Land set to become costlier in Greater Noida

NOIDA: Buying land in any category in Greater Noida is set to get costlier. The Greater Noida Industrial Development Authority (GNIDA) has increased land allotment rates in all eight categories — residential to industrial, IT to commercial and even plots for building places of worship.

The revised rates are effective from April 1. Plots in industrial, institutional and IT sectors will see the sharpest rise as the allotment rates have been enhanced up to 26% (weighted average percent). The sizes of these plots have been revised too — from six earlier to four now.

In all categories, there will be four zones that will determine the allotment rate of a plot. In the institutional category — which includes plots for schools, colleges and universities — the allotment rate has been revised by 32% to 43%. Rates for IT plots in the Techzone sectors are similar to those in the institutional category. The Greater Noida authority has also made a sub-category of business parks in the IT sector to give a boost to the industry.

In the industrial category, the earlier rates ranged between Rs 8,100 and Rs 21,000 per sqmt. They will now cost between Rs 9,500-Rs 25,000 per sqmt. Institutional and IT plots were earlier priced at Rs 9,000 to Rs 20,000 per sqmt, but will now cost Rs 15,000 to Rs 22,500.

The allotment rates of residential plots have been increased by 15% to 26% — land was priced between Rs 24,000 per sqmt and Rs 33,300 per sqmt earlier, but will now cost Rs 34,000 per sqmt to Rs 39,000 per sqmt. The rates of builder plots will now range from Rs 35,000-45,000.
Land set to become costlier in Greater NoidaOpening hospitals and nursing homes or owning a commercial space will also get dearer. Depending on the locality, land rates for health facilities have seen a jump of 34-45%. In the commercial category, rates have been enhanced 8- 22%.

Plots for setting up vegetable kiosks or milk booths will see a rise between 14% and 21%. The allotment rates of land for building places of worship have been revised from Rs 10,940-Rs 18,000 per sqmt to Rs 12,000-18,000 per sqmt.

GNIDA officials said the rate revision was necessitated by the increasing market price and cost inflation. They, however, pointed out that the market rate for land deals between individuals were quite higher than the revised base price of GNIDA in almost every category.

One of the major reasons for the high market rate, they pointed out, was the upcoming Noida airport. That apart, several other big-ticket projects like the Film City and the Medical device park are coming up off the Yamuna expressway. Connectivity in the region is also set to get a boost, with the announcements of metro routes, pod taxis and so on.