The GNIDA has revised residential and rates and introduced different rates in different zones — four have been demarcated — of the city. Zone A, with prime residential areas, will see a 40% jump in land rates, from April 1. Rates in Zone B have gone up by 30% while those in Zone C are up by 13%. Property rates in Zone D remain unchanged.
“The rates have been brought on a par with prevalent circle rates, following recommendations of private consultant Currie & Brown,” said a GNIDA official. The Authority had been charging a flat rate of Rs 23,100 per sqm so far.
The biggest spikes have been in Alpha, Beta, Gamma and Delta sectors — from Rs 23,100 per sqm to Rs 32,000 per sqm. For group housing, private developers in the area will have to shell out Rs 33,000 per sqm, up from Rs 28,230 per sqm. With this, the GNIDA expects an increase in revenue in the next fiscal.
Rates for commercial plots, on the other hand, have been reduced after the lukewarm response to commercial schemes so far.
From the flat Rs 46,190 per sqm charged earlier, it will be brought down to Rs 44,250 per sqm in zones B, C and D.
Rates of commercial plots in Zone A, however, will remain the same.
The reassessment, GNIDA additional chief executive officer Deep Chandra said, had to be done keeping in mind economic expansion and population growth across the city.
“Important factors that drive the prices of real estate asset classes had not been considered earlier. Prices have been rationalised in keeping with demand and supply across the sectors now,” he said, adding that existing property owners and residents stand to gain.
Valuation of non-residential plots has been done in keeping with the potential of exploiting floor area ratio (total area by the area that can be built) and size.
