More realty space set for govt nod

Delhi/NCR
As the decks are cleared for construction work to begin on the Noida-Greater Noida Metro, a proposal first made in 2013 to allow more realty space along the corridor could be cleared by the state government by the end of this month.

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 the Metro corridor in May 2013. The Authorities expect a windfall from this additional FAR, which they expect to sell at a premium, and use the cash for the development of Noida Metro.

Rama Raman, chairman of the Noida Authority, said he hoped the additional FAR would encourage a mix of residential, commercial and public utilities to proliferate along the Metro corridor. Currently, the FAR allowed is 2.75. If the proposal is passed, it will increase to 3.25. It means that for a 100 sq m plot, an owner is allowed to build up to 275 sq m. The additional FAR will increase that to 325 sq m.

“The amendment will be applicable to all categories of land use,” Rama said. “For those who have already made constructions in this area, the additional 0.5 FAR will be purchasable. The proposal is pending with the state government, but we expect a go-ahead by the end of this month,” he said.

Officials also said the cost of the two proposed Metro tracks – Noida City Center to Sector 62 and then to Greater Noida, and Botanical Garden to Kalindi Kunj in Delhi – are likely to go up by about 8-10% because of rise in cost of raw material. This, however, will not impact the progress of the rail links, officials said.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/more-realty-space-set-for-govt-nod/78727.html