Attention home buyers! Greater Noida is soon going to be as dense as Noida. After a pending yet only formal approval by Greater Noida Industrial Development Authority (GNIDA), All real estate projects —residential and commercial —that fall within a half-kilometer radius of Aqua Line metro stations in Greater Noida would soon be allowed FAR (Floor-area-ratio) of 4.
As of now, the allowed FAR in the Greater Noida is 3.5. The move implies that planned or even existing projects in the region will be able to add more floors thus increasing the density of the area.
The formal approval by GNIDA is expected to come by June.
The move has been welcomed by the developers of the region as it is most likely to benefit all the realtor projects near the metro station as developers will be able to then leverage excess space to build additional towers with consent from UP RERA.
Providing dense residential real estate around metro station is a popular practice and is seen around the world. The idea is to create residential hubs around the station so that people can walk it and refrain from using cars, thus, reducing air pollution.
However, the new FAR-effective additional plan will require RERA approval. In the case of sold residential projects, the developers will also require the permission of existing allottees for the additional expansion.
“While the addition of new FAR in Greater Noida is good news builders who have already got projects approved on the basis of 3.5 FAR have a little scope in implementing the same because projects are either sold or registered with RERA. We see a good opportunity for new projects which may come up around these metro stations as they would create hubs,” Times Of India quoted Amit Modi, vice-president of CREDAI-western UP, as saying.