Noida News: The Noida Authority has agreed to raise land allocation rates by 6% in most categories, with the exception of commercial and corporate housing plots, in response to growing inflation. This decision, which was agreed upon last week at a board meeting in Lucknow, is expected to increase the cost of land in the city and have an impact on several residential sectors.
Board Meeting Outcomes – New Budget and Rate Hikes
The Noida Authority also authorised a budget of Rs 7,700 crore for the fiscal year 2024–25 during the board meeting. The goal of this financial plan is to control inflationary pressures while promoting the city’s development. Approximately 50 property parcels totaling 17,500 square metres (sqm) that are divided among residential use categories A, B, and C are subject to the increased rates.
Residential Land Categories and Rate Adjustments
Noida is divided into six residential land categories: A+, A, B, C, D, and E. The rates for categories A to E have been increased by 6% for the financial year 2024-25, while the rate for A+ category plots remains steady at Rs 1.75 lakh per sqm.
In detail, the land allotment rates in A category sectors such as sectors 14, 17, 19, 30, and others, have risen from Rs 1.18 lakh per sqm to Rs 1.25 lakh per sqm. For the B, C, D, and E categories, the new rates now range between Rs 87,370 and Rs 48,110 per sqm, compared to the previous Rs 82,420 to Rs 45,380 per sqm.
Impact on Group Housing Properties
For group housing properties, the current allotment rates in categories A to E, which ranged from Rs 1.18 lakh per sqm to Rs 65,250 per sqm, will now see an increase. Post-hike, these rates will range from Rs 1.25 lakh per sqm to Rs 69,170 per sqm. This adjustment reflects the ongoing efforts to balance development costs with inflation.
Historical Context of Rate Changes
It’s not the first time the Authority has recently changed land rates. Land rates increased by 6–10% in April 2023 for various categories. Rates were increased in August 2022 prior to that. These steady modifications demonstrate the Authority’s proactive approach to overseeing the city’s real estate market in the face of shifting economic conditions.
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