Noida approves new redevelopment policy inspired by Mumbai model
has approved its new redevelopment policy, in line with ongoing redevelopment in Mumbai, a step that is expected to open up land in prime areas of the fast-growing city in Uttar Pradesh, giving a further boost to the thriving real estate sector.
As per the policy, old flats allotted to the economically weaker section (EWS) of people will be demolished and new flats will be built in its place. Developers will be allowed to generate revenues by selling these new housing units in addition to constructing bigger flats for the original allottees.
'We have identified 4-5 buildings, which are in a dilapidated state. When these buildings were constructed, FAR of 1.5 was allowed and now FAR of 3.5 is permissible. We will invite RFP (request for proposal) for every structure separately,' said a Noida Authority official.
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As per the policy, the selected developer will be allowed to sell the extra area on the condition it builds bigger apartments for the original allottees and takes care of their stay till the old building its demolished and new flats are handed over.
'While the policy is a much-needed step towards opening of prime land bank in the city centre, every project will come up with its own challenges. The project has to be commercially viable because buyer's preference had changed in recent times,' said Nikhil Hawelia, MD, Hawelia group and secretary of industry body CREDAI (western UP).
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'The Noida Authority's decision can fulfil the dream of owning a home in the city's thriving sectors like 27, 93, and 93A,' said Yash Miglani, MD, Migsun Group. 'Allotment of higher FAR and engaging co-developers in stable projects will address the long-pending demand of stuck homebuyers and unlock immense potential for modern, vertical living spaces.'
The Noida Authority has recently approved the introduction of co-developers in five stalled projects, a step expected to benefit more than 5,000 customers waiting to get possession of their new homes.
According to the Confederation of Real Estate Developers' Associations of India (CREDAI), 190,000 units worth Rs 1 lakh crore are stuck in Noida, Greater Noida and Ghaziabad. In Greater Noida alone, at least 36 real estate projects are undergoing insolvency proceedings.
It is estimated that Rs 40,000 crore is owed to the Noida, Greater Noida, and Yamuna Expressway authorities, including principal, interest and penal charges for allotted plots where real estate projects are at various stages of execution.
'The (Noida Authority's) step marks a progressive step toward urban revitalisation as it unlocks a significant real estate potential, especially in the heart of the city. The redevelopment of old, dilapidated buildings with higher FAR while improving the existing structure and providing better facilities will also generate more homeownership,' said Salil Kumar, director, marketing and business management, CRC Group.
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