An all exclusive residential sector will soon be a thing of the past in the city of Noida. Uttar Pradesh’s all important government has provided it’s nod to a mixed land usage policy for Noida which will allow owners of industrial and residential properties to use them for either purpose.
The much awaited approval, however, comes attached along with plenty of crucial riders. For instance, a property whose land use has to be changed must be compulsorily facing a road which has a minimum width of close to 24 meters. A real estate property can be considered for the purpose of conversion only if a service road, sector road, or a green belt falls between it and a 24-metre wide road Applicants will also have to shell out a so called “impact fee” to the vibrant Noida Authority.
The Noida Authority had framed the mixed land use policy way back in the year 2013but the sought after approval came via a gazette notification which was issued by the Uttar Pradesh government on 27th March 2015.
The allotees of the industrial and residential property will now be able to easily convert them into mixed land use property. They can do so by shelling out a staggering 50% of the cumulative cost differential between the prevailing industrial or residential sector prices. The amount will have to be compulsorily shelled out based on the reserve rate of the commercial prices of the region where the subject property is located.
Under the scheme, residential plots will be allowed to operate, ATMs, guest houses, office space, laundry services, cafeteria, dispensary, health centre etc amongst others. Similarly a different set of activities will be permitted to function in a commercial plot.
The vibrant Noida Authority, in its highly crucial Noida Master Plan 2021, had rightly approved the mixed land use policy. This game changing mixed land use policy is an integral part of the draft bill of UPs Habitat and Urban Housing Policy 2013. The Noida authority had approved this highly anticipated policy and will strategically implement it bearing in mind the massive scarcity of land in the city and easy availability of a plethora of state of the art facilities in commercial spaces. The policy will surely extend a helping hand to builders as well as individual plot owners.
This mixed land usage policy has been in demand from hapless realty developers and individual plot owners for a long time now, as this is a win-win proposition and provide people with everything right at their very doorstep. From entertainment to eating out; from workplaces to shopping; everything and anything under the sun can be developed and maintained near the residence of people under this new proposed policy. The unique concept of mixed land use policy is becoming a rage in several other Indian cities as well.
With this the jubilant Noida authority has taken care of one of the most serious issue plaguing Noida’s real estate market and as a result, has provided a much needed stimulus and booster to the sector. Noida is all set to gain tremendously from the move.