‘Works contract’- VAT on property under construction Noida Authority has approved mixed land-use policy in Noida Master Plan-2021, which will allow offices, retail shops, eateries, and entertainment outlets in specific areas in industrial and institutional sectors.
Mixed-Use policy According to the new mixed-use land policy, property owners with plots along the roads with 24 m ROW (right of way) in residential areas will be allowed to build guesthouses on a limited area. According to Masterplan, guesthouses can house facilities like general stores, coffee shops, ATMs, etc. Property owners in industrial land-uses can also accommodate auto-service stations. The ground coverage and floor area ratio will be in accordance with the prime land use of the plot. Property owners who wish to turn their plots into mixed land-use have to pay an impact fee along with the conversional charges to enjoy 100% FAR (floor area ratio). Impact fee for residential plots is 50% of the conversional charges of residential to commercial and for industrial plots, owners have to pay 50% of the difference between the rate of commercial and industrial plots. Positive and negative impacts It will be an advantage for builders and developers with large size residential plots with an opportunity to use it for commercial purposes too. Many developers can now use this land policy in their favor by launching commercial and residential suites offering premium facilities. The streets can now be developed as mixed-use streets with premium retail shops, luxury hotels and clinics. This mixed-use development will impact the Noida-expressway turning it into a mixed-use or commercial hub also impacting the demand and prices of the area. If the policy is not implemented in a planned way there can be many problems associated with it. The streets will be filled with informal activities on both sides with a lot of noise pollution disturbing the residents of the areas. The parking needs to be managed efficiently because the parking demand for mixed-use streets is very high compared to residential streets. The infrastructure needs to be provided in a planned manner to control the pedestrian and vehicular movement. New developments should be planned for mixed-use facilities for residential and commercial activity at the time of
preparation of layout plan. This will help in planning and allocating spaces for commercial centres with ample parking and other essential services. There are many existing mixed-use streets in Noida which are being carried out in an unauthorized manner. These can be authorized now with conversion charges and impact fee. This is a relief for residents because they can avail their basic needs without a need to travel. But the infrastructure should be improved so that the commercial activities can be run effortlessly. Source: CommonFloor.com For Latest Updates on Real Estate Updates, Property News and Cities Infrastructure Developments Visit: http://www.commonfloor.com/guide
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