From the next fiscal, the rate of Residential Projects Gr. Noida is going to increase by minimum 20%. This rate revision will take place from April and the authority has decided to increase the rate of plotted lands of developed sectors by 40%. The board meeting took place on Monday and it was decided to revise the land rates with effect from April 1 2020.
Earlier, the officials have divided the Greater Noida city into four zones-A, B, C and D. The land rates of zones A, B and C have increased. Increment would not take place of the land under zone D as the Greater Noida authority is yet to develop the areas of this zone. The rates revision will be applicable to those schemes only that will be introduced in the next fiscal. Some other decisions were also taken in the meeting.
The sources further confirmed that the sharpest hike would take place in developed sectors like Mu, Delta, Alpha, Beta, Gamma, Xu and Omicron. The current ongoing price the authority command in this area for premium residential plots is Rs. 23,100/sqmt. Now, the same plots would cost above Rs 32,000/sqmt. The revised rate will soon be uploaded on GNIDA’s website.
Monika Chaturvedi, Deputy General Finance of Greater Noida Industrial Development Authority remarked, “ Only those sectors will see the maximum appreciation that are fully developed and well- connected with Aqua metro Line and a road network”.
The board further decided to rationalize the commercial properties’ rate soon. The rates of distant sectors of Greater Noida have been brought down by 10-15%.
Some other decisions that were taken are installation of water meters in houses in coming two years, formalizing the process of incentivizing housing societies that will manage waste properly, imposing a fine of Rs. 1 Lakh on those agencies that put up banner and hoardings illegally, etc., with other approvals are in place.