Adding to the woes of Noida Extension home-buyers, the Greater Noida authority is all set to increase the price of land allotted to builders and individuals.
As per the new plan, builders (group housing plots) will have to shell out Rs 2,250 more per sqm, while individuals (residential plots) Rs 500 more per sqm.
Once this comes into effect, builders will naturally pass on the burden to flat buyers. Now a person who has booked a house costing Rs 30 lakh will need to pay Rs 2.5 lakh more.
Similarly, for a residential plot measuring 200 sqm, the buyer will have to pay Rs 1 lakh more.
The hike will first be affected in village Patwari, where the authority has struck a deal with farmers by giving them money on condition that they would withdraw their quash-acquisition petitions and let builders resume construction.
The rates are being hiked as the authority needs huge funds for Patwari-like settlements in other villages. Courts have quashed forcible land acquisition done by the authority in Shahberi and Patwari villages, affecting 26,500 houses.
Other Noida Extension villages have also moved court seeking their land back. The Allahabad high court will begin daily hearing of all Noida Extension cases from September 12.
Moreover, for fresh auctions, the authority has hiked the residential land price by more than 50%.
There will at least be a 40% hike in prices of all future flats to come up on land not auctioned yet.