Greater Noida Industrial Development Authority (GNIDA) is all set to allow higher floor-area-ratio (FAR) for all the real estate projects falling within a half-km radius of Aqua Line metro stations in Greater Noida. The policy is currently in the process of implementation after a formal approval is secured from the state government, said CEO of Greater Noida Authority, Narendra Bhooshan. He added that the existing FAR or the land-ratio which can be converted for development in Greater Noida is 3.5 and will soon be allowed an additional of 0.5, enabling realtors to add more floors. The real estate sector has welcomed the move, saying it is likely to benefit all realty projects near the metro stations by allowing developers to leverage excess space to build additional towers with consent from UP-RERA. “Dense real estate development around metro stations is among the best practices worldwide in transit areas so that people walk to the metro and do not use cars, which will, in turn, help reduce vehicular pollution in the long run,” said President - Credai-NCR, Pankaj Bajaj. More than the residential, this will be useful to the commercial real estate development in the specified area.
📅Published on:
26 April 2019
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