DELHI: In view of the projected increase in population density along the Metro corridor planned between Noida and Greater Noida, the boards of the two authorities have jointly approved a proposal to increase floor-area ratio (FAR) by 0.5% on all plots located within 500 metres on either side of the proposed line. Proceeds from the sale of additional FAR would be used to strengthen the resources of the Metro system.
With the idea of increasing additional FAR, the authorities have got an easy way to raise funds of Rs 5,000 crore for the 29km-long Metro link project. The Authority had earlier in 2001 mulled over the idea of a public-private partnership (PPP) scheme for constructing the Metro line.
The authorities have planned to increase the FAR from the existing 2.75 to 3.5 along both sides of proposed Metro link. Real estate players in the region have also decided to play upon the idea. “This move will not only help the authorities raise funds, but 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 homebuyers,” said Vijay Gupta, member Assocham and CMD Orris group.
“Increase in FAR would also benefit Noida Metro in generating profits ahead of schedule,” said SS Bhasin, MD, Bhasin group. Officials said that increase in FAR means that a developer can build 200 more housing units. Group housing projects in Sectors 45, 93, 119, 120, 121, 128, 134, 137, 151, 144, 143B, 151 and 168, among others, will benefit with this new plan.