Noida: The Noida authority in it’s 218th board meeting held on Saturday took several significant decisions, including plans for redeveloping old multi-storey housing towers, approving construction of luxury hotels, industrial schemes, and allowing co-developers to complete stalled housing projects.
The board granted preliminary approval for renovating deteriorating high-rises to provide residents with improved facilities and modern infrastructure. According to Noida Authority’s Chief Executive Officer (CEO) Lokesh M, the initiative targets authority-built housing projects in Sectors 27, 93, and 93A. Cooperative and private developers with old low-rise structures can now utilise 3.5 floor area ratio instead of 2 FAR for vertical expansion, subject to purchasing additional FAR.
Officials indicated that a comprehensive plan for old building redevelopment would be released soon. “Following the approval of the redevelopment plan, numerous deteriorating residential complexes in the city can look forward to renewal. Several multi-storey and low-rise housing societies, ranging from 15 to 20 years in age, are set for transformation.
“These residential complexes encompass authority-developed buildings, cooperative housing societies and company-owned residential quarters.
“Various authority-constructed buildings have deteriorated to such an extent that residing in them has become unsafe. These structures will now be reconstructed with modern amenities,” said Lokesh M. The board further approved co-developer engagement for three delayed projects: IVRCL Private Limited in Sector 118, Supertech Capetown in Sector 74, and Supertech Ecocity in Sector 137. Additionally, Cloud Nine project in Sector 100 received an interest waiver on land cost dues.
The CEO clarified that co-developers interested in taking over stalled projects must pay 25 per cent of total dues to begin the acquisition process.
The board further approved the development of five and seven-star hotels through public-private partnership (PPP). Officials noted that seven plots designated for luxury hotels remain unsold, prompting the PPP approach where the authority provides land while private companies invest. Lokesh M explained that the board approved the basic concept, with a detailed Request for Proposal (RFP) document to be prepared outlining the execution model and stakeholder responsibilities.
In view of growing global interest from electronic and semiconductor firms, Noida has designated industrial plots in Sector-164 exclusively for such projects. To meet global demand from semiconductor and chip makers, Noida has earmarked six large plots in Sector 164 exclusively for electronic manufacturing. These projects will also receive benefits under Uttar Pradesh’s electronics policy.