Noida, June 19, 2023 – In an unprecedented move, the Noida Authority has recently unveiled a scheme aimed at providing leased built-up space for start-up businesses in Sector 81 of Noida Phase-II. The registration process for this innovative initiative began on June 16 and will conclude on July 6, according to officials familiar with the matter.
Vandana Tripathi, the Officer on Special Duty (OSD) (Institutional) at the Noida Authority, highlighted the scheme’s unique selling proposition (USP), which includes a six-month moratorium period starting from the date of allotment of the office space. This provision is intended to support start-ups, particularly those facing financial constraints, by offering them an economically viable period to establish their operations.
The scheme’s primary objective is to encourage entrepreneurial innovation among individuals from diverse backgrounds and facilitate the operation of small and medium-sized enterprises (SMEs), Tripathi explained.
“This marks the first time that the Noida Authority has allocated built-up space on the second floor of the Old Court Complex in Phase II Sector 81 in Noida specifically for start-up businesses. The total built-up area of the space measures 1,224.7 square meters (sq m), and the base monthly rental rate for the entire floor is set at an extremely competitive Rs 335 per sq m, keeping in line with market rates,” she stated. Tripathi further added that the lease agreement for the space spans 15 years, with the option for renewal every five years, and includes a one-year lock-in period from the date of allotment.
Furthermore, Tripathi outlined the details of the space being offered, which encompasses an entire floor comprising two halls and five cabins. The area is ideally suited for start-ups as it features dedicated facilities such as a server room, electrical room, conference hall, open sitting area, and cafeteria.
The open sitting space covers 229 sq m, while the built-up area also includes a common area measuring 387 sq m.
According to the plan document, the allocation of space will be carried out through an e-auction process, with possession awarded to the highest bidder.
Additionally, non-refundable and non-adjustable fees for e-brochure documents totaling Rs 5,900, along with a separate processing fee of Rs 23,600, must be submitted on or before 5 pm on July 6.
In addition to this groundbreaking initiative, the Noida Authority has also launched another scheme aimed at leasing 14 built-up office spaces in Sector 82, Noida Phase-II. The deadline for this scheme is also set for July 6, and the office spaces, located in the city bus terminal in Sector 82, will be allocated through an e-auction process.