The Noida Authority on Sunday increased the allotment rates of residential, group housing and institutional plots by 6% to 10%. There was, however, no change in the rate of flats built by the Authority or commercial properties leased by it.
The decision to hike the land rates was approved at the Authority’s board meeting on Sunday. The meeting was chaired by Manoj Singh, the Authority chairperson and infrastructure and industrial development commissioner.
This is the second time that the Authority has revised land rates in eight months. In August last year, the allotment rates were hiked by 20-30%. But for two and a half years before that – when the pandemic raged – there was no change in the rates.
On Sunday, residential plots in the E category saw the maximum hike of 10%. These are plots in sectors 102, 115, 158, 162 and all other sectors except commercial areas. Plots in the A, B, C and D category sectors saw a 6% hike, while there was no change in the rates for A+ category plots.
Allotment rates for group housing, industrial, IT/ITES and institutional plots were also increased by 6%.
At the Sunday meeting, a decision was also taken to hike the Authority’s budget by almost 40% this year. The board approved a budget of Rs 6,503 crore against last year’s allocation of Rs 4,579 crore. The Authority also increased its revenue target by 40% – Rs 6,920 crore.
In the last financial year, both the income and expenditure had exceeded the Authority’s target. Against the target of 4,880.6 crore, the Authority collected Rs 6,481 crore in 2022-23. It also spent Rs 4,990 crore against the budget of Rs 4,579 crore.
Officials said the main reason for the higher revenue was the allotment of plots through e-auctions. The difference between the target and achievement was the highest in almost a decade, the officials said.
This year, a provision of Rs 500 crore has been made by the Authority for acquiring land in Noida while Rs 1,000 crore will be spent on plots in New Noida (Dadri-Noida-Ghaziabad investment region).
A corpus of Rs 1,906 crore was approved for development and construction work. Officials said this included the construction of the Authority’s administrative office in Sector 96, the Chilla and Bhangel elevated roads, two underpasses on the Noida-Greater Noida Expressway and a few other sectors.
A provision of Rs 141 crore was also made for developing the rural areas, which includes road repairs and urban maintenance work.
At the meeting, the Authority’s share in the construction of the Noida airport was also discussed. Officials said that till December last year, a total of Rs 1,830 crore was made available by the Authority for the airport project, based on its 37.5% share.
For the acquisition of private land, the Authority has also paid its share of Rs 1,467 crore of a total estimated amount of Rs 3.913 crore.