Property rates in Greater Noida are set to go up as Greater Noida Industrial Development Authority (GNIDA) has increased allotment rates by 10 per cent. The authority has increased the rates in all categories, including residential, commercial, industrial, institutional and group housing which will come to effect from April 1. However, to woo industrialists, authority has reduced allotment rates in Phase-II area, an industrial belt of Greater Noida. The move may trigger a hike in circle rates in the region for the second consecutive year.
The allotment rate for residential properties has been revised from Rs 20,250 to Rs 22,320 per square metre and the rates of group housing properties to Rs 22,850 from existing Rs 20,730 per square metre. The rate of institutional properties has been hiked from Rs 10,515 to Rs 11,590 between 4,000 and 8,000 square metre land while the rate of industrial properties has been revised from Rs 8,900 to Rs 9,810 for 4,000 to 8,000 square metre land. Only the rate of industrial property in Phase-II area has been reduced to Rs 6,500 from the existing Rs 8,900 for the same portion of land.
According to authority officials, the decision to increase the rates in various categories was 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 will generate money, which will be compensated to farmers whose lands were acquired earlier and will also be allocated in various projects,” said an official. It would be important to mention that the authority had increased rates up to 40 per cent last year which led to hike in circle rates up to 30 per cent also.