Your dream of owning a property has become a costly process in
Greater Noida as the Greater Noida Industrial Development Authority
(GNIDA) announced 10.21 per cent hike in the allotment price across all
the categories of land in the entire city. This hike is with effect from
April 1 the current year with the release of formal notice.
The officials mentioned that the 10.21 per cent hike is applicable for allotment rates across all the categories except the industrial area in Greater Noida Phase II. The chairman and CEO, GNIDA Rama Raman said that this hike may lead to the cheaper price of plots in Phase II by almost 27 per cent.
The additional CEO, Greater Noida Authority Harish Verma also added that the authority had increased the land rates last year by 8.53 per cent and the rates increases almost every year. The hike in the allotment rates plays a major role due to the increased land costs as well as the inflation rates.
According to the new rates, the residential plots in Greater Noida have been priced at almost Rs 2,068 per square metre whereas an extra of Rs 4,099 will be charged for commercial plots. Compared to last year’s rate of Rs 10,517 per square metre, the institutional plots will now be priced at Rs 11,580 per square metre.
There is no news about immediate plan to increase the land rates along Yamuna Expressway and in Noida as they will be hiked eventually. The authority has also decided to exclude the upcoming developing industrial sectors from the hike in order to witness a major advancement in the respective sector.The developers have expressed a mixed bag of reactions on the announcement of hike. A few said that the booking rates will go up, whereas others mentioned that the property at Greater Noida will still be affordable, even after the hike, when compared to other regions in Delhi.
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The officials mentioned that the 10.21 per cent hike is applicable for allotment rates across all the categories except the industrial area in Greater Noida Phase II. The chairman and CEO, GNIDA Rama Raman said that this hike may lead to the cheaper price of plots in Phase II by almost 27 per cent.
The additional CEO, Greater Noida Authority Harish Verma also added that the authority had increased the land rates last year by 8.53 per cent and the rates increases almost every year. The hike in the allotment rates plays a major role due to the increased land costs as well as the inflation rates.
According to the new rates, the residential plots in Greater Noida have been priced at almost Rs 2,068 per square metre whereas an extra of Rs 4,099 will be charged for commercial plots. Compared to last year’s rate of Rs 10,517 per square metre, the institutional plots will now be priced at Rs 11,580 per square metre.
There is no news about immediate plan to increase the land rates along Yamuna Expressway and in Noida as they will be hiked eventually. The authority has also decided to exclude the upcoming developing industrial sectors from the hike in order to witness a major advancement in the respective sector.The developers have expressed a mixed bag of reactions on the announcement of hike. A few said that the booking rates will go up, whereas others mentioned that the property at Greater Noida will still be affordable, even after the hike, when compared to other regions in Delhi.
2/3/4 BHK Flats Starting @39.9 Lacs Many More Options, Book Now !
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