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Noida introduces office leasing scheme for UP’s aim of $1 Tn economy

Noida, the bustling and vibrant city adjacent to India’s capital, New Delhi, has made an announcement about an office leasing scheme. The scheme aims to attract startups to be a part of the state of Uttar Pradesh’s aim of becoming a $1 trillion economy by 2028. The new scheme is looking to make Noida, a magnet for entrepreneurs and innovation.

The scheme promises several incentives and benefits to attract emerging companies looking for a vibrant and supportive environment to establish their operations. Under this scheme, the Noida authority will offer startups attractive lease rates, and flexible terms, along with access to tech parks.

The primary objective of the leasing scheme is to provide affordable workspace options for startups, effectively reducing their initial overhead costs. These office spaces will be leased out in sector 81, Noida, phase II. Startups can take these offices on a lease period of 15 years, and can avail an area of 1,224.7 sq mt on a monthly rental basis of Rs 335.

By the end of March, 2023, India witnessed an establishment of 60 incubators & accelerators. Till date, India has hosted 9,000 plus DPIIT registered startups.

The government in Noida has partnered up with real estate developers, and this partnership will ensure an ample supply of high-quality office spaces at competitive prices, encouraging young businesses to set up shop in the city. The scheme also aims to create a nurturing ecosystem by providing startups with a host of support services which includes access to mentorship programs, networking events, funding opportunities, and collaboration platforms to facilitate knowledge sharing and growth.

Noida has become a strong city when it comes to having a robust infrastructure, and proximity to key transportation hubs, and is well-positioned to become a startup hub. Uttar Pradesh’s chief minister, Yogi Adityanath, aims to make Uttar Pradesh an economy of $1 trillion within the next five years.

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