NOIDA: In a bid to monetise its assets, the Noida Authority has decided to rent out the commercial space at the multilevel parking in Botanical Garden metro station.
The authority has been trying to sell the spaces for over a year. It had floated schemes comprising 36 shops and two restaurants thrice but failed to generate any interest. However, with the decision to lease out the spaces, the authority now expects to generate nearly Rs 2.90 crore as annual rental revenue.
Earlier, the authority tried to auction the units and wanted to give out 28 shops on the ground floor, eight shops on the second floor and two restaurants on the seventh floor to the highest bidder. Having failed to generate traction in the market, it took the approval of the senior officials to tweak the rules in the last board meeting that took place on August 18.
It is the first times that the Authority has come up with a plan to offer its properties on lease. "Overall, market sentiments are down in the real estate sector," said Kumar Sanjay, the officer-on-special-duty and in-charge of the commercial department at Noida Authority.
While the two restaurants will be available for a monthly rent of Rs 6.85 lakh and Rs 5.55 lakh, the rent of the shops located on the second floor ranges between Rs 48,000 and Rs 86,000. The shops on the ground floor are smaller and will be available for Rs 16,000 to Rs 30,000 as per the size.
While shops on the ground floor range between 23.32 sqm and 40.25 sqm, the ones on the second floor are spread over 66.06 sqm to 128.84 sqm. For the restaurants, the authority will provide 919.35 sqm and 1,134.55 sqm-wide space on the top floor of the multilevel parking complex.