Paving the much needed way for additional real estate space along the lines of Metro corridors in Greater Noida and Noida, the UP government has given a go ahead for an increase in the floor area ratio by a massive 0.5. The previously allowed FAR was 2.75 and after the increase it will become a humungous 3.25. For instance, earlier on a 100 square meter wide piece of land, an owner was permitted to build up merely 275 sq m but now 325 sq m. can be built with ease.
The newly proposed FAR will be applicable within a 500-metre radius of the already existing state of the art Delhi Metro rail corridor along with the upcoming Metro track between Noida and Greater Noida. The much sought after approval for amendments in Noida’s building regulations came via a gazette notification which was issued by the UP government.
With the increased FAR limits, the all important Noida Authority rightly expects a windfall gain of approximately a mighty Rs 4,000 crore via the sale of additional real estate space. Allotees will have to submit their duly filled applications, which the Noida authority will study for applicability and to proceed further.
The motive behind enhancing the FAR is to spike the population density along the already established and upcoming Metro corridors, and also to bring passengers within a short walking distance of these stations. The Noida authority is also encouraging a mixed land use policy in industrial and residential sectors and a significantly higher FAR along Metro corridors in order to enhance and boost economic activity in the region.
The FAR for corporate offices, semi-government, government and various other offices based in institutional areas has also been significantly boosted from 2 to a whopping 2.50. As far as the FAR for group housing plots is concerned, FAR has been increased from the existing 2.75 to 3.5. But this increase will only be applicable to undeveloped and developing sectors.
The floor area ratio is the ratio of a buildings total floor area to the area of the plot. With the stupendously increased FAR, city of Noida’s skyline is all set to be taller and mightier. It can and will also lead to a boost in the cumulative number of new cutting edge flats along with a reduction in home prices. As there is a significant shortage of land, be it for group housing, residential or commercial realty projects, the only feasible solution left is to construct vertically.
Noida is all set and raring to boom into the next big thing in India’s realty space. So if you are end user or a wise investor, explore the marvel called Noida today and improve your life considerably. Noida is on a role and the Noida barrage seems hard to stop.