Noida authority has approved a new mixed land-use policy and increased the FAR (floor area ratio) from 2.75 to 3.50 in its existing master plan, which is expected to boost the realty market and bring in potential investors.
Developers and builders say that the new policy will open up more land for multiple construction purposes like shopping , office, entertainment, etc, which would mean more MNCs, corporates, IT professionals, entrepreneurs, retailers, and foreign investors in this fast developing real estate hub.
Rama Raman, chairman and CEO of Noida and GNIDA says that the new FAR is valid for land within 500 metres of the existing Delhi Metro and the forthcoming Noida-Greater Noida Metro line. The FAR in metro corridors is up from 2.75 to 3.25.
The UP government has also approved an increase in the FAR for the proposed Sports City in Noida's Sector 150; the FAR has been raised to 2, from existing 1.5, for permissible ground coverage of 30%.
For government, semi-government, corporate offices, and other offices in institutional areas, the FAR has been raised from 2 to 2.50; but this applies only to the plots on roads that are 24 metres wide or more. For group-housing plots, the FAR has been raised from 2.75 to 3.5, which will be applicable only to developing and undeveloped sectors.
The new mixed land-use policy will allow retail, commercial, studio apartments, corporate suites, ATMs, showrooms, IT-ITeS space, hotels, entertainment, and food zones in residential and industrial plots facing roads of a minimum width of 24 metres.
The authority will charge conversion or impact fee 25%, which is the difference between the prevailing residential or industrial sector rate and the reserve price of commercial rate of the area where the property is located, from the landowner or the developer of the land.
Rakesh Yadav, MD of Antriksh Group, says: “The new policy will allow developers to construct additional units vertically, thereby increasing their profit margin as the development will not require further acquisition of land. More investments are expected in such areas as areas with massive populations normally attract all kinds of construction activity.“
Dinesh Jain, MD of Exotica Housing, says: “Seeing the variety coming up in real estate, it is a good time to implement the mixed landuse policy and allow additional FAR in Noida.This will open up the doors to innovative ideas in real estate with great deals for investors and buyers.“ Rajesh Goyal, MD of RG Group, says: “There are still several amendments needed to the building bylaws in order to get this plan perfectly in place. Once done, this will prove to be an immense source of revenue generation for the government in the future.“
Neeraj Gulati, MD of Assotech Realty, says, “Policymakers are hoping to encourage projects that are viable not only for corporate entities but also for entrepreneurs, mid-scale professional, and small-scale industrialists, who can operate from prime locations through this new policy.“
Ashok Gupta, CMD of Ajnara India Ltd, says, “This will benefit people living close to the Metro corridors enjoy better infrastructure along with connectivity.“
Pawan Jasuja, director of Finlace Consulting, says: “The new policy will help first-time small or retail buyers, who can purchase their own office space in Noida's prime locations.With this we will be able to come up with many small and mid-size office spaces, in furnished and non-furnished options at affordable prices.“
SOURCE: The Times Of India
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