UP govt hikes FAR near Greater Noida Metro lines

GREATER NOIDA: Paving the way for extra realty space along the Metro corridors in Greater Noida, the Uttar Pradesh cabinet has approved an increase in the floor area ratio (FAR) by 0.5. The new FAR will be applicable within a 1,000-metre radius of Metro corridors in Greater Noida. The approval for the amendment in Greater Noida's building regulation came through a cabinet meeting held by the state government on Wednesday.

The Greater Noida Industrial Development Authority (GNIDA) had proposed to revise its building bylaws and enhance the FAR in February 2015. The Authority also sought objections to and suggestions on the modified plan from the local residents. Following this, the proposal was forwarded to the state government for approval. With the cabinet's nod, the GNIDA now expects the notification to come through in the next 15 days.

A gazette notification was issued in March 2015, which has already cleared a 0.5 increase in the permissible FAR within a 500-metre radius of existing and proposed Metro corridors in Noida.

According to officials, once the gazette notification is issued declaring the increases of FAR in Greater Noida the sale of the additional realty space is expected to go up and generate Rs 3,500 to Rs 4,000 crore. This amount will be used for funding the Noida-Greater Noida Metro track, which is under construction. It will also be used to improve the Metro infrastructure besides funding the Noida Metro Rail Company.

Authority officials said residential housing societies, commercial and public utilities would be built on the additional 1,000-metre area along the Metro corridor. Once the decision is notified in the gazette, the amendment will be applicable to all categories of land use, excluding residential plotted ones. Greater Noida's existing rule to buy FAR will be applicable while buying land in this additional area. Officials said the aim was to increase population density along Metro corridors and bring passengers within walking distance of the stations.

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.