Property rates in Greater Noida could be increased by at least 10% in the next fiscal, officials said.
Having revised the land rates as per the prominence of sectors and dividing the sectors in four clusters, the Greater Noida Industrial Development Authority (GNIDA) will put up a proposal for hiking property rates in its board meeting on January 24.
At present, the Authority commands per sq mt premium of Rs 23,100 on a residential plot, Rs 46,190 for a commercial plot and Rs 15,230 for an office plot. The proposed move is not only aimed at jacking up the real estate prices but also at increasing the revenues of the Authority, officials said.
Additional CEO, GNIDA, Deep Chandra, said economic activity, demography and population density had been taken into account while preparing the proposal to revise the land rates. “Property rates in Greater Noida have remained unchanged since July 17, 2018,” he said.
Experts have given a thumbs up to the proposal. Pankaj Kapoor, MD of Liases Foras, a realty data and analytics firm, earlier told that, “Residential property prices are governed by demography and economic density. Keeping the same rate for land parcel, which is next to Pari Chowk, and that of land in a remote area is not feasible for any planning authority.”
