The Greater Noida Industrial Development Authority (GNIDA) has proposed to increase the Floor Area Ratio (FAR) of real estate projects within 500 meters of the Aqua metro line from 3.5 to four. The anticipated hike is not only expected to increase the residential and commercial supply near the metro corridor but would also reduce the vehicular congestion in the area.
In line with the Metro Rail Policy announced in 2017, the micro-markets within the range of 500 meters of the Aqua metro line might be allowed an increased Floor Area Ratio (FAR) from the existing 3.5 to four. The proposed hike implies that real estate projects, both in the new and the ongoing categories, falling within the specified limit along the 29.7 km-long metro route, can leverage the excess area to build additional residential and commercial spaces.
While the final approval is pending with the Greater Noida Industrial Development Authority (GNIDA), the industry stakeholders are positive of its impact on the real estate markets of Noida and Greater Noida.
According to Saurav Paruthi, Managing Director, Param Homes, “The increased FAR along the Aqua metro line is a huge opportunity for future real estate developments. Besides, the ongoing projects that have already received layout approval as per the existing FAR and are registered with the UP Real Estate Regulator Authority (RERA) can also benefit from the proposal. However, necessary permissions would be entailed from all the government authorities according to the revised FAR.”
Overall, the development would encourage holistic growth in the region. On one hand, it is expected to attract a denser real estate development around the metro corridor and increase the mass dependency on public transport. On the other hand, it will surge the revenue collection of the authorities which would help it in managing the infrastructure around the metro stations.
One of the significant benefits of hiked FAR along the metro corridor would be reduced vehicular congestion along the Noida-Greater Noida Expressway. Since there are several offices located along the Expressway in Sector 132, 145, 147 and Knowledge Park II, the increased vehicular density on the stretch during peak hours impedes the traffic movement. Alike, Pari Chowk in Greater Noida also suffers from heavy traffic owing to its proximity to Yamuna Expressway. The area serves as an entry point for those arriving to Delhi NCR from the neighbouring cities of Agra and Kanpur.
However, the development would address the nightmarish traffic problem in the region by increasing the mass reliance on public transport. Besides, it would also reduce the pollution levels in the city. Presently, the air pollution level in Noida and Greater Noida is approximately 268 micrograms per cubic meter which increases above 300 micrograms per cubic meter during winters. The poor pollution level not only results in health hazards but blurs road visibility too, making the stretch more prone to accidents. According to a study, the ideal Air Quality Index (AQI) for good human health should be between zero and 50 micrograms per cubic meter.
Although the proposed hike is subject to approval from the various government bodies, realtors are also looking forward to the periodic increase in FAR. The hike would renew the interests of industry stakeholders and would accelerate the realty growth in the otherwise sluggish real estate markets of Noida and Greater Noida.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.