Paving the way for extra realty space along the Metro corridors in Noida and Greater Noida, the Uttar Pradesh Government has approved an increase in the floor area ratio (FAR) by 0.5.
“The amendment will be applicable to all categories of land use, excluding residential plotted ones. The 0.5 FAR will be purchasable and our existing formula for buying FAR will be applicable. Proceeds from the sale of additional FAR will be used to strengthen the resources of the Metro system besides funding the Noida Metro Rail Company,” said Noida Authority Chairman and CEO Rama Raman.
“With the enhanced FAR, Noida’s skyline will be taller. It could also lead to an increase in the number of new apartments and a drop in home prices,” said Raman. “As there is saturation of land, be it for residential, group housing or commercial projects, the only solution left is to conduct a land audit and construct vertically. This will mean greater availability of space per square feet of ground area used,” the CCEO said.