GNIDA hikes allotment rates, property prices set to rise
5 Feb 2015 4:51 AM IST
Property rates in Greater Noida are set to go up as Greater Noida Industrial Development Authority (GNIDA) has increased allotment rates by seven to 25 per cent. The authority has increased the rates in all categories, including residential, commercial, industrial, institutional and group housing which will come to effect from the next fiscal year. However, to woo industrialists, the authority has not made any change in allotment rates in Phase-II area, an industrial belt of Greater Noida. The move may trigger a hike in circle rates in the region for the second consecutive year.
The allotment rate for residential properties has been revised from Rs 22,320 to Rs 23,100 per square metre and the rates of group housing properties to Rs 28,320 from existing Rs 22,850 per square metre. The rate of institutional properties has been hiked from Rs 11,590 to Rs 15,005 sqm up to 4,000 sqm land. Between 4,000 sqm to 8,000 sqm land, rate has been revised from existing Rs 7,150 to Rs 13,500 sqm. Allotment of industrial properties has been revised from Rs 9,810 to Rs 10,790 sqm up to 4,000 sqm land. Only the rate of industrial property in Phase-II area has not been changed which had reduced to Rs 6,500 from Rs 8,900 last year.
According to authority officials, the decision to increase the rates in various categories was taken to hike the revenue of the authority. “As we have announced multitude of projects across the region, we need money to complete them. We will generate money, which will be compensated to farmers whose lands were acquired earlier and will also be allocated in various projects,” said Rama Raman, Chairman and CEO of GNIDA.
The allotment rate for residential properties has been revised from Rs 22,320 to Rs 23,100 per square metre and the rates of group housing properties to Rs 28,320 from existing Rs 22,850 per square metre. The rate of institutional properties has been hiked from Rs 11,590 to Rs 15,005 sqm up to 4,000 sqm land. Between 4,000 sqm to 8,000 sqm land, rate has been revised from existing Rs 7,150 to Rs 13,500 sqm. Allotment of industrial properties has been revised from Rs 9,810 to Rs 10,790 sqm up to 4,000 sqm land. Only the rate of industrial property in Phase-II area has not been changed which had reduced to Rs 6,500 from Rs 8,900 last year.
According to authority officials, the decision to increase the rates in various categories was taken to hike the revenue of the authority. “As we have announced multitude of projects across the region, we need money to complete them. We will generate money, which will be compensated to farmers whose lands were acquired earlier and will also be allocated in various projects,” said Rama Raman, Chairman and CEO of GNIDA.
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