Greater Noida increases land rates upto 25% in residential category

GREATER NOIDA: The Greater Noida authority has hiked the land allotment rates for all properties–residential, industrial as well as IT plots–for the 2022-23 fiscal, which will be applicable retrospectively from April 1 onwards, officials said Wednesday.

While the hike for different categories of residential properties is upto 25% (the hike for category A is 17%, the hike for category B is 15%, the hike for category C is 25%, and the hike for category D is 20%), the exact hike for the industrial and IT plots is yet to be decided.

The category is based on the facilities such as pool, community centre, roads, Metro connectivity, park, size of the plots and other such services. While sectors in category A have more facilities, the ones in category D have the lesser facilities.

Land allotment rates are rates at which the Greater Noida authority allots land to investors or property buyers. The decision to hike the land allotment rate was taken on Tuesday at a board meeting headed by chairman Sanjiv Mittal at the main administrative office in Sector Knowledge Park 4.

“The board discussed and approved a nominal increase in the land rates for the residential properties,” said Narendra Bhooshan, chief executive officer of the Greater Noida authority.

The authority had increased land allotment rates only upto 3% in 2021 citing the economic slowdown due to the Covid-19 pandemic as a reason. The authority had, on February 10, 2020, increased land allotment rates upto 40% in the residential plot categories and upto 100% in the industrial plot categories.

Apart from this, the authority also approved a budget of 5,100 crore to be spent on different projects. The authority has divided the budget to be spent on health, village development, constructing an underpass at Kisan Chowk, sewage treatment plants, a degree college, parks, roads and other projects, said officials.

Broadly, the authority will spend 2,000 crore on land acquisition, 1,714 crore on developmental projects and 1,400 crore on health and village development.

“We will acquire land so that we can ready and allot it to industries to create jobs in this region, as we are getting proposals from investors who want to set up their businesses in this city,” said Bhooshan.