Greater Noida comes up with commercial plot scheme; Offers floor area ratio of 4

The Greater Noida authority has launched a commercial plot scheme for those wanting to start businesses in the industrial city, and officials said at least 18 plots of sizes ranging from 2,313 square metres to 12,000 square metres are on offer.

Greater Noida authority officials this scheme that will offer an opportunity to those realtors who want to buy the commercial land to build shopping malls and commercial buildings for leasing, among others.

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“In view of the demand from investors for land and space in Greater Noida, the authority has come up with this commercial plot scheme. We will offer possession of land right after the allotment. Once various commercial projects are developed on these plots, then residents would not have to go far to purchase items they need,” said Ravikumar NG, chief executive officer, Greater Noida authority.

Commercial plots have a floor area ratio (FAR) of 4

This is the first time that the Greater Noida authority has launched commercial plots having a floor area ratio (FAR) of 4, unlike earlier schemes when the maximum FAR allowed was 3.75, said officials. More FAR means that the developer can build more floors and have more space for commercial activities in their respective projects, said officials.

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The Reserve Price

“We have kept the reserve price of these plots at ₹1,134 crore. These plots range in size from 2,313 square metres to 12,000 square metres and the land allotment rate varies from ₹67,000 to ₹86,000 per square metre because the cost vary on the basis of the sectors in which these plots are located,” said a Greater Noida authority official, asking not to be named.

The location of the plots

Four plots are in Sector 10, six in Sector 12, one each in Alpha Two, Ecotech 12 and Techzone, and five in Delta Two, said the official.

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“A FAR of 4 means that the developer will be allowed to develop 400% of the total ground coverage that is given by the authority. With this scheme, the authority has finally allowed high-rise commercial buildings in Greater Noida. The city will soon have more shopping malls, showrooms, retail outlets, restaurants, banks, hotels, banquet halls, offices, and other commercial activities,” said the official.

Last date for submitting processing fee and documents
The last date for submission of processing fee and documents is March 23, 2023. The authority will allot the plots through e-auction and whosoever will place the highest bid will get the plot. The entire process from application to allotment will be completed online and the application will be made through the SBI [State Bank of India] portal that is linked to the website of the Greater Noida authority, said officials.

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The applicant can opt to make full payment within 90 days from the date of issue of allotment letter and in such a case, a 2% rebate will be given on the total premium, said officials.

Allottees also have the option of paying 40% of the total premium within 60 days from the date of issue of allotment letter. The balance amount to be paid in three years in six half-yearly instalments.

The time limit for obtaining a completion certificate from the date of the execution of the lease deed is three year.