The Noida Authority will lease out built-up spaces for startups in Sector 81 Phase 2 to establish a startup hub to motivate budding entrepreneurs. According to the scheme, approximately 13,000 sq ft of built-up space on the second floor of the Old Court Complex will be allocated to entrepreneurs through an e-auction.
“The 13,182sq feet build-up space comprises two halls with five cabins, along with a common area spread over 4,165 sq ft (387 sqm). It also features a conference room, cafeteria, and waiting lounge. The minimum unit size available for allotment at the hub is 690 sq ft,” OSD (institutional) Vandana Tripathi said.
The Authority, she added, has made efforts to motivate people from all walks of life to participate in small and medium-sized business ventures, digital marketing, e-commerce, and online business.
“The objective of the scheme is to create a conducive ecosystem for startup businesses to thrive and succeed,” Tripathi added.
The Authority had previously planned to allocate space for the startup in Sector 38A’s multi-level parking in 2020. However, the project was unsuccessful.
Under the new scheme, Noida will offer businesses many incentives, including a six-month moratorium starting on the date of office space allocation. According to the source, the moratorium is more like a grace period and aims to help businesses continue operating more financially feasible.
According to the OSD, the space will be leased for 15 years with a one-year lock-in period starting from the date of allotment. The lease must be renewed every five years following a forensic audit.
The minimum rent specified in the guidelines, which starts at Rs 32 per sq ft, will be used to determine how the e-auction is conducted per the scheme. Startup businesses can sign up for the scheme till July 6 to acquire space at the hub.
Noida Entrepreneurs Association president Vipin Malhan has praised the initiative. “It is a positive step towards supporting startup businesses to operate and grow. The size of the space offered is suitable for aspiring entrepreneurs. Similar initiatives should be replicated at other locations in the city as well.”