The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for the 2024-25 fiscal year, as per an official statement released on Saturday.
With major projects like the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub coming to Greater Noida and Noida Extension, GNIDA has determined the property allocation rates for the upcoming financial year. The hike applies to industrial, residential, commercial, institutional, and builder properties.
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The finance department will issue an office order soon, with the new rates effective from April 1. GNIDA described the 5.30% increase as “modest.”
In a meeting led by UP’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and GNIDA CEO N G Ravi Kumar, the board also revised the one-time lease rent payment scheme, excluding residential properties. The new scheme will charge 15 times the annual lease rent, up from 11 times, effective three months from now. Allottees can still pay 11 times the annual lease rent during this period.
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The board approved additional FAR (Floor Area Ratio) within 500 meters of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes an additional FAR of 0.5 for residential groups, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for entertainment/greenery, and 0.5 for IT/ITES, allowing more construction on a given plot.
Significant relief has been provided to allottees who haven’t executed their lease deeds or obtained completion certificates for residential plots/buildings. The deadline for lease deed execution with a late fee is extended to October 30, 2024, and for obtaining completion certificates to June 30, 2026. This applies to areas like Alpha, Beta, Gamma, Delta, Swarn Nagri, etc. After these deadlines, allotments will be canceled.
Additionally, the board set rates for increased areas in plots allocated under the farmer population category. If the plot area increases by up to 10%, the price will be based on the nearest residential sector’s allocation rates, with approval from the Additional CEO. If the increase exceeds 10%, the CEO’s approval is required. This change addresses past difficulties in allocation due to the lack of set rates for increased areas.
