Warehouses, logistics businesses get industry status in Greater Noida; final nod awaited from Lucknow
The Greater Noida authority on Saturday gave industry status to warehouses and logistics’ businesses in line with the Uttar Pradesh warehouses and logistics rules, 2018 with an aim to encourage setting up of industries and attract investment to fuel growth in this region.
The decision was taken during the 119th board meeting that took place at the authority’s Sector Knowledge Park-IV office, under Alok Tandon, who is the chairman for the authority and also the state’s infrastructure and development commissioner. Earlier, the warehouses and logistics’ businesses were not considered ‘industrial businesses’, thereby affecting the investment prospects in Greater Noida, which was established as an industrial city under the UP Industrial Act 1976. After this change in rules, the businesses of warehouses and logistics would enjoy relaxations in Greater Noida’s building bylaws 2010 and would be able to use 60% ground coverage in their respective buildings, said officials.
“Now, interested investors would be able to set up warehouses and logistics’ parks on industrial plots in Greater Noida. The move will attract investment into warehouses and logistics’ parks from domestic and international investors. To attract investment, we have changed the permissible floor area ratio from existing 1.00 to 3.00 and the board has approved this proposal. Now, the proposal will be sent to the state government for approval,” said Deep Chandar, additional CEO of the Greater Noida authority.
Change in floor area ratio (FAR) means the industrial plot owner setting up warehouses or logistics’ projects can cover more area on a plot and build taller buildings, said officials.
The authority had approved its annual budget during its August 4 board meeting. But to make changes in its industrial rules, it organized another board meeting on Saturday after the UP chief minister, who inaugurated a Covid hospital in Noida, left the city. Noida authority CEO Ritu Maheshwari and other top officials were also part of this board meeting.
Among some other decisions taken during the meeting, the board extended the date to September 30, 2020 to get building maps approved for plots for information technology projects. The earlier deadline was March 31, 2020.
The board also has approved a proposal that allows the authority to sell two commercial plots of 19,000 square metres in Sector Knowledge Park-II. The board also approved a proposal that gives the authority two weeks’ time to address the matters raised in the comptroller and auditor general’s (CAG) objections pertaining to financial issues.