Land Rates Climbed By Up To 10.21% In Greater Noida

Buying a property in Greater Noida gets costlier as the Greater Noida Industrial Development Authority announced an increase in rates of land allotment of about 10.21%.

Harish Verma, the Additional CEO of Greater Noida Authority said, “The increase in prices happens every year. The new per square meter rates will be applicable from April 1, 2014. The hike in allotment rates is crucial considering increase in land costs, inflation rates among other factors.” He also added that, "In developing industrial sectors we have reduced the rate by Rs 2,400 per square meter, bringing down the existing rate of Rs 8,900 per square meter to Rs 6,500 per square meter."

The objective behind this raised land allotment rates is to raise the revenue of GNIDA, which is facing a cash crunch as it is still staggering under buyer trouble, and is beset by farmer trouble. The over-2-year-old land dispute between the Authority and farmers made the situation worse for GNIDA so the incoming revenue from the increased land allotment rates would help in developing the area.

After the increase in rates the residential properties in Greater Noida have got over priced by almost Rs. 2,068 per square meter while for commercial area it has gone up by Rs 4, 099 per square meter. Institutional plots now will be priced at Rs. 11, 589 per square meter as compare to last year's rates of Rs 10, 517 per square meter. In order to give a lift to the industry, the authority has decided to keep out the industrial sectors in Greater Noida Phase 2 from the hike.

The raise in land allotment will be bought into effect from April 1st, 2014, so those who are planning to buy property in Greater Noida should hurry because after the hike gets into effect the property rates will be a costly affair.

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