Noida Tempts Startups With Its Office Leasing Scheme To Become $1 Tn Economy By 2028

To woo entrepreneurs, Noida Authority has reportedly announced a leasing scheme for startups to set up their base in the city. Under the scheme, startups will be able to procure built-up office spaces on lease in Sector 81 of Noida Phase-II.

The scheme has been envisaged to encourage innovative entrepreneurs and youths to set up small and medium businesses in the area. The scheme enables qualifying startups to secure such office space on lease for a period of 15 years. The startups will have to serve a one-year lock-in period from the date of allotment.

Under the scheme, these startups will also be able to avail a six-month moratorium on rental payments from the date of allotment. This relaxation, essentially, makes it economically viable for startups, especially the ones that are just starting out and do not have any financial backing, to promote ease of doing business.

The last date to register under the scheme, which was floated on June 16, is July 6, according to Moneycontrol. The beneficiaries will be selected through an e-auction process, and the lease will be granted to the highest bidder.

The selected applicants will be able to avail a built-up area of 1,224.7 sq mt at a monthly base rental of INR 335 per sq mt. The allotted area will comprise two halls and five cabins each. 

Elaborating on the plan, an official said that the space will also have a dedicated server room, electrical room, conference hall, open sitting area, and a food court. While the open sitting area measures 229 sq metres, the total built-up area hovers around the 387 sq mt mark.

With this, Noida Authority aims to attract emerging startups to set up their base in the city. As neighbouring Delhi continues to be one of the biggest startup hubs in the country, Noida also aims to poach some of the emerging talent, with the scheme, to spur its local economy.

Noida has also emerged as an attractive destination for entrepreneurs, owing to cheaper rentals. In addition, the city boasts a thriving startup ecosystem with investors and a skilled talent pool, and its proximity to Delhi and Gurugram. 

Noida already is home to some of the biggest Indian startups such as Paytm, Pine Labs, Info Edge, Addverb Technologies, PhysicsWallah, Moglix, RateGain, among others.

The scheme is the vision of Uttar Pradesh chief minister Yogi Adityanath, who wants the state to become a $1 Tn economy in the next five years. Indian startups have a crucial role to play here. At the end of March 2023, Uttar Pradesh was home to 60 incubators and accelerators and hosted more than 9,000 DPIIT-registered startups. 

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