Buying a house or any residential property in Noida will now be a costlier affair, as the Noida and Yamuna Expressway authorities decided to hike the land allotment rate up to 10-12% at a board meeting on Monday.
"We have increased the land allotment rate up to 10% in Noida in all categories, except for commercial properties. Rates of commercial property in Noida will not be increased because we want to correct the rates.
"Land allotment rates will be hiked up to 12% in Yamuna expressway area. The rates are unchanged in Greater Noida because they saw an increase in February this year," said Rama Raman, chairperson of Noida, Greater Noida and Yamuna Expressway authorities.
The new rates came into effect on Monday.
According to officials, land allotment rates will be increased in all categories - including residential, group housing, institutional and industrial, while commercial plots will not see any increase.
"The hike was unavoidable because of the prevailing financial circumstances," said a senior Noida authority official.
The Noida authority had increased the rates in May, 2013, by up to 9-12 % on the previous occasion.
In Noida, the highest rate of a residential property is Rs 62,220/square meter, and the lowest is Rs 22,625/ square meter.
Now, after the 10% increase, buying unallotted residential plots will cost Rs 71,553/ square meter.
The authority has decided to hike land allotment rate because plans are afoot to allot 25,00 acres of land to realtors for group housing, commercial and mixed-land use purposes from June-end.
This land was earlier earmarked for special economic zone (SEZ) purposes. But because of a land row and a long legal battle, the authority has got this plot back.
It will be the last large-scale allotment to realtors. After this round, Noida will not be left with any land for further allotment.
"This 2,500 acres of prime land located along Noida Expressway in sectors 144 and 145, among others, is remaining land parcel. Therefore, we urgently needed to hike allotment rate. Once 2500 acres is allotted, Noida will not have any land to allot in future," said an official.
The old rate for residential plots was 62,220/square meter and group-housing plots allotment rate was 84,845/ meter.