Greater Noida authority revises property rates in all categories by 3.58%

Greater Noida revises property rates by 3.58%, with commercial plots at ₹98,776/sqm and residential at ₹51,363/sqm, ahead of the airport opening.

GREATER NOIDA: The Greater Noida authority has revised property allotment rates in all categories by 3.58% days after its board approved the step on May 2.

Under the revised structure, commercial property rates have reached ₹98,776 per square metre (sqm), while residential plots in developed sectors are now priced at ₹51,363 per sqm, said officials. (HT Archive)

Under the revised structure, commercial property rates have reached ₹98,776 per square metre (sqm), while residential plots in developed sectors are now priced at ₹51,363 per sqm, said officials.

The revision comes ahead of commercial operations at the Noida International Airport, slated to begin from June 15.

With the airport expected to turn Greater Noida into a major economic and logistics hub, the Authority anticipates higher demand from investors, businesses and homebuyers, said officials.

Sunil Kumar Singh, additional chief executive officer (ACEO), Greater Noida authority, said, “Residential plots in Alpha 1, Alpha 2, Gamma 1, Gamma 2, Beta 1, Beta 2, Delta 1, Delta 2, Delta 3, Swarn Nagri, and Sectors 1, 2, 3, 4, 10, 12, 16, 16-B and 16-C will be allotted at ₹51,363 per sqm as the new rates are put into effect. The rates have been increased by the authority keeping in mind the requirement amid inflation.”

In the second category, residential plots in Chi 2, Chi 3, Chi 4, Chi 5, Chi-Phi, P 1 to P 8, PI 1 to PI 4, Sector 36, Sector 37, Sigma 1, Zeta 1, Zeta 2, Mu 1 and Mu 2 are available at ₹47,413 per sqm, said officials.

Residential plots in Omicron 1, Omicron 1-A, Omicron 2, Omicron 3, Xu 1, Xu 2, Xu 3, Sigma 2, Eta 1, Sigma 3 and Sigma 4 have been priced at ₹44,779 per sqm, while Sector 11, Sector 17 and Sector 20 have been priced at ₹34,680 per sqm, said officials.

In the commercial category, developed sectors such as Alpha 1, Alpha 2, Gamma 1, Gamma 2, Beta 1 and Beta 2 have recorded the highest rates across categories at ₹98,776 per sqm. Commercial plots in other sectors have been priced at ₹92,191, ₹88,214 and ₹77,731 per sqm. These properties have a Floor Area Ratio (FAR) of 4, said officials.

Commercial properties under another category with FAR 2 have been priced at ₹ 72,436, ₹71,119, ₹69,802 and ₹62,184 per sqm, said officials.

Notably, the FAR is the ratio of a building’s total floor area to the size of the land it is built on.

Plots reserved for corporate offices have been priced at ₹77,045, ₹71,120, ₹67,169 and ₹52,020 per sqm, said officials.

In the industrial category, rates vary according to plot size and location, with smaller plots priced higher than larger ones. In Ecotech 1, Ecotech 3, Ecotech Extension 1, Ecotech 6 and Ecotech 12, industrial plots up to 1,000 sqm have been priced at ₹33,484 per sqm. Plots between 1,001 and 8,000 sqm are priced at ₹27,457 per sqm, while plots between 8,001 and 20,000 sqm are priced at ₹26,075 per sqm.

Plots ranging between 20,001 and 80,000 sqm have been priced at ₹22,145 per sqm, while plots above 80,000 sqm have been priced at ₹21,010 per sqm, said officials.

The Authority is also developing Ecotech 9, Ecotech 14, Ecotech 17, Ecotech 18, Ecotech 19, Ecotech 20 and Ecotech 21, where rates are comparatively lower for larger plots. In these sectors too, rates remain the same for the first three categories, while the fourth and fifth categories have been fixed at ₹11,924 and ₹10,789 per sqm respectively, said officials.

Builder plots meant for group housing societies have been priced at ₹59,266, ₹55,315, ₹52,681 and ₹41,855 per sqm. Institutional plots in different sectors have been priced at ₹29,632, ₹27,658, ₹25,023 and ₹22,683 per sqm, they said.

Also, land earmarked for the IT parks and data centres has been priced at ₹26,907, ₹24,391, ₹22,722 and ₹20,330 per sqm depending on plot size. Properties reserved for religious purposes have been priced at ₹21,526, ₹19,133, ₹16,743 and ₹14,350 per sqm, officials added.

The Authority said the revision was marginal and carried out in accordance with the cost inflation index and the hike was kept at minimum.

“The allotment rate hike impacts circle rates and the circle rates affects the general public. The circle rate hike is finalized on the basis of a hike in allotment rates. The hike in the allotment rates at this time will badly impact the consumer’s budget in future,” said Amit Chauhan, a real estate consultant from Sampatti Consultancy.

“Due to the USA-Iran war the prices of all commodities have gone up, and the real estate sector will get impacted naturally. Hiking the prices of allotment rates is a bad decision on bad time as it will lead to increase the prices of the government owned property and the sale too. It should have been avoided at this time,” said Sunil Singh, another private real estate consultant based in Noida.