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Noida: Proposal to increase FAR along Noida Metro route gets approval

A proposal to increase Floor Area Ratio (FAR) along the proposed Noida Metro corridor has been approved by the boards of two authorities. Looking at the projected increase in population density, the authorities decided to increase FAR by 0.5 percent which is now 3.5 from 2.75 earlier. This change is applicable on all plots located within 500 metres on either side of the proposed line.

 

This decision will also provide good resources for the construction of the 29km-long Metro link project for the proceeds from sale of additional FAR will be used for the same. In 2001, the Authority thought of public-private partnership (PPP) scheme for constructing the Metro line, which now will be done with the help of Rs. 5000 Cr. raised from sale of additional FAR.

 

Vijay Gupta, Chief Managing Director (CMD), Orris Group and member of Assocham stated, “This move will not only help the authorities raise funds, but will also help boost the real estate industry that has been witnessing a slump. It will help builders make profits and maintain flexibility in their projects. The profit from the proposed project will be passed on to home buyers.”

 

Increased FAR will allow developers build around 200 more housing units. Areas which will get benefited from this plan include Sectors 45, 93, 119, 120, 121, 128, 134, 137, 151, 144, 143B, 151 and 168.

 

Favista’s Views: Increased FAR will be beneficial for both the developers and the Authorities. Also more home buyers will be able to find suitable property in Noida.

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