亚博体育官网首页

In a strategic bid to revitalise central urban areas and address long-pending housing backlogs, the Noida Authority has approved a new redevelopment policy modelled on Mumbai鈥檚 successful approach. The policy will involve the demolition of ageing economically weaker section (EWS) flats and the construction of modern, larger homes, while unlocking additional Floor Area Ratio (FAR) for developers to build saleable units.鈥淲e have identified four to five dilapidated buildings. When these were constructed, the FAR was 1.5; it now stands at 3.5,鈥� said an official from the Noida Authority. Requests for proposals (RFPs) will be issued separately for each identified site.The redevelopment plan will initially target core sectors such as 27, 93, and 93A鈥攁reas with established infrastructure and high real estate demand. Developers chosen through public tenders will be required to demolish old buildings, provide upgraded homes to existing allottees at no extra cost, and offer temporary accommodation during construction. They will monetise the surplus FAR by selling additional units to recover investment.Industry experts view this as a turning point for Noida鈥檚 urban renewal. 鈥淲hile the intent is much-needed, commercial viability will depend on evolving buyer preferences,鈥� said Nikhil Hawelia, MD of Hawelia Group and secretary of CREDAI Western UP.Yash Miglani, MD of Migsun Group, added, 鈥淭his is a big step toward making homeownership a reality in prime Noida. The increased FAR and co-developer involvement will finally offer solutions for thousands of stranded buyers.鈥滻n a parallel move, the Noida Authority has also cleared the participation of co-developers in five stalled real estate projects, offering potential relief to over 5,000 homebuyers.According to CREDAI data, the wider NCR region is grappling with a massive backlog:Around 190,000 housing units are stalled across Noida, Greater Noida, and GhaziabadThese projects represent a combined value of approximately Rs 1 trillionGreater Noida alone has 36 projects under insolvencyDevelopers owe Rs 400 billion to local authorities, including interest and penaltiesSalil Kumar, Director at CRC Group, welcomed the redevelopment framework: 鈥淭his initiative offers a progressive solution to urban decay. With enhanced FAR and better infrastructure, it can rejuvenate the city鈥檚 core and promote ownership.鈥漊rban planners caution that the Mumbai model鈥檚 replication in Noida will require careful navigation of tenant consent, phasing, and interim housing. However, the framework lays the foundation for similar transformations in cities such as Ghaziabad, Faridabad, and Lucknow鈥攗rban centres grappling with deteriorating low-income housing and halted projects.Image source:https://www.msn.com