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Noida Authority hikes land prices by 20-30% after a gap of three years. Check new rates

Priya Singh | 2024-03-18

Residential plots in the A to D category, allotted for Rs 39,440 to Rs 92,950 per sqm to have become expensive by 20 per cent. However, no change has been implemented in the residential A+ category which remains unchanged at Rs 1.75 lakh per sqm
Noida Authority has increased land prices after a gap of three years. The hike has been effected almost in all categories.

Residential plots in the A to D category, allotted for Rs 39,440 to Rs 92,950 per sqm have become expensive by 20 per cent. However, no change has been implemented in the residential A+ category which remains unchanged at Rs 1.75 lakh per sqm.

In the E category, plots will cost Rs 41,250 per sqm from Rs 36,200.
The decision to hike rates was taken at a meeting of the Authority on Thursday.

There is a 20% escalation in plots for group housing projects, which range between Rs 51,000 per sqm and Rs 1.3 lakh per sqm. A 20% rise has also been effected for institutional plots that are not linked to residential properties.

The land price for industrial, IT and ITES category plots have also been hiked. In phases 1 and 3, the rate has been increased by 20%, while that in phase 2 has been hiked by 30%. The rates of plots in the commercial and residential building categories, however, have not been increased.

A 2% rebate will be offered for the allottees in the residential, industrial, institutional, IT and ITES categories if they paid the amount as a lump sum and within the stipulated period.
Industrial development commissioner Arvind Kumar presided over the meeting which was also attended by the Noida Authority CEO Ritu Maheshwari, Greater Noida CEO Surendra Singh and their counterpart in the Yamuna Development Authority, Arun Vir Singh.

For group housing plot allotment, it has now been made mandatory for consortium members to maintain 100% shareholding till occupancy is taken.

The entire premium amount has to be deposited in 90 days after allotment of a plot. The developer will provide details of the escrow account opened along with the buyers' names, allotted flat numbers, and the quarterly amount to be deposited in the escrow account for the Authority. Any sub-division and amalgamation of plots will not be allowed after the allotment.

Keeping the pandemic in mind, officials said allotees who could not complete projects and whose lease deeds expired on March 21 last year would be given a year's extension.
The Noida Authority's board also approved changes in its time extension policy on Thursday. So far, the charges were 4% in the first year for group housing and residential plots, increasing by 1% every year from the second to the sixth year. The rate increased to 10% from the seventh to the 10th year. After that, there was a provision to impose a fine of 25%.

Now, the Noida Authority will charge 1% of the allotment rate in the first year and 2% to 10% between the second and the 10th year.