Noida Authority Has Announced a 6% Hike in Land Allotment Price

Introduction

Noida Authority has announced a 6% hike in land allotment price for industrial plots in the city. The decision comes as a result of the growing demand for industrial land in Noida. Reflecting the city’s growing status as a key industrial hub in the region. The price hike is expected to generate additional revenue for the authority and further boost industrial development in the region.

Table of Contents

• Noida Authority Has Announced Land Allotment Rates
• Noida Authority Aims to Meet the Growing Demand
• Land Allotment and Category Sectors in Noida Authority
• Land Allotment Rates Were Hike By 5.30 Percent in the June 16 Meeting

Increased land prices may attract more investors and businesses to set up operations in Noida Authority. Stimulating economic growth and job creation in the region. This move by the Noida Authority is in line with their objective of promoting industrial growth and development in the city.

Noida Authority Has Announced Land Allotment Rates

Noida Authority has announced a 6% hike in land allotment rates for FY2024-25. Its 214th board meeting was held on July 12. The decision will have an impact on the prices of the group. Housing and institutional and industrial sectors in Noida. UP Chief Secretary, Authority Chairperson Manoj Kumar Singh presided over this meeting. The increase in land allotment rates is aimed at generating more revenue for the development of infrastructure projects in Noida.

This decision reflects the Authority’s commitment to ensuring. Sustainable growth and progress in the region. Rates for residential plots have also increased by 6%, except for the A+ category (which remains unchanged). This increase in rates reflects the growing demand. For residential properties in the area. Potential buyers need to consider these changes when making investment decisions. This trend indicates that there is a strong demand for products or services. In this market, it will increase the profitability of the IT/ITES sector.

Noida Authority Aims to Meet the Growing Demand

The 214th Board meeting of the Noida Authority was held on July 12 in Lucknow. They decided to approve a budget of ₹7,700 crore for the financial year 2024–25. The Authority owns about 50 land parcels of about 17,500 square meters in categories A, B, and C for residential purposes. The budget allocation is used for various development projects including infrastructure improvements. And urban planning programs in the region. The Noida Authority aims to cater to the growing demand for residential properties in the region.

Land Allotment and Category Sectors in Noida Authority

Noida Authority CEO Lokesh, Additional CEO Ravindra Kumar, and various board members attended the meeting chaired by UP Chief Secretary and Authority Chairperson Manoj Kumar Singh. The following topics were discussed in the meeting.

• The land allotment rates in A category sectors (14, 17, 19, 30, 35, 36, 39, 44, 47, 50, 51, 52, 93, 93A and 93B) have been increased from the existing Rs.1.25 lakhs per sq. meter. ₹1.18 lakhs per square meter.
• In categories B, C, D, and E, land prices currently range between ₹82,420 and ₹45,380 per square meter, and after the increase.
• They range between ₹87,370 and ₹48,110 per square meter.
• The current allotment rates in categories A to E have been increased from ₹1.18 lakhs per sq m to ₹65,250 per square meter.
• For group housing properties and plots, now from ₹1.09 lakhs to ₹69,170 per square meter.

Land Allotment Rates Were Hike By 5.30 Percent in the June 16 Meeting

According to an official release on June 16 (Saturday), 2024, the Greater Noida Industrial Development Authority (GNIDA) board has approved a proposal to increase land allotment rates by 5.30 percent for the financial year 2024-25. The decision was taken in the wake of rising land development and infrastructure costs. This increase will help ensure sustainable growth and development in the region.

The Greater Noida Board has increased the land allotment rates by 5.30 percent for FY25. GNIDA aims to attract more investments and boost economic activity in Greater Noida through this move. The decision was taken after carefully considering various factors affecting land development in the area. Approves a 5.30% hike in land allotment rates for the financial year 2024–25 (FY25).

Conclusion

Noida Authority has announced an increase in land allotment rates by 6%. It remains to be seen how this decision will affect the real estate market in Noida. The move also has implications for the region’s overall economic growth. High property prices can deter potential investors. It will be interesting to see how stakeholders in the real estate sector react to this development. For more information, visit openplot.