Greater Noida Board Has Increased the Land Allotment Rates by 5.30 Percent for Fy25

Introduction

The Greater Noida Industrial Development Authority (GNIDA) board has approved a proposal to increase land allotment rates by 5.30 per cent for the financial year 2024-25, according to an official release on Saturday. The decision was made to keep up with the rising costs of land development and infrastructure. This increase will help ensure sustainable growth and development in the region.

Table of Contents

• Real Estate Growing in Greater Noida
• Connectivity and Logistical Capabilities
• One-Time Lease Rent Payment Scheme
• GNIDA Has Extended One-Time Payment Process Deadlines
• 15 Times the Annual Lease Rent for the One-Time Scheme
• Frequently Asked Questions

GNIDA aims to attract more investments and boost economic activity in Greater Noida through this move. This decision was taken after careful consideration of various factors affecting land development in the area. It has approved a 5.30% increase in land allotment rates for the financial year 2024–25 (FY25), with effect from April 1, 2024.

Real Estate Growing in Greater Noida

The increase in land allotment rates is expected to generate revenue for the development authority. Which will be used for infrastructure projects and other initiatives to enhance the region’s appeal to investors. This decision reflects GNIDA’s commitment to promoting sustainable growth and attracting businesses to Greater Noida.

The increase in land allotment rates is also aimed at curbing speculative practices and ensuring a more transparent and efficient allocation process. The Board has approved a 5.30% hike in industrial, residential, commercial, institutional, and builder asset allocation rates for FY25.

Greater Noida and Greater Noida West (also known as Noida Extension) are on the cusp of major development with upcoming projects such as the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub, according to the GNIDA.

Connectivity and Logistical Capabilities

These initiatives are expected to improve the connectivity and logistical capabilities of the region. Thereby increasing its attractiveness to investors and residents. GNIDA said the new rates will come into effect from April 1 and the increase will be marginal. This move is aimed at boosting economic growth and development in the region.

The marginal increase in rates is expected to have a positive impact on the overall infrastructure and real estate sector. The finance department issued an office order in this regard. Describing the 5.30 per cent rate hike as “modest” the GNIDA said.

One-Time Lease Rent Payment Scheme

The board also approved its one-time lease rent payment scheme. excluding residential properties, in a meeting chaired by UP’s Commissioner for Infrastructure and Industrial Development Manoj Kumar Singh in the presence of GNIDA’s CEO N G Ravi Kumar. The scheme allows for commercial and industrial properties to make a lump sum payment of their lease rent for the entire lease period. They are providing with cost savings and financial flexibility.

The decision was taken to streamline the process and encourage more businesses to invest in Greater Noida. The board believes that this initiative will attract more businesses to the area and ultimately boost economic growth and development in Greater Noida. However, it aims to make it easier for businesses to operate and grow in the region through a streamlined process.

The board also revisited its one-time lease rental payment scheme while GNIDA’s CEO N G Ravi Kumar attended the meeting chaired by UP Infrastructure and Industrial Development Commissioner Manoj Kumar Singh. During the meeting, discussions were held regarding the financial implications of the lease rental payment scheme. How it could be optimized for both parties involved. The presence of GNIDA’s CEO added valuable insights and perspectives to the board’s decision-making process.

GNIDA Has Extended One-Time Payment Process Deadlines

GNIDA has extended the deadlines for the one-time payment process. They face challenges in executing their lease deeds or getting full certificates for their properties. To accommodate such allottees, GNIDA has extended the deadline for the one-time payment process. The extension gives allottees more time to meet requirements and ensure that they can complete their transactions smoothly.

This decision reflects GNIDA’s commitment to support its residents and ensure a seamless process for property ownership. Additionally, GNIDA has also set up a dedicated helpdesk to assist those with any queries or concerns they may have during this extended period. This proactive approach aims to provide guidance and support to allocators throughout the entire process.

15 Times the Annual Lease Rent for the One-Time Scheme

The Greater Noida Authority Board, chaired by GNIDA’s CEO N G Ravi Kumar, and UP’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh approved the amendments to the one-time lease rent payment scheme, excluding residential properties. The Board decided to charge 15 times the annual lease rent for one-time lease rent payments. Earlier, its residents paid 11 times the annual lease rent.

Conclusion

The Greater Noida Board has increased land allotment rates by 5.30 per cent for FY25. Which is expect to generate more revenue for the board and support infrastructure development in the region. It may also attract more investors looking to capitalize on the growing real estate market in Greater Noida.

Overall, the decision to increase land allocation rates reflects the Board’s commitment to promoting economic growth and urban development in the region. For more information, visit openplot.

Frequently Asked Questions