Noida Authority’s proposal to increase FAR will help real estate sector: Developers

economictimes.indiatimes.com:

Noida Authority’s proposal of amendments to the building by-laws, aiming to increase the Floor Area Ratio (FAR) will help in the growth of both commercial and residential segments, real estate developers said.

“It will enable the construction of more units within the same land area. This will further lead to a higher supply without any horizontal expansion, keeping property prices under check while using existing infrastructure better to create a greater number of units,” said Manoj Gaur, President, CREDAI-NCR.

The changes are part of the Noida Master Plan-2031 and once approved, it will boost revenue for the authority as well.

“Increased FAR is the need of the present time. As India’s economy is on an upward trajectory, the country needs commercial spaces for the smooth functioning of businesses. Moreover, with the upcoming Jewar Airport, the region is poised to attract international businesses, bringing enhanced commercial spaces,” said Yash Miglani, Managing Director, Migsun Group.
The proposed amendment, which facilitates vertical developments, will open doors for high-quality commercial spaces in the region.
“It will allow developers to curate taller buildings, which will be beneficial for accommodating a growing population without straining the city’s horizontal expansion. This will not only help meet the rising demand for housing but also promote a more efficient use of land resources,” said Sanjay Sharma, Director, SKA Group.