Noida, Yamuna authorities offer sops to IT sector

With a view to incentivising information technology industry, the Noida and Yamuna Expressway authorities have decided to offer various benefits and relax building regulations.

The Yamuna Expressway Industrial Development Authority (YEIDA) has decided to introduce the UP IT Policy-2012 to lure new IT investments along the 165-km Yamuna Expressway.

The Noida Development Authority will provide completion certificate to an IT firm if the same has built 75 per cent of the total floor area ratio (FAR) of an IT plot within seven years of allotment. Earlier, the firm was supposed to construct a building on 100 per cent FAR within five years of allotment of the plot.

Noida has also increased FAR from 2 to 2.5 and allowed mortgage permission to enable IT plot-owners to avail loan from banks.

The new policy also allows an IT firm to use a certain part of the plot for residential as well as commercial purposes provided its size is 20 acres or more.

“We have formed a new IT policy because economic slowdown across the world has forced IT industry to suffer huge economic losses. Therefore, we have allowed them to use certain part of the total allotted IT land for residential and commercial use so that their IT units become/economically viable. But corporate firms will also have to run IT units to take advantage of the new policy” said Rama Raman, Chairman of the three authorities — Noida, Greater Noida, and Yamuna Expressway.