Government might approve more Floor Area Ratio
By the conclusion of November, sources reveal that state government might approve the scheme of proposal made in 2013 of putting aside increment in the floor area ratio (FAR). The original submission by Noida and Greater Noida authorities included the demand of the enlargement in the realty space down the passageway.
The proposal sent in May of last year asked for 0.5 elevation in the authorized FAR in and around five hundred metre radius of Metro corridor and today with the clearing of decks for the construction, the judgement is soon to happen. The whole idea of authorities behind this is that they are planning to sell the additional floor area ratio at premium of which revenues will be put to use in the development of Noida Metro.
We spoke to Rama Raman who is Noida Authority’s chairman, to which he replied that he is anticipating that the incremented floor area ration will bring forth the rapid growth of residential and commercial and set of public utilities.
Current Picture of the situation
At present, 2.75 floor area ratio is permitted which is supposed to reach 3.25 once the court passes the judgement in favor of authorities. To put it in layman’s language, for a hundred square meter plot, the owner will be able to build up to 325 square meter in place of 275 square meter today.
The chairman Rama Raman in his official statement cleared out that the changes will be applicable to all the types of land usage. Those who have already constructed in this area, need not to worry; as they can purchase additional 0.5 FAR after the amendment. The chairman made sure that the paper work has pending status with state government and they are expecting this to be done by end of November itself.
In another by officials, the information is came into picture that the expected budget of two of Metro tracks might go up due to jump up in the pricing of raw material. Experts have forecasted a rise of eight to ten percent in the whole budget of construction, which however will not do any harm to the progress in the build up.
Source: The Times of India
