The decision of the Noida Authority to raise the land rate in the city between 20%-30% after three years is likely to act as a booster for property owners, as this will lead to capital value appreciation in the city close to Delhi, National Capital.
The land rate hike in Noida will affect several categories. The decision to increase the land rate in Noida was taken in the 205th board meeting, chaired by authority Chairman Arvind Kumar recently.
Noida Authority segregated the city into six categories on the grounds of residential properties. The land rate of the A and D category is increased by 20%. The E category land cost now stands at ₹41,250 per sq. m. which was ₹36,200 earlier. Also, the group housing rates have witnessed a hike of 20%, followed by a 30% hike for industrial properties in phase 2, as per the board meeting.
The Noida Authority board meeting also decided to make a 30% hike for phase 2 IT-ITES property, followed by 20% for phase 1 and 3 properties, which do not fall in residential areas.
In the 205th board meeting chaired by Arvind Kumar, Chairman, Noida Authority took several policy-related decisions. Other decisions include Land Allotment Rates, Finalization of Scheme Brochure for Industrial, Institutional (IT/ITES), Group Housing, and Residential Properties to draw investments in the city.
Also, while considering Covid-19, the Noida Authority extended the time extension of six months to allotters. The board said that extension charges for residential and group housing properties have been rationalized and capped at 10%.
The Authority also gave the nod to shop allocation in Biodiversity, Medicinal Park sector-91, Express View Park in sector-93, and Shaheed Bhagat Singh Park in sector-150.
