Noida authority to hike land allotment rates

NOIDA: The Noida authority has decided to hike land allotment rates and bring out new brochures for its soon to be launched property schemes. The brochures contain all terms and conditions related to a property scheme and are made for applicants to follow.

However, the authority will first discuss these proposals at its board meeting to be held sometime during this month. Currently the authority has group housing land, commercial plots, individual residential plots, built houses, shops, and other properties available for allotment.

“We have not decided the date for our board meeting yet. We need to discuss many proposals, including revising our brochures and land rates which are done annually. The board will finalise land allotment rates and terms after discussion, following which they will be announced,” said Ritu Maheshwari chief executive officer of the Noida authority.

The authority also plans to introduce electronic bidding to allot properties and applicants with the highest bids will be awarded the allotment letter. There are unallotted built houses in different sectors from previous schemes, along with those whose allotments were cancelled after applicants failed to pay the property cost, officials said.

The authority needs to revise land allotment rates on the basis of property rates in the market. According to officials, it is likely to come up with a residential plot scheme in Sector 151, where it has at least 250 plots to be developed along Noida Expressway.

The authority will also discuss the New Noida Master Plan, sports city allotment scheme, and the ‘waste to wonder’ project in Sector 94 at the board meeting, officials said.