In a first, Noida Authority launches scheme to lease out built-up space for start-ups

For representational purpose

In a first-of-its kind move, the Noida Authority has floated a scheme to lease out built-up space for start-up businesses in Sector 81 of Noida Phase-II. Registrations for the scheme started on June 16 and will close on July 6, officials aware of the development said.

Vandana Tripathi, Officer on Special Duty (OSD) (Institutional) at the Noida Authority, said that the unique selling proposition (USP) of the scheme is that the Authority is providing a six-month moratorium from the date of allotment of the office space. The moratorium is basically a relaxation period for start-ups considering that many start-ups do not have good funding so this period will make things economically viable for them.

She said that the objective of the scheme is to encourage innovative entrepreneurs and youths from different walks of life to operate small and medium businesses (SMEs).

"This is the first time that the Noida Authority has decided to provide built-up space on the second floor of the Old Court Complex in Phase II Sector 81 in Noida for start-up businesses. The built-up space is 1,224.7 square metres (sq m) in size, and the base monthly rental for the entire floor will be Rs 335 per sq m, which is very competitive as per market rates," she said.

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

She further said that the space being offered for start-up businesses is one entire floor consisting of two halls and five cabins each. "It is a perfect set-up for a start-up as the built-up area has a dedicated server room, electrical room, conference hall, open sitting area, and cafeteria," she said.

The open sitting space measures 229 sq m, while the built-up space also has a common area measuring 387 sq m.

As per the plan document, the space will be allotted on a rental basis. Registrations opened on June 16, and fees can be deposited until July 6. The relevant documents can be submitted by July 10. The built-up space will be allotted through e-auction, and the highest bidder will be given possession.

Interested parties will need to register and obtain a user ID and password on the portal https://property.etender.sbi, and thereafter deposit non-refundable and non-adjustable e-brochure document fees of Rs 5,900 and processing fee of Rs 23,600 separately on or before 5 pm July 6.

Apart from this, the Authority has also launched a scheme for leasing out 14 built-up office spaces in Sector 82, Noida Phase-II. This scheme will also close on July 6. These office spaces are located in the city bus terminal in Sector 82. These office spaces will also be allotted on an e-auction basis.