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In a bid to encourage and support budding entrepreneurs, the Noida Authority has announced plans to establish a start-up hub in Sector 81 Phase 2. As part of this initiative, the Authority will lease out built-up spaces to new businesses. The Old Court Complex's second floor will offer over 13,000 square feet of built-up space, which will be allocated to entrepreneurs through an e-auction.
The allocated space comprises two halls with five cabins, along with a common area spanning 4,165 square feet (387 square meters). Additional features include a conference room, cafeteria, and waiting lounge. Vandana Tripathi, OSD (Institutional) at the Authority, highlighted that the minimum size of a unit available for allotment at the hub is 690 square feet. The aim is to encourage individuals from various sectors to venture into small and medium-sized businesses, digital marketing, e-commerce, and online enterprises.
Tripathi emphasized that the objective of the scheme is to create a conducive ecosystem for start-up businesses to thrive and succeed. Previously, in 2020, the Authority had planned to allocate space for start-ups at the multi-level parking facility in Sector 38A. However, that initiative did not materialize.
Under the new scheme, Noida will offer several incentives to businesses, including a six-month moratorium from the date of office space allotment. This moratorium acts as a grace period and allows businesses to sustain their operations in a more economically viable manner. The allotted space will be leased for a duration of 15 years, with renewals required every five years following a forensic audit. Additionally, there will be a one-year lock-in period from the date of allotment.
The e-auction for the space will be conducted based on the minimum rent specified in the guidelines, starting at Rs 32 per square foot. Start-up businesses interested in accessing space at the hub can register for the scheme until July 6.
Vipin Malhan, the president of the Noida Entrepreneurs Association, commended the initiative, describing it as a positive step toward supporting start-up businesses to operate and grow. He also expressed satisfaction with the size of the space offered, deeming it suitable for aspiring entrepreneurs. Malhan suggested that similar initiatives should be replicated at other locations within the city.
The Noida Authority's decision to provide built-up space for startups reflects its commitment to fostering an entrepreneurial culture and facilitating the growth of innovative businesses. This initiative is expected to contribute to the overall development of the start-up ecosystem in Noida, attracting more entrepreneurs and driving economic progress in the region.
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