Noida land rates to go up, Authority hikes prices first time in 3 years

The Noida Authority has decided to increase land prices by 20-30% in various categories. The decision was made at the 205th meeting of the board of directors, chaired by authority chairman Arvind Kumar on Thursday.

The authority divided the entire city into six categories based on residential properties, such as Class A+, which includes only blocks A and B of Sector 14A, 15A, 44. This time, Class A+ rates remained unchanged at Rs 1,75,000 per sq m, according to an official statement issued by the authory.

 The authority raised prices for Class A to D category by 20% and E category to Rs 41,250 per sq m from earlier Rs 36,200. He specified that in the second phase mass housing rates were increased by 20% and industrial property rates by 30%, according to the board meeting.

There has also been a 30% increase in the second phase of the IT-ITES project and 20% in the first and third phases of properties not associated with residential areas. In September 2019, real estate prices for Class E residential areas were raised.

Other than this, several decisions on policy and people matters were made at the 205th Board of Directors meeting, including land allocation rates, completion of a manual outlined for Industrial and Institutional Enterprises (IT/ITES), collective housing and residential property to attract investment in the area.

At the meeting, it was decided to provide a six-month time extension for allocators in the wake of the global Covid-19 pandemic. The council said extension fees for residential and collective properties have been streamlined and capped at 10%.

Noida authority also stated that the allocation of shops in Biodiversity, Medical Park (Sector-91), Express View Park (Sector-93), Shahid Baghat Singh Park (Sector-150) was also authorized at the Board of Directors meeting from yesterday.

"Allocation of office space and shops in the city bus station, Sector - 82. The scheme related to the electronic auction of CNG, gasoline and electronic charging pumps in various sectors of Noida will also be published soon."

With the aim of innovating to solve the city's waste disposal problems and keeping them free of pollution, it has also been proposed to develop a "Waste Wondering" park based on the theme "Nature Path to Synthetic Zoo" in Sector 94 94 It has been deleted.