Project News Detail
| Project No : | 205803 |
|---|---|
| Project Title : | Noida Authority adopts Mumbai-inspired redevelopment policy to revamp EWS housing in Maharashtra |
| Company Name : | Noida Authority |
| Project Detail : | The Noida Authority has approved a comprehensive redevelopment policy inspired by Mumbai's model, aiming to rejuvenate dilapidated housing blocks allotted to the economically weaker sections (EWS). Under this policy, old EWS flats in prime sectors will be demolished and replaced with larger, modern units for original allottees, while developers will be permitted to sell additional constructed space to generate revenue. The authority has identified four to five buildings in poor condition where the floor area ratio (FAR) has increased from 1.5 to 3.5, opening up opportunities for vertical expansion. A request for proposal (RFP) will be issued separately for each redevelopment project. The selected developer must ensure that the existing residents are accommodated during construction and are handed over upgraded flats once completed. The policy also allows co-developers to be introduced in five stalled projects, potentially benefiting over 5,000 homebuyers awaiting possession. Industry leaders welcomed the decision, calling it a step towards unlocking central land banks, promoting vertical living, and boosting commercial viability. Sectors like 27, 93, and 93A are expected to see significant transformation, making homeownership more accessible in Noida’s core areas. |
| Project Location : | Mumbai - Maharashtra - India |
| Project Estimation : | Refer Document |
| Status : | Announced |