Noida To Offer Built-up Space To Businesses, ET RealEstate

June 23, 2023

NOIDA: To motivate budding entrepreneurs, the Noida Authority will set up a start-up hub in Sector 81 Phase 2 by leasing out built-up spaces for new businesses.

Under the scheme, over 13,000 sq ft of built-up space on the second floor of the Old Court Complex will be allocated through e-auction to entrepreneurs.

“The 13,182sq feet build-up space comprises two halls with five cabins, along with a common area spread over 4,165 sq ft (387 sqm). It also features a conference room, cafeteria and waiting lounge. The minimum size of a unit available for allotment at the hub is 690 sq ft,” OSD (institutional) Vandana Tripathi said. The Authority, she added, has taken the steps to encourage individuals from various walks of life to engage in small and medium business ventures, digital marketing, e-commerce, and online business.

“The objective of the scheme is to create a conducive ecosystem for start-up businesses to thrive and succeed,” Tripathi added. Earlier, in 2020 the Authority had planned to allot space for the start-up at multi-level parking in Sector 38A, but the initiative could not take off.

Noida will offer a host of incentives, including a six-month moratorium, from the date of office space allotment, to businesses under the new scheme. The moratorium, the official said, is more like a grace period and aims to enable businesses to sustain their operations in a more economically viable manner.

The OSD added that the space will be granted on a 15-year lease, which has to be renewed every five years post a forensic audit, with a one-year lock-in period from the date of allotment.

According to the scheme, the e-auction will be conducted based on the minimum rent specified in the guidelines, starting at Rs 32 per sq ft. For accessing space at the hub, start-up businesses can register for the scheme till July 6.

Noida Entrepreneurs Association president Vipin Malhan has praised the initiative. “It is a positive step towards supporting start-up businesses to operate and grow. The size of the space offered is suitable for aspiring entrepreneurs. Similar initiatives should be replicated at other locations in the city as well.”

  • Published On Jun 21, 2023 at 08:41 AM IST

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