Revised floor-area-ratio in Noida and G-Noida
Noida and Greater Noida authorities have decided to jointly approve a new proposal for real estate projects in this duo area. The authorities want to increase floor-area ratio (FAR) by 0.5% on all plots located on either side of the influence zone of the proposed metro line.
Witnessing the increase in projects and density of the population along the metro corridor which is planned between Noida and Greater Noida, the FAR will be increased. The financial resources generated from sale of additional FAR will be used to make the metro system financially sustainable.
Last year in Noida, FAR was 2.75 for the housing located on side of the metro track going to Greater Noida. According to the authorities, the FAR will be revised from the existing 2.75 to 3.5 for housings located within 500 metres on either side of the planned metro line. Also sector 78 is situated on the metro track so it will face the brunt of increased FAR.
With the increased FAR, the authorities will raise the funds up to Rs 5000 crore for the 29 km-long Metro link project.
Panoramic view of FAR
Noida real estate players have to decide and plan how they will play with this new FAR in the area. This move will not only help the authorities to raise funds, but it might shoot up the industry that has been witnessing a slump. This is a path through which builders make profits and maintain flexibility in their projects. Hence, the profit from the proposed project will be passed on to homebuyers.
The group housing projects of sectors 93, 45,119, 120, 121, 128, 134, 137, 151, 144, 143B, 151 and 168 will benefit from revised FAR.
Since the FAR has been increased in this area, more number of units can be developed on a given piece of land. Also, the cost of construction involved will be reduced, which is expected to attract more developers to invest in this area. As a result, this move is likely to impact the residential realty segment of this region.
FAR for forthcoming projects
Increased FAR will be only allowed for the upcoming projects. Whatever has been constructed already or in progress, cannot build on top of it as per the authority rule.
FAR will simply further improve the nexus of Noida development authorities with the builder. Hence the approval of the projects will gear up and the projects will meet their promised possession dates.
This revised FAR will help the real estate sector of Noida and Greater Noida to improve. It is likely to trigger supply and fast development. It will help the areas have a balanced market.
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