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Noida Authority starts with survey for commercial spaces

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As per the sources available with www.propertykhazana.com, commercial units are thinking where to move later when SC issues the notices. Noida Authority held a conference and determined to perform a survey of all commercial institutes and markets to assist the influenced institutions. Authority has decided that, if necessary it will also go to the Supreme Court to get more time to move the influenced banks and nursing homes. NA’s CEO Rama Raman said that a survey will be carried out to get space for commercial institutions, mainly for banks which are operating in suburban sectors. He also said that, “We have also proposed to hike the FAR of some markets. Meanwhile, Authority will build up more floors and then space will be allotted to the banks and for other commercials practitioners.” Authority also started sending the official notices to the allottees. When questioned about the dearth of time in applying the court order and moving the influenced commercial institutions Raman said, “It is important to apply for the court order and we hope court will understand that moving the units will take time if necessary the authority will go to the court to get more time.” Anshuman Magazine CMD of International Property Consultants CB Richard Ellis said that, “If NA let off the banks to go to thousands of Sq.ft of empty organization and industrialized space in Noida, then they start using the city’s property usefully.”
According to the sources available with www.propertykhazana.com, 80% of commercial space is used in Noida, defy for authority have to find out vacant commercial properties for petite level service suppliers who works from housing plots and for banks and nursing homes. One more insinuation of the SC order will mean a swing in the commercial land prices in Noida. Real Estate specialists says that with the demand for CS estimated to go up and provide not being the same, the rentals in the commercial group is probably to see an uphill fashion. Meantime, realtors in Noida allege that in 2 days commercial land rentals have went up by 25-30%. Arun Singh a realty agent in sector 18 said that, “Before, sector 18 ruled a leasing of Rs. 200-250 per Sq.ft according to the location of the land, but now the prices are costing at Rs. 300 per Sq.ft.”
Source: NIMMA BENGALURU

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