NOIDA: Paving the way for extra realty space along the Metro corridors in Noida and Greater Noida, the Uttar Pradesh government has approved an increase in the floor area ratio (FAR) by 0.5. The FAR allowed before this was 2.75 and the increase takes it to 3.25. It means that for a 100 square metre plot, an owner who was allowed to build up to 275 sq m can now now increase that to 325 sq m.
The new FAR is applicable within a radius of 500-metre radius of the existing Delhi Metro corridor as well as the upcoming Metro line from Noida to Greater Noida. The approval for the amendment in Noida's building regulation came through a gazette notification issued by the state government dated March 27. The state had notified another major change to building laws the same day by allowing mixed land use in residential and commercial sectors across Noida and Greater Noida.
An official said that with the enhanced FAR, the Noida Authority expects a windfall of around Rs 4,000 crore from the sale of additional realty space. "Proceeds to the tune of Rs 3,500-4000 crore are expected to be generated," said a senior Noida Authority official. "Allottees may submit their applications, which we will study for applicability," the official added.
Noida Authority chairman and CEO Rama Raman said the 500m zone is aimed at carving out a mix of residential, commercial and public utilities along Metro corridors. "The amendment will be applicable to all categories of land use, excluding residential plotted ones. The 0.5 FAR will be purchasable and our existing formula for buying FAR will be applicable. Proceeds from the sale of additional FAR will be used to strengthen the resources of the Metro system besides funding the Noida Metro Rail Company," Raman said.
According to Raman, the aim is to increase population density along Metro corridors and bring passengers within walking distance of stations. "We are also encouraging mixed land use in residential and industrial sectors and higher floor area ratio along the Metro corridors to enhance economic activity," Raman said.
Aiming to encourage vertical growth in Noida due to limited land availability, the UP government also approved a hike in FAR for the proposed Sports City in Noida. To come up in sector 150, the FAR has been enhanced from the existing 1.5 to 2 for a permissible ground coverage of 30%. The FAR for government, semi-government, corporate offices and other offices in institutional areas has also been hiked from 2 to 2.50. However, this hike comes with a rider. Only plots on roads with a width of 24 metres or more will be eligible for the hiked FAR. For group housing plots, FAR has been hiked from existing 2.75 to 3.5. This hike will be applicable only to developing and undeveloped sectors.
The FAR is the ratio of the total floor area of a building to the plot area. "With the enhanced FAR, Noida's skyline will be taller. It could also lead to an increase in the number of new apartments and a drop in home prices," said Raman. "As there is saturation of land, be it for residential, group housing or commercial projects, the only solution left is to conduct a land audit and construct vertically. This will mean greater availability of space per square feet of ground area used," the CCEO said.