Property rates in Noida are all set to rise as Noida Industrial Development Authority plans to increase land allotment rates by 10 to 15 per cent from June. The change in allotment rate for all the categories — including residential, commercial, industrial, institutional and group housing is likely to be announced in the next board meeting — scheduled for next month. last year, the authority increased rates by 11.25 to 30 per cent. Meanwhile, Greater Noida Authority also announced a 10 per cent hike in all the categories from February this year.
According to authority officials, the decision to increase the allotment rates in various categories is being taken to raise the revenue of the authority. “As we have announced multitude of projects across the region, we need money to complete them. We have been planning to generate money, which will be compensated to farmers whose lands were acquired earlier and will also be allocated in various projects,” said an official of Noida Authority.
As per the proposal, rates of residential, group housing, institutional and commercial properties will be hiked by 15 per cent while rates of residential properties will go up by 10 per cent. last year, allotment rates of residential, group housing and institutional properties were increased by 15 per cent. Industrial hike was 11.25 per cent while commercial was a whopping 30 per cent. Following this, Registry Department of Gautam Budh Nagar has also increased circle rates by 15 to 30 per cent in the same year.