More realty space on Metro route soon

Delhi/NCR
Even as construction work on the 28-km Noida-Greater Noida Metro link is slated to begin in March this year, a proposal made in 2013 to allow more realty space along all Metro corridors could be notified by the state government at the same time.

The Noida and Greater Noida Authorities had proposed a 0.5 increase in the permissible Floor Area Ratio (FAR) within a 500-metre radius of existing and proposed Metro corridors. It had received a nod from the UP cabinet in November 2014, and is pending notification, officials said. They added that once the gazette notification is issued, "Proceeds upto Rs 3,500-4,000 crore is expected to be generated from the sale of the additional FAR," said G P Singh, finance controller, Noida Authority.

Chairman Rama Raman said the aim is to increase population density along the Metro corridors and bring passengers within walking distance of stations.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/more-realty-space-on-metro-route-soon/80278.html