Noida residential land rates hiked by 14.19%; property to cost more

Property rates in Noida are all set to go up as the Noida Authority (GNIDA) on Thursday approved a hike in allotment rates by a whopping 14.19 per cent. The authority, which had hinted a steep hike earlier, has increased the rates in all categories — residential, industrial, institutional and group housing which will come to effect from April 1. However, to woo people involved in commercial activities, the authority has not revised rate of commercial properties. 

Meanwhile, two other industrial development authorities of the district — Greater Noida and Yamuna Industrial Development — have kept their rates unchanged in their areas. The allotment rate for residential properties has been revised from Rs 68,750 to Rs 81,400 per square metre in A-category, Rs 47,940 to Rs 56,740 in B-category, Rs 34,900 to Rs 41,320 in C-category, Rs 29,170 to Rs 34,540 in D-category and Rs 25,000 to Rs 29,600 in E-category properties. The rate of institutional properties has been hiked to Rs 1,11,000 from existing Rs 93,750 in A-category, Rs 74,010 from existing Rs 62,510 in B-category, Rs 66,610 from existing Rs 56,260 in C-category, Rs 59,210 from existing Rs 50,010 in D-category and Rs 41,940 from existing Rs 35,420 in E-category.  

In Phase-I industrial properties, rate up to 4,000 sqm size land has been revised from Rs 22,640 to Rs 26,810, rate of plot between 4001 and 20,000 sqm size plot has been changed from Rs 20,900 to Rs 24,750. Rates have been changed from Rs 19,160 to Rs 22,690 for 20,001 to 60,000 sqm size land. Above 60,001 sqm size plot, rate has been changed from existing Rs 17,420 to Rs 20,630.  

In Phase-II industrial properties, rate up to 4,000 sqm size land has been revised from Rs 8,060 to Rs 9,540, rate of plot between 4001 and 20,000 sqm size plot has been changed from Rs 7,260 to Rs 8,600. Rates has been changed from Rs 6,790 to Rs 8,259 for 20,001 to 60,000 sqm size land. Above 60,001 sqm size plot, rate has been changed from existing Rs 6,680 to Rs 7,910.  

According to authority officials, the decision to increase rates in various categories was taken to raise 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 an official.