Noida Authority gives nod to use of residential sectors for commercial use
13 Feb 2014 11:50 PM GMT
In a major decision, Noida Authority gave its stamp of approval for the mixed land-use policy in residential sectors. The move is likely to see an increase in property rates.
In a board meeting on Wednesday, the authority gave its go-ahead for commercial activities in residential areas, having a width of 24 metres or above. The decision will help establish hospitals, banks, schools, ATM kiosks, guest houses and other business premises in the sectors, which were barred after an earlier Supreme Court order.
According to the policy, if occupants were to use their residential complexes as commercial hubs, they will have to provide a parking facility for at least six motor vehicles.
The apex court had directed Noida Authority to seal business activities in Sectors 1, 2, 5, 6, 8 10, 19, 22 and 27, as per norms laid by the Town and Country Wing of Urban Development Ministry. These activities will now be resumed after the proposed policy.
The authority officials believe that the policy will help residents as well as industrialists use their land for commercial purposes. Industrialists or residents will have to pay an impact fee to avail the facility. A landowner can use 100 per cent floor area ratio (FAR) once he pays the fee and then he/she can run a coffee shop or guesthouse.
To convert residential property into mixed land use, a person would need to pay 50 per cent impact fee of the difference between commercial and residential property rates.
In a board meeting on Wednesday, the authority gave its go-ahead for commercial activities in residential areas, having a width of 24 metres or above. The decision will help establish hospitals, banks, schools, ATM kiosks, guest houses and other business premises in the sectors, which were barred after an earlier Supreme Court order.
According to the policy, if occupants were to use their residential complexes as commercial hubs, they will have to provide a parking facility for at least six motor vehicles.
The apex court had directed Noida Authority to seal business activities in Sectors 1, 2, 5, 6, 8 10, 19, 22 and 27, as per norms laid by the Town and Country Wing of Urban Development Ministry. These activities will now be resumed after the proposed policy.
The authority officials believe that the policy will help residents as well as industrialists use their land for commercial purposes. Industrialists or residents will have to pay an impact fee to avail the facility. A landowner can use 100 per cent floor area ratio (FAR) once he pays the fee and then he/she can run a coffee shop or guesthouse.
To convert residential property into mixed land use, a person would need to pay 50 per cent impact fee of the difference between commercial and residential property rates.
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