ICCPL PROPERTY NEWS

NOIDA AUTHORITY ALLOWS MIX LAND USE

    Noida Authority in its 180th board meetings last year provided in-principle approval of mixed land use for specific residential and commercial projects. It was sent for the approval by State government. Now, mixed land projects will be coming up in realism soon as the Noida Authority has approved mixed land uses in the existing units as well. With this, people in Noida can yield fruitful results by carrying out certain commercial activities which were previously reserved for other uses.

Mix land use is a buzz word in the real estate market these days. This concept of mix land use is developed to provide residents with everything at their doorstep. Mix land use is a smart model of smart growth by making such spaces better place to live. Mixed land use brings residential, commercial, recreational and institutional activities all together at one place in close proximity. Earlier the authorities did not allow such concept but now as a major step towards development, UP government has allowed mix-land use through a gazette notification dated March 27. Owners of residential and industrial properties can now use them for other purposes as well.

The mix-land use policy permits owners with residential and industry property to convert it into mix land by paying a conversion cost. This impact fee would be 25% of the difference between the prevalent residential or industrial sector rates and the reserve price of the commercial rate of the area, where the property is situated. There are certain terms and conditions which need to be fulfilled for getting the respective property converted. The property whose land usage is to be converted must be facing a road of minimum 24 meters of width.  As per a senior Noida Authority official, “Plots and buildings should be situated on a road that is 24 metres wide or more with no other building between it and a sector road or service road except a green belt”. As per the new policy, allotees will also be allowed certain support facilities after conversion to mixed land use. These facilities will be in accordance with the prevailing building and zoning regulations of Noida’s Master Plan-2031. “For residential plots, guest houses, ATM, office space, cafeteria, laundry services, health centre, dispensary, etc. will be allowed. For industrial plots, we will allow office space, ATM, showroom for display/sale of products manufactured in the unit, gym, health club, crèche, day-care centre, dispensary, etc.,” said an official. Also, the ground coverage and floor area ratio would be in accordance with the prime land uses of the plot.

Mr. Deepak Kapoor, Director, Gulshan Homz says, “Mix-land usage will help in utilizing the available land in a much better way. By providing a pool of utilities at one place, residents would have an easy access to such amenities.  They will have an added advantage of having everything at a close proximity. Mix land use is gaining momentum across the country, which will soon surpass the common form of exclusive residential projects”.

Mr. Rupesh Gupta, Director, JM Housing said, “The advantageous facts of mix land policy are universally accepted. It brings facilities like banks, shops, offices etc. together on a particular location and within the same boundaries. Owners of such spaces will have further profits as these mix land uses projects will have populations in close proximity. Being close to the populaces brings a better catchment area for businesses in respect to customers”.

Mr. Prithvi Raj Kasana, MD, Morpheus Group says, “Approving mix land use by Noida Authority is great success which will not yield great revenue to the authority but also support speedy development and advancement of the region. Fusion of residential and commercial spaces will carry with them lot of benefits and should not cause any inconvenience to the residents if all the mandatory clauses are properly taken into consideration”.

Mr. Naveen Goel, MD, Radhey Krishna Group says, “Noida already has a superior infrastructure much better than many other parts of Delhi/NCR. This mix land concept will be beneficial to the land owners where they can enjoy the authority to utilize their lands for different purposes. The impact fee will allow the authority to earn heavy revenue and at the same time, land owners can earn better returns from different forms of properties”.

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