Greater Noida announces new allotment rates
The authority will now allocate group housing land to realtors at rates ranging from ₹36,547 to ₹51,750 per square metre, while commercial rates will range from ₹54,298 to ₹86,250 per square metre
The Greater Noida authority released the revised list of land allotment rates on Friday, announcing an increase of 4.42 to 15 % across different land categories. These new rates will take effect immediately for the financial year 2023-24, starting from April 1, 2023. The allotment rate represents the price at which the authority sells its land.
Officials said that in a board meeting held on April 21, 2023, the authority decided to raise prices by 4.42 % for industrial and IT plots, while residential, commercial, housing, and institutional plots will experience a 15 percent increase. The new rates for individual residential plots range from ₹30,282 to ₹44,850 per square metre.
To facilitate the categorization of the city’s individual residential plots and industrial areas, the authority has divided Greater Noida into four zones based on parameters such as roads, parks, connectivity, and location. The introduction of categories is a response to the city’s development progress, as most areas are now fully developed.
For Category A, the new allotment rate is ₹44,850 per square metre, compared to the previous rate of ₹39,000 per square metre. In Category B, the rate is ₹41,400 per square metre, up from ₹36,000 per square metre. Category C has a new rate of ₹39,100 per square metre, while Category D’s new rate is ₹30,282 per square metre. Industrial sectors in Category A will experience rates ranging from ₹19,318 to ₹26,105 per square metre, compared to the previous range of ₹18,500 to ₹25,000 per square metre. In Category B, the new rates range from ₹14,097 to ₹20,884 per square metre, up from ₹13,500 to ₹20,000 per square metre. Category C sees rates ranging from ₹12,008 to ₹18,796 per square metre, and Category D has rates from ₹9,920 to ₹15,663 per square metre.
Ritu Maheshwari, the chief executive officer of the Greater Noida authority, said, “We have taken a decision for a rate hike in our board meeting and in follow up to that decision the new rates have been notified.” As a result of this hike, officials predict a rise in plot prices for residential and industrial properties.
Vivek Raman, a real estate consultant in Greater Noida West, said that the new allotment rates would also impact circle rates. These rates determine the stamp fee charged by the government during the property title registration process. Consequently, the cost of purchasing land for residential or business purposes in Greater Noida will increase.
The authority will now allocate group housing land to realtors at rates ranging from ₹36,547 to ₹51,750 per square metre, while commercial rates will range from ₹54,298 to ₹86,250 per square metre. Institutional plot rates will fall between ₹13,575 and ₹25,875 per square metre, and hospital and nursing home plot rates will range from ₹14,619 to ₹39,100 per square metre, according to officials.