The Noida Authority, on Sunday gave a green signal to increase allocation rate of land from 6% to 10%. The decision to hike land rate was taken in the meeting chaired by Manoj Singh, the Authority Chairperson and Infrastructural Development Commissioner.
The escalation is limited to residential, commercial and industrial plots, and is not applicable on flats constructed by the Noida Authority or any developer. The plots in the category of A,B,C, and D recorded 6% growth, however rates remain unchanged for A+ category plots.
The residential plots in sectors 102, 115, 158, and 162 that fall in category E have the highest increase of 10%. But, commercial plots will remain unaffected with this increase.
In the meeting, Noida Authority also took the decision to increase Authority’s budget by 40% for this fiscal year. The budget of Rs.6,503 crores is allocated, where the amount stood at Rs.4,579 crores. With this hike, the Noida Authority also decided to raise the target revenue by 40%.
However, in the last fiscal year, the income and expenditure of the Authority was gone past by the set target. The Authority incurred an expenditure of Rs, 4,990 crores against the budget of Rs.4,579.
In meeting, the corpus of Rs.1,906 crore was sanctioned by the Noida Authority for the purpose of development. This fund allocation also includes the construction work of Noida Authority’s office in Sector 96, Noida. Along with the Chilla and Bhangel elevated road, and two underpasses to decongest traffic.
A provision of Rs.141 crores is also made for the development of rural localities. Also, the Authority made payment for Rs. 1,467 crores of a total estimated amount of Rs. 3,913 crores.
Authority increased land rates for second time in the past eight months. Last year in August, the surge in land rates was marked by 20-30%.
