The Noida Authority has made the decision to raise the land prices by 20% to 30% in a number of sectors. The decision was made during the 205th board meeting on Thursday, which was presided over by authority Chairman Arvind Kumar.
On the basis of residential properties, the administration has split the entire city into six categories, such as Category A+, which only contains the A and B blocks of Sectors 14A, 15A, and 44.
According to a formal statement released by the authory, the tariffs for the A+ category have stayed constant this time at 1,75,000 per sq m.
Category A to D prices have increased by 20%, and category E prices have increased from 36,200 to 41,250 per square meter. According to the board meeting, phase 2 rates for industrial premises have climbed by 30%, while group housing rates have gone up by 20%.
Additionally, phase 1 and phase 3 properties that are not connected to residential areas saw a 30% increase while phase 2 IT-ITES properties saw a 20% increase. Only Category E residential areas saw an increase in property rates in September 2019.
In addition to this, the 205th board meeting saw the finalization of the scheme brochure for industrial, institutional (IT/ITES), group housing, and residential properties in an effort to draw investment to the area as well as a number of decisions on people and policy-related issues.
In the wake of the Covid-19 global epidemic, it was determined in the meeting to grant time extensions of six months to allotters. According to the board, extension fees for homes and facilities for groups of people have been rationalized and are now capped at 10%.
