The multi level parking in Sector 18, Noida is going to be inaugurated soon. It is likely to become operational during first week of February 2018. As per contract agreement Noida Authority is likely to get Rs 75 Lakhs per month. If the total income increases beyond Rs 75 Lakhs per month then Noida Authority will get additional 40% of this amount and the operator will get 60%. The operator will use this amount for upkeep of the parking. Only one company has bid for this contract. So contract has been awarded to this company. The surface parking in Sector 18 will also be managed by the same company. The contractor will pay Rs 75 Lakhs per month to Noida Authority for next seven years. The parking fee will be deposited in an escrow account. Signature of Noida Authority officer will be essential for any transaction from this account.
This multilevel parking in Sector 18 has capacity of 3000 vehicles. Its cost of construction is Rs 243.32 Crore. Including two basements it has total of eight levels. Sector 18 is the largest commercial hub and receives around 10000 cars each day. Hopefully the traffic in Noida, Sector 18 will now be more regulated.
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Article by Col P Chandra (Retd)
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