NOIDA: The Noida Authority on Monday reviewed designs and plans for the city's proposed business and entertainment hub in Sector 94 that will house commercial spaces, entertainment zones, a habitat centre and residential highrises in a 25 acre area.
"The project aims to become the main business and entertainment hub of Noida. The plan is to have the project well laid out with open spaces and a mix of high and low buildings for offices, residences, shopping centres and restaurants," said Rama Raman, chairman and CEO of Noida Authority.
Located along the Noida-Greater Noida Expressway, officials said the area is likely to shape up soon. While about 9 acres of the land have been reserved for commercial space, the rest will house a habitat centre built on the lines of India Habitat Centre in Delhi and residential properties. The district centre would also boast of malls, shopping condominiums, office space, retail space and multi-cuisine restaurants as well as cafeterias.
Officials said that reputed architects were invited in November last year to propose designs for the integrated facility. "Leading developers will also be allotted land for developing residential pockets governed by controlled architecture which will be fused with the entire concept of the district center," said Raman.
A scheme inviting technical bids for the commercial space measuring 38,000 sqm was announced on February 10. "The technical bids for the commercial plots will be opened on March 2," said Bipin Gaur, general manager, commercial, Noida Authority.
"Normally, Noida allows a Floor Area Ratio (FAR) of 4 and 40% ground coverage. However, for this project we will allow FAR of 2 and 60% ground coverage," Gaur said. "Also, developers willing to pay the full amount in 90 days will get a rebate of 20%," he said adding that the reserve price announced for the land is Rs 1,59,000 per sqm.
SOURCE: ETRealty.com
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