The long-vacant retail kiosks along DSC Road near the Botanical Garden Metro Station in Noida are finally set to welcome businesses. The Noida Authority has announced a new strategy to individually allot 19 kiosks, with monthly rents starting at approximately ₹40,000, making them accessible to small businesses and entrepreneurs.
New Strategy for Small Businesses
Previously, the Noida Authority attempted to lease all 19 kiosks under a single agreement to a private operator for a seven-year term, extendable to ten. This plan, which required an earnest money deposit of ₹12 lakh and an annual lease rental of ₹1.28 crore (equating to about ₹56,000 per kiosk monthly), failed to attract any bidders last year. The high costs and stringent eligibility criteria proved to be significant hurdles for potential applicants.
Recognizing the need for a more accessible approach, the Authority has revised its plan. Each kiosk will now be allotted individually for a lease period of five years, with an option for extension. Monthly rents are projected to range between ₹40,000 and ₹50,000, a significant reduction from the previous proposal. Indu Prakash Singh, an officer on special duty at the Noida Authority, stated that bidding is expected to commence within two weeks.
Officials have confirmed that there are no restrictions on the type of business. The compact retail units are suitable for a variety of ventures, including food and beverage outlets, gift shops, clothing retailers, and electronics stores.
Prime Location Awaits Tenants
The street market, developed at a cost of around ₹3 crore, boasts a strategic location. Situated along DSC Road, it lies between the Botanical Garden Metro Station, the bustling Sector 18 market, and Atta Market. This ensures a consistent flow of commuters and shoppers throughout the day, offering high footfall for new businesses.
Despite its advantageous position, the kiosks have remained empty since their construction. The prolonged vacancy has led to unauthorized vendors occupying parts of the market's parking area, selling various goods like garments, helmets, and beverages. The Noida Authority hopes that the combination of lower rents, relaxed eligibility norms, and individual allotments will finally bring these kiosks to life, fostering a vibrant authorized market and replacing the informal setups that have emerged.