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    Noida Real estate issues

    Due to its proximity to New Delhi and the increased pressure on land due to economic boom conditions, property rates are on the rise in the township. Land rates which were in the Rs. 3,000-15,000/m² range till about 5 years ago have soared to Rs. 30,000-85,000/m² (US$ 712 - 2013 / sq meter). The biggest real estate company is Hi-Tech Property consultants which has played a major role in the development of the city.

    In 2005, Noida Authority announced the construction of the world's tallest building (of 135 stories) as part of the ambitious Noida City Center development project. While the proposal was in preliminary stage, the Noida Authority came under fire and the project was then put aside.[2][3][4] as it was considered controversial. The decision was eventually shelved after protests from citizens, as the city does not have the geographical or administrative infrastructure to handle a 1 km tall building. Noida comes under seismic zone 4, which along with the loose soil and sand of the Yamuna river bed, means building collapse in an earthquake situation is a distinct possibility. It was felt that the city needs to focus on improving water quality, security, traffic management and power problems before looking at grandiose projects of little real value. The IT major HCL is expanding itself in the region. It is also becoming a major educational hub in North India.

    In 2006, the massive sealing drive by the MCD in adjoining Delhi, has forced traders to shut shops in Delhi and move to other locations. Gurgaon and Noida are the favoured destinations for such people, pushing property rates, both commercial and residential, further up. In November 2006, the Sector 18 market, a prime commercial area, set a new record for land rates in the NCR region with a plot of land being sold at an astounding Rs. 650,000 per square meter, (approx $15,276 per square meter), a rate that compares favourably with the highest rates of real estate across the major cities of the world including New York, Tokyo, Singapore and Hong Kong.