Greater Noida raises land rates up to 25% in residential category

GREATER NOIDA: The Greater Noida Authority has increased the land allotment rates for all properties – residential, industrial and IT land – for the financial year 2022-23, which will be applicable retrospectively from April 1, announced officials on Wednesday.

While the increase for different categories of residential properties can reach 25% (the increase for category A is 17%, the increase for category B is 15%, the increase for category C is 25% and the increase for category D is 20%), the exact increase for industrial and IT plots remains to be determined.

The category is based on facilities such as swimming pool, community center, roads, metro connectivity, park, plot size and other similar services. While sectors in category A have more facilities, those in category D have fewer facilities.

Land Allocation Rates are the rates at which the Greater Noida Authority allocates land to investors or property purchasers. The decision to increase the land allocation rate was taken at a board meeting chaired by President Sanjiv Mittal at the main administrative office of Sector Knowledge Park 4 on Tuesday.

“Council has discussed and approved a nominal increase in land rates for residential properties,” said Narendra Bhooshan, Chief Executive of the Greater Noida Authority.

The authority had only increased land allocation rates by up to 3% in 2021, citing the economic downturn due to the Covid-19 pandemic as the reason. The authority had, on February 10, 2020, increased the land allocation rates up to 40% in residential land categories and up to 100% in industrial land categories.

Apart from this, the authority has also approved a budget of 5,100 crore to spend on different projects. The authority divided the budget to be spent on health, village development, construction of an underground passage in Kisan Chowk, sewage treatment plants, a university, parks, roads and other projects, officials said.

Overall, the authority will spend 2,000 crore on land acquisition, 1,714 crores on development projects and 1,400 crore for village health and development.

“We are going to acquire land so that we can prepare it and allocate it to industries to create jobs in this area, as we are getting proposals from investors who want to set up their businesses in this city,” Bhooshan said.


  • ABOUT THE AUTHOR

    Vinod Rajput writes on environment, infrastructure, real estate and government policies in Noida and Greater Noida. He has reported on environment and infrastructure in Delhi, Gurgaon and Panchkula in the past.
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