The government has approved a new redevelopment plan to match ongoing projects in Mumbai. This move is set to free up land in key areas of the growing city in Uttar Pradesh and provide a boost to the local real estate market.
Under the new policy, old flats given to the economically weaker sections (EWS) will be torn down and replaced with new homes. Developers will be allowed to sell these new units and also build larger flats for the original residents.
A Noida Authority official said, “We’ve selected 4-5 buildings that are in poor shape. When these were built, the floor area ratio (FAR) was 1.5, but now it is allowed to be 3.5. We will send out separate requests for proposals for each building.”
The policy states that developers can sell extra space if they build larger apartments for the original residents and take care of them until the old buildings are demolished and new flats are ready.
“This policy is a necessary step to open up prime land in the city center, but each project will face its own issues. It must be financially feasible, especially since buyer preferences have changed in recent years.”