Wednesday, June 01, 2011

Greater Noida turned hot property destination for India’s leading bureaucrats

Pori Chowk: A Landmark in Greater Noida
NOIDA and Greater Noida might be losers to Gurgaon in wooing investments from MNC honchos, but for bureaucrats they have turned preferred investment destinations. As IAS officers’ property returns are now made public, you can see for yourself how these UP townships have attracted a number of influential people in corridors of power to invest there. As a leading newspaper mentions, Greater Noida figures prominently perhaps because several cooperative housing societies for government officers were built in the relatively new township.
Among officers who own property in Greater Noida are cabinet secretary-designate AK Seth (a plot worth Rs 5.86 lakh), executive director of World Bank Pulok Chatterji (an under-construction four bedroom flat worth Rs 67.75 lakh), member secretary of Planning Commission Sudha Pillai (a flat worth Rs 53.55 lakh), additional secretary in home ministry Vishwapati Trivedi (a house worth about Rs 36 lakh) to name a few.
Current cabinet secretary KM Chandrasekhar has only one house at Trivandrum which he built on a piece of land measuring seven cents at the cost of Rs 2.9 lakh. Another influential bureaucrat and home secretary GK Pillai’s only house is built on a piece of land in Kerala measuring 18.6 cents which he had inherited from his mother. He built a house on it in 1992 with a housing loan of Rs 2.4 lakh. The present value is Rs 75 lakhs. The rent of the property gives him Rs 2.74 lakh every year.

Action and Appointments
Prakash Chandra takes over as CBDT chairman
Prakash Chandra, an IRS (IT) officer of the 1973 batch, took over as chairman of Central Board of Direct Taxes (CBDT) on May 31, 2011. He will also continue to look after the work relating to personnel and vigilance matters. Chandra was director general of Income Tax (Investigation) in Rajasthan and later director general of Income Tax (International Taxation) in Delhi before joining the CBDT as Member.


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  2. Nice Post. Thanks for sharing the information about Greater Noida turned hot property destination for India’s leading bureaucrats. Noida Property. I really liked it. I have bookmarked your post. I will also share it with my friends.

  3. Greater noida is in no ways good investment option. I am saying from personal experience. I am working in GN for past 5 yrs and i have hardly seen any appreciation. Infact the price got corrected in past 2-3 yrs. However, it is a good option for end users. Prices are affordable and good for people looking for a home to live, provided they are working in nearby areas or willing to travel long distances in their own vehicle as public transport is non-existing.
    There are plenty of unsold ready to move in units available with builders. In fact my colleague who purchased from investment point of view had to sell off in loss.
    The only mall near Pari chok has hardly 50% occupancy, so for recreation, leisure shopping one has to go to Noida. Security is still an issue.
    Having said that I am myself planning to buy an apartment in GN only for the following reasons -
    1)I am an end user and not an investor. I am aware there will no appreciation but I am getting a house in my budget
    2)I am working in Greater Noida and I planning to be with this company for another 5-6 yrs

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