Land along Greater Noida metro route to cost 14% more

GREATER NOIDA: Putting an additional burden on the existing allottees as well as prospective buyers, the Greater Noida Authority has increased the land rates of all properties barring commercial by a little over 4%.

And on the lines of the Noida Authority, GNIDA has, for the first time, added a 10% premium on land situated within a kilometre on both the sides of the 7.2km-long metro corridor.

Now on, all the schemes launched by Greater Noida Authority will be rolled out at the revised property rates. As per the new rates notified by the Authority on Thursday, land premium for all the categories except commercial has been increased by 4.15%. For those looking to buy land close to the metro corridor, officials said the value of property will go up by 14.15% as GNIDA will apply a 10% premium on such plots.

While prospective buyers will have to pay an extra amount, the existing allottees staying close to the metro will also have to account for the increased transfer charges. The Authority will demand 2% extra transfer charges from such allottees.

The value of plots located along the metro corridor that spans between the Hindon river at one end and Pari Chowk on the other, will be steeper. As not much land is available on this route at present, the secondary market transactions will be more expensive now on.

Greater Noida’s additional CEO Amandeep Duli said, “The decision to increase the land rates was taken after carrying out multiple surveys of the localities. We found out that the transactions near the metro corridor are taking place at higher rates than at other places. That’s why a 10% premium has been added on such plots.”

Sharing more details, Duli said that the revised rates will be applicable in the forthcoming schemes.

“The rates of commercial properties have been left unchanged due to the poor sentiments in the commercial real estate segment. Also owing to the pandemic, the demand for leasing office space and commercial space has come down substantially. Hence we did not increase the rates of commercial plots.”

GNIDA hiked property prices significantly in March 2020 across the city. The city is divided into four zones — A, B, C and D — as per the demographic profile and economic activity.

This time, the Authority has increased rates only to accommodate the inflation rate and jacked up prices by a further 4.15%.

Real estate experts feel that the land rates should have been left unchanged.

“Due to the pandemic, a lot of businessmen and entrepreneurs have suffered losses and so have the majority of the families. Increasing the land prices further even by a small margin does not send a good message to the investors,” said Pankaj Kapoor of real estate data analytics company, Liases Foras.