scheme has now seen over six months of postponements, with the board now eyeing an August rollout, provided all land transactions are completed on time, they added. 'The first step is to hand over the developed plots to the farmers, as required under the land pooling agreement. Only then we can proceed with the public launch,' U.P Housing and Development Board secretary Neeraj Shukla said. He explained that under the Real Estate Regulatory Authority (RERA) guidelines, all transactions, including possession and documentation, must be completed before a project is formally launched. The board is required to return 25% of developed land to the farmers. 'We expect the exchange process to take about a month. Once the land is officially handed over to the farmers, the scheme will be launched in phases,' Shukla added. The scheme will be released in two phases, with each offering around 2,000 residential and commercial plots. It is designed to cater to all income groups. According to the plan 10% plots will be reserved for the economically weaker section (EWS) and 10% for the middle-income group (MIG), officials said. Commercial plots will also be available at around ₹ 23,000 per square metre. Once launched, the board will open registrations for a month, and plot allotments will be done through a lottery system. Selected applicants must complete payment within the stipulated deadline, officials said. The board has committed to handing over possession within two years from the date of allotment. 'By that time, all basic infrastructure including roads, streetlights, and parks will be in place,' Shukla said. According to land acquisition officer KC Srivastava, plots to be allotted to farmers have already been identified and the exchange process is expected to be completed shortly.
Mint
a day ago
- Mint
US strike on Iran raises oil shock, capital flow risks for India's economy
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"Therefore, based on current developments and assuming the conflict remains contained, we expect the net external impact on India's growth trajectory to be relatively muted in the near term — though this assessment remains contingent on the conflict not escalating significantly or disrupting critical energy supply routes," said Shah. Prolonged conflict could hit growth Economists warn that a prolonged conflict could have deeper consequences. 'For oil-importing countries like India, this means slightly higher inflation and increased fiscal costs. While we have some buffer, with inflation currently below 4%, expectations have suddenly firmed up," said NR Bhanumurthy, director of the Madras School of Economics. Bhanumurthy cautioned that the current account deficit could widen not just due to the oil import bill, but also from potential pressure on remittances and capital flows. 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A similar note of caution was sounded by Madan Sabnavis, chief economist at Bank of Baroda, who said that if crude prices stay above $80 for long, the trade deficit will widen and the rupee will come under pressure. "Wholesale inflation will rise accordingly, but the impact on retail inflation will depend on how the government manages fuel prices," he said, adding that excise cuts, if implemented to shield consumers, would widen the fiscal deficit — 'one that can be absorbed." India's current account deficit edged up to $11.5 billion, or 1.1% of GDP, in Q3 FY25 compared to $10.4 billion a year earlier. Retail inflation eased to 2.82% in May, while wholesale price inflation fell to a 14-month low of 0.39%. Icra Ratings on Friday warned that oil is expected to average between $70 and $80 per barrel in FY26, and any sustained rise beyond current levels could weigh on India's growth outlook. Shipping watches Hormuz chokepoint The Strait of Hormuz remains a key chokepoint for global energy and container trade, with Indian shipping companies monitoring the situation closely. 'But operations and movement of ships as of now has remained unaffected in the region. We have not yet received any alerts from either UK Maritime Trade Operations that patrols the area or the Indian Directorate General of Shipping," said Anil Devli, CEO, Indian National Shipowners' Association. Even before the latest flare-up, some ships had begun avoiding the strait, pushing up freight rates and crew costs amid rising security risks. Read this | Mint Explainer | Strait of Hormuz: Will Iran shut the vital oil artery of the world? Any blockade could spike global energy prices, disrupt supply chains, and hit container trade across the Persian Gulf, South Asia, and East Africa. India is also watching its strategic asset in the region — Chabahar Port in Iran — closely. 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Hindustan Times
4 days ago
- Hindustan Times
GDA seeks ₹2,400 cr for 21 infrastructure projects
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