Noida to hike sector rates up to 15%

Buying a house or a plot in the city is set to become costlier. At a meeting held on Wednesday, the Noida Authority decided to hike the sector rates - the minimum official allotment price of the authority for a property - by up to 15%. However, the final decision will be taken in its board meeting scheduled to be held on July 25.

Buying a house or a plot in the city is set to become costlier. At a meeting held on Wednesday, the Noida Authority decided to hike the sector rates - the minimum official allotment price of the authority for a property - by up to 15%. However, the final decision will be taken in its board meeting scheduled to be held on July 25.

HT Image

The new sector rates will be applicable to residential land in Noida's all 65 developed and about 100 developing sectors. Besides, the rates will also be hiked for other categories of land including commercial, industrial and institutional.

"Whether the hike will be 10 or 15% will be decided in the board meeting on July 25. The hike is long overdue and cannot be avoided. The authority is three months late in revising its property rates because of the delay in its annual board meet," said Pramanshu, additional chief executive officer (ACEO).

At present, for a 100 square metre (sqm) plot in posh sector 15A you need to pay Rs. 4 crore at a rate of Rs. 4 lakh per sqm. After the 10% hike, you will have to pay Rs. 40 lakh more.

On Tuesday, the Gautam Budh Nagar district magistrate increased the circle rates by up to 40%. "The final call on 10 or 15% will be taken on July 25 only," said GP Singh, financial controller, Noida authority.