The Noida Authority has decided to raise land allotment rates by six percent in all categories except the commercial and corporate house plots making land costlier in the city, officials aware of the matter said.
The rates are being raised due to rising inflation. Currently, the Authority has around 50 land parcels measuring approximately 17,500 square metres (sqm), across categories A, B, and C for residential use.
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The decision to hike the land allotment rates was taken at the board meeting of the Authority in Lucknow last week. In the meeting the Authority also approved Rs 7,700 crore budget for the financial year 2024-25.
Noida has been divided into six categories for residential land allotment and these include A+, A, B, C, D, and E. For residential plots, the Authority has increased the prevailing rates for sectors in categories A to E by six percent for FY 2024-25. However, the rate for A-plus category residential plots will remain unchanged at Rs 1.75 lakh per square metre (sqm), the Authority noted.
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According to Noida Authority officials, the land allotment rates in A category sectors (14, 17, 19, 30, 35, 36, 39, 44, 47, 50, 51, 52, 93, 93A, and 93B) have been hiked to Rs 1.25 lakh per sqm from existing Rs 1.18 lakh per sqm. The land rates in B, C, D, and E categories range between Rs 82,420 and Rs 45,380 per sqm. After the hike, these land rates will now range between Rs 87,370 and Rs 48,110 per sqm.
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For group housing properties and plots the current allotment rates in categories from A to E are Rs 1.18 lakh per sqm to Rs 65,250 per sqm. Now after the six percent hike, these land rates will be increased to Rs 1.09 lakh per sqm to Rs 69,170 per sqm, a Noida Authority official said.
The last time the Authority increased rates was April 2023 when land rates were hiked by 6-10 percent across categories. Before that the rates were hiked in August 2022.
