The all time active Noida Authority is back into the limelight. On Monday, they reviewed the designs and plans for Noida’s proposed entertainment as well as a business hub in sector 94. The plan sweeping an area of 25 acres will be having entertainment zones, commercial spaces, habitat centre and residential high rises.
In the eyes of the Chairman and CEO of Noida Authority, Rama Raman, the project targets to become the center of business and entertainment hub of Noida. The site sector 94 falls along the Noida Expressway, which connects the Delhi, Noida to Greater Noida. Among the 25 acres, the project has been reserved 9 acres of land for commercial spaces.
Rest of the land will be shared for the district centre, somewhat akin to the India Habitat Centre located in Delhi and residential properties. The District Centre would be hosting shopping condominiums, malls, office spaces, retail spaces, cafeterias as well as multi cuisine restaurants.
Raman also added that land will be allotted to leading developers for developing the residential areas which would be governed by controlled architecture going hand in hand with the District Centre. Officials added that renowned architects were invited last November to propose the designs and layouts for the facility.
The technical bids for commercial space measuring 38,000 Sq Meters were announced on February 10. Meanwhile, for commercial plots, the bids will be opened on March 2. The normal Floor Area Ratio (FAR) of 4 and 40 percent will be put off and FAR of 2 and 60 percent will be allowed this time by Noida Authority.
Bipin Gaur, GM (Commercial), Noida Authority also added that developers who will be paying the full amount within 90 days will also get a rebate of 20 percent, where the reserved price for the land is stated as Rs 1,59,000 per Sq Meter.