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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