Transforming the Real Estate Landscape: Mixed Land Use Policy and Its Impact on Property in Noida
An all exclusive residential sector will soon be a thing of the past in the city of Noida. Uttar Pradesh’s all-important government has provided its nod to a mixed land usage policy for Noida, which will allow owners of industrial and residential properties, including flats for sale in Noida, to use them for either purpose.
The much-awaited approval, however, comes attached with plenty of crucial riders. For instance, a property whose land use has to be changed must compulsorily face a road with a minimum width of close to 24 meters. A real estate property can be considered for conversion only if a service road, sector road, or a green belt falls between it and a 24-meter-wide road. Applicants will also have to shell out a so-called “impact fee” to the vibrant Noida Authority.
The Noida Authority had framed the mixed land use policy way back in 2013, but the sought-after approval came via a gazette notification issued by the Uttar Pradesh government on 27th March 2015. The allottees of industrial and residential property will now be able to easily convert them into mixed land use properties, including Properties in Noida for Sale. They can do so by shelling out a staggering 50% of the cumulative cost differential between the prevailing industrial or residential property in Noida sector prices. The amount will have to be compulsorily shelled out based on the reserve rate of the commercial prices of the region where the subject property is located.
Under the scheme, residential plots will be allowed to operate ATMs, guest houses, office spaces, laundry services, cafeterias, dispensaries, health centers, etc. amongst others. Similarly, a different set of activities will be permitted to function in a commercial plot.
The vibrant Noida Authority, in its highly crucial Noida Master Plan 2021, had rightly approved the mixed land use policy. This game-changing mixed land use policy is an integral part of the draft bill of UP’s Habitat and Urban Housing Policy 2013. The Noida Authority had approved this highly anticipated policy and will strategically implement it bearing in mind the massive scarcity of land in the city and easy availability of a plethora of state-of-the-art facilities in commercial spaces. The policy will surely extend a helping hand to builders and individual plot owners, creating more demand for property in Noida.
This mixed land usage policy has been in demand from hapless realty developers and individual plot owners for a long time now, as this is a win-win proposition that provides people with everything right at their doorstep. From entertainment to dining out, workplaces to shopping, everything can be developed and maintained near the residence of people under this new proposed policy. The unique concept of the mixed land use policy is becoming a rage in several other Indian cities as well.
With this, the jubilant Noida Authority has taken care of one of the most serious issues plaguing Noida’s real estate market. As a result, the market, including those seeking flats for sale in Noida, has received a much-needed stimulus and boost, setting the city on a path to gain tremendously from the move.