Noida Authority to Set-up Start-Up Hub in Sector 81 Phase 2
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. 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. 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. 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. The space being offered for start-up businesses is one entire floor consisting of two halls and five cabins each. The built-up area has a dedicated server room, electrical room, conference hall, open sitting area, and cafeteria. The open sitting space measures 229 sq m, while the built-up space also has a common area measuring 387 sq m.
Tags : Noida Authority lease built-up space start-up businesses unique selling proposition funding entrepreneurs youths