Noida set to increase land allotment rates up to 15%
NOIDA: The Noida Authority is set to announce a rise in land allotment rates by about 10-15% across all categories of land use, other than commercial, despite the real estate slump.
A source said that commercial land allotment rates in Noida may not be changed because demand has slowed down, and higher prices would further discourage investment.
Noida has been trying to sell its commercial plots through consecutive schemes in the past one year but has so far had no takers. However, group housing and institutional land could see a hike of 10 to 15%.
Land rates were last hiked in Noida in February last year. At the time, land allotment rates were increased by a steep 18.4% across all categories of land including group housing, residential and institutional properties. Land allotment rates for commercial purposes were, however, not enhanced.
Increase in prices is a routine exercise carried out each year by all the three development Authorities of Gautam Budh Nagar – Noida, Greater Noida and Yamuna expressway areas.
While the Greater Noida Industrial Development Authority (GNIDA) had raised land rates ranging from 4-49% depending on the category of land from April 01, 2015, the Yamuna Expressway Industrial Development Authority (YEIDA) had announced a hike ranging from 5% to 20% that was implemented from January 01, 2016.
However, the source said GNIDA and YEIDA were unlikely to increase their land allotment rates in the board meeting scheduled for Thursday. YEIDA officials had in March this year said that there would be no hike in land rates till September 30, 2016.