The rate of residentialplots in Greater Noida is set to go up in the next fiscal. The Greater Noida Authority has decided to hike the rate of land in the developed sectors by at least 20% from April. An increase of 40% is in the offing for completely developed sectors.
At a board meeting held on Monday, a decision to revise the land rates with effect from April 1, 2020, was taken.
Earlier, officials had divided the city into four zones and proposed to increase the land rates in zones A, B and C. Land rates of sectors under zone D would not be increased since the Authority is yet to develop the areas.
The revised rates would be applicable only on schemes that are introduced in the next fiscal.
The steepest hike would be in Alpha, Beta, Gamma, Omicron, Xu, Delta and Mu sectors. Currently, the authority commands Rs 23,100/sqmt as premium for residential plots in these sectors. The plots would now be priced at over Rs 32,000/sqmt, officials said.
Deputy general manager (finance), Greater Noida Industrial Development Authority (GNIDA), Monika Chaturvedi, said: “Sectors that have been fully developed and are connected via wide roads and the Aqua Line would see maximum appreciation. All this while, land rate in the entire town was the same.”
The official added that the details of the price would be uploaded on GNIDA’s website soon.
The board also decided to rationalise the rates of commercial properties.
Chaturvedi said that commercial rates of distant sectors have been brought down by 10% to 15%.
The board also took some other decisions during Monday’s meeting.
It has decided to install water meters in houses in the next two years, formalise the process of incentivising housing societies that manage waste properly, impose a fine of Rs 1 lakh each on agencies that put up hoardings and banners illegally and extend one-time settlement schemes for allottees, in case other approvals are in place.