Grab A Dream Office! Noida Authority Launches Leasing Scheme For Startups

To attract entrepreneurs, Noida Authority has unveiled a pioneering scheme offering leased built-up office spaces for startups in Sector 81 of Noida Phase-II. This is a first-of-its-kind initiative.

The scheme aims to foster innovation and encourage young entrepreneurs to establish small and medium businesses in the area. Startups meeting the criteria will have the opportunity to secure office space on a 15-year lease, with a unique six-month moratorium from the date of allotment to ease financial burden. Registration for the scheme commenced on June 16 and will conclude on July 6, according to officials familiar with the matter.

The scheme is the vision of Uttar Pradesh chief minister Yogi Adityanath, who wants the state to become a USD 1 Trillion economy in the next five years.

Why Do Startups Prefer Noida for Their Businesses Now?

Noida, a bustling city in India's National Capital Region, has emerged as a vibrant hub for startups. With its well-planned infrastructure, proximity to Delhi, and favourable business environment, Noida has become a magnet for entrepreneurial ventures. The city boasts a growing network of incubators, co-working spaces, and accelerators that provide crucial support to budding entrepreneurs. Additionally, the presence of numerous multinational companies and tech parks has created a thriving ecosystem that fosters collaboration and innovation.

Overall there are more than 400 startups in Nodia. According to Traxcn, there are around 3239 tech startups in Noida. 

What Are The Attractive Features of The Lease Scheme?

Under the scheme, the Noida Authority will provide startups with the entire second floor of the Old Court Complex in Phase II Sector 81, spanning a built-up area of 1,224.7 square meters. The monthly base rental for the floor will be Rs 335 per square meter, which is highly competitive compared to market rates. The space, which includes two halls and five cabins, is well-equipped with amenities such as a dedicated server room, electrical room, conference hall, open sitting area, and cafeteria. 

Additionally, the space features an open sitting space measuring 229 square meters and a common area measuring 387 square meters.

What Is The Registration and Leasing Process?

Interested parties can register and obtain a user ID and password on the portal https://property.etender.sbi. To participate in the scheme, they must deposit non-refundable and non-adjustable e-brochure document fees of Rs 5,900 and a processing fee of Rs 23,600 separately before 5 pm on July 6. The built-up space will be allocated through an e-auction, with possession granted to the highest bidder. The lease will be valid for 15 years, subject to renewal every five years, with a one-year lock-in period from the date of allotment. Relevant documents must be submitted by July 10.

Additional Leasing Scheme in Sector 82

In addition to the leasing scheme in Sector 81, the Noida Authority has also launched a similar initiative for leasing out 14 built-up office spaces in Sector 82 of Noida Phase-II. These office spaces, located in the city bus terminal area of Sector 82, will also be allocated through an e-auction process. Interested parties can participate by registering and submitting the necessary fees before the scheme's closure on July 6.