Noida decides to revamp old high-rises, gives nod for building 7-star hotels

The Noida authority held its 218th board meeting on Saturday, in which it took several decisions such as the redevelopment of old, dilapidated multi-storey group housing towers, conceptual approval for the construction of five or seven-star hotels, industrial schemes, and permission for co-developers to invest in and complete stalled housing projects.
Uttar Pradesh chief secretary Manoj Kumar Singh, who is the chairman of the Noida authority board, attended the meeting through video conferencing from Lucknow. Noida authority chief executive officer (CEO) Lokesh M, Greater Noida authority CEO Ravi Kumar NG, Gautam Budh Nagar district magistrate Maneesh Kumar Verma, and senior officials from the Yamuna Expressway and the Ghaziabad development authorities also attended the meeting in Sector 6.
'The board has given in-principle approval to the redevelopment of old, dilapidated high-rises so that users of these projects can avail themselves of better basic facilities and get modern infrastructure inside their buildings. We aim to redevelop old housing projects built by the Noida Authority in Sectors 27, 93, and 93A. Cooperative and private developers who have old low-rise buildings can use a 3.5 floor area ratio instead of the old 2 FAR to build more flats and go vertical if they can purchase additional FAR for the redevelopment,' said Lokesh M.
The authority is likely to release a detailed roadmap for the redevelopment of the old buildings, said officials.
The authority has also given approval to engage co-developers in three stalled projects, including IVRCL Private Limited in Sector 118, Supertech Capetown in Sector 74, and Supertech Ecocity in Sector 137. The board has also allowed a waiver of interest on land cost dues to another housing project named Cloud Nine in Sector 100, because the promoter could not make use of the offer previously.
'The board has made it very clear that if a co-developer wants to take over a stalled housing project like these three, then he/she will have to pay 25% of the total dues to initiate the takeover process,' said Lokesh M.
The board said five and seven-star hotels in the city can be allowed on a public-private partnership (PPP) model. There are at least seven plots for five and seven-star hotels in the city, and the authority has been unable to sell these. As a result, it has come up with the PPP model in which it can provide land and a company can make an investment, said officials.
'The board has approved only the basic concept related to hotel development on the PPP model. The authority will prepare a Request for Proposal (RFP) document containing all the details related to the model that will be used for this project. The RFP document will include the details of how the PPP model will be executed, and what the stakes of the government and the interested company will be,' said Lokesh M.

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