Noida: Buying property goes EXPENSIVE! Authority hikes land cost... check new rates

Noida new land rates: The decision was taken during the 205th board meeting of the New Okhla Industrial Development Authority (NOIDA) on Thursday. The meeting was chaired by Uttar Pradesh industrial development commissioner Arvind Kumar and attended by Noida Authority CEO Ritu Maheshwari, among others.

Noida new land rates: Buying property will be expensive in the NCR city now.

After a gap of three years, the Noida Authority has revised land rates across all categories, including residential and group housing, effecting a hike of up to 30 per cent, according to officials.

The decision was taken during the 205th board meeting of the New Okhla Industrial Development Authority (NOIDA) on Thursday. The meeting was chaired by Uttar Pradesh industrial development commissioner Arvind Kumar and attended by Noida Authority CEO Ritu Maheshwari, among others.

On determination of land rates for the financial year 2022-23, the Noida Authority said, ?The land rate of 'E' category sectors of residential plots is Rs 41,250 per square metre, there has been a hike of 20 per cent in 'A' to 'D' category sectors, while those in 'A+' category remained unchanged at Rs 1.75 lakh per sq metre.

Group housing rates have been increased by 20 per cent, while the rate of residential buildings has been kept the same as before,? it said in a statement.
A 20 per cent rate increase has been effected in the institutional land category which are not linked to residential properties, the Noida Authority said.

Industrial land rates in phase one and three have been hiked by 20 per cent, while those in phase two increased by 30 per cent. For IT and ITES sector, the land rates in phase one and three have been hiked by 20 per cent, while in the phase two, the increase is 30 per cent,? it stated.
The rates of plots in commercial category have remained unchanged, it added.

Maheshwari said the finalisation of scheme brochure for industrial, institutional (IT/ITES), group housing and residential properties has been done to attract investment in the region.

"As a major relief to people, time extension of six months has been provided to allottees in the wake of COVID-19 pandemic. Extension charges for residential and group housing have been rationalised and capped at 10 per cent," she tweeted.

Maheshwari also said the board has cleared the proposal for survey through drone under Swamitva Scheme by the district administration to prepare documents related to ownership.