The Greater Noida real estate market looks set to touch fourth gear now with the Jewar Airport being a major catalyst along with metro connectivity projects and affordable housing blueprints courtesy leading developers. Last heard, major developers in the region have been singing the Bollywood song Thoda Aur, Thoda Aur in gleeful tones while going about their projects.
Sounds strange? It’ll make sense to you when you consider the new regulation to allow higher FAR (floor area ratio) for residential and commercial projects in Greater Noida. Wait there’s a catch but a minor one! These projects will have to be located within 500 metres of the metro railway stations on the Aqua Line in Greater Noida. Here’s looking at some of the key aspects of this new announcement.
Realty market to benefit in Greater Noida from higher FAR announcement
The new announcement for enabling higher FAR for projects near metro stations has given a major boost to the real estate market in Greater Noida as per experts.
Here’s looking at some of the key aspects behind this move:
- All residential and commercial projects eligible for higher FAR have to be located within 500 metres of Aqua Line metro stations.
- These projects will be permitted a floor area ratio (FAR) of 4 which is more than the present floor area ratio (FAR) of 3.5.
- Planned real estate projects in Greater Noida or even existing ones will be able to get more floors added in a boon for developers.
- The policy may be executed formally after the approval is obtained from the board of GNIDA (Greater Noida Industrial Development Authority) in June 2019 as per reports.
- Experts have stated that this is already a regulation that pre-exists in case of development projects near metro railway stations. This is now being executed in Greater Noida by the authorities since the metro line has started functioning.
- The GNIDA board will be putting its approval to this decision as per reports and it will fast-track development across multiple projects in the region.
- The added 0.5 FAR in Noida for projects located within a radius of 500 metres of metro stations has worked as a catalyst for the same move in Greater Noida.
- The real estate industry in Delhi-NCR has rapidly welcomed this decision and several projects will be benefited near the metro line. Developers can now tap extra space for coming with extra towers courtesy permission from UP-RERA.
- For transit zones, experts feel that high density realty development near metro stations is a major global best practice. Dense developments are aimed near metro hubs in order to enable citizens to simply walk to the stations without using their cars/vehicles which will lower pollution.
- Both residential and commercial real estate markets will benefit in Greater Noida from this proposed move.
The new plan for higher FAR will also have to be approved by UP-RERA depending on structural aspects of structures as per reports. - In case of residential realty projects that have been sold with plans having obtained approval and registration being done with the authority, permissions will be needed for additions from all the authorities involved in approvals.
- Expansion of any residential project will also necessitate permission from current allottees. Builders who have already got approval for residential projects based on FAR of 3.5 will not really benefit immediately as per experts. This is because they have mostly sold these projects or registered them under RERA. New projects coming up around metro stations will naturally benefit from this move since this will lead to large scale transit hubs being created as per reports.
Jewar Airport already working as a booster shot for Greater Noida
As stated earlier, the twin developmental landmarks of the metro expansion and Jewar Airport are already injecting fresh life into the real estate market in Greater Noida. The Jewar Airport has already drawn truckloads of investments in the industrial space in Greater Noida and Noida while real estate developers are also coming up with new projects in surrounding areas to meet projected future demand. As a result, people have been seeking properties in Greater Noida located near the Jewar Airport or well connected to the same. PMAY sops and the cut in GST rates have also given fresh impetus to the residential real estate market here.
There is noticeable demand from millennial buyers who are already thinking of the entire stretch as a future hotspot. Several millennial buyers are perceiving a huge increase in demand in the future once the airport start functioning. As a result, they are focusing on investing in residential real estate in Greater Noida in order to reap the benefits later on. The lowering of GST has been a major incentive along with PMAY interest subsidies as mentioned. Many people are looking to buy now since prices are forecasted to increase over the next 6-12 months as per experts. Other reports also state that social amenities and other physical infrastructure are rapidly developing in Greater Noida in sync with the future transformation courtesy the Jewar Airport. Metro connectivity has already improved while other projects are in the offing.
Happiness seems to be in the air for the real estate market in Greater Noida at the moment and may it continue! For all we know, beleaguered realty majors definitely need some sunshine on their shoulders.
