Your dream house in Noida has just got costlier — a white-knuckle ride of doubts and fears. Property rates in Noida are set to rise as Noida Industrial Development Authority has announced an increase in land allotment rates by 7.5 per cent to 10.5 per cent for the financial year 2014-2015. The change in allotment rate for all categories, including residential, industrial, institutional and group housing, was announced on Monday in Noida Authority’s board meeting.
Yamuna Expressway Industrial Development Authority (YEIDA) too has announced a hike by 10.21 per cent in its area. Rates of commercial properties however, remain unaltered. This move by authorities will also lead to a hike in circle rate. last year, the authority had increased rates by 11.25 per cent to 30 per cent.
In another development, the authority has also enacted the UP Apartment Act 2010 in the entire region with immediate effect. The act was passed in the UP legislative Assembly during the Mayawati Government. The Noida Authority had in December 2013 announced appointment of a competent authority for implementing the act but there was little headway in this direction. The Act gives apartment owners the right to peruse original maps of project layout plans submitted by a developer to the local authority and makes it mandatory for developers to make full disclosure of projects, including layout plans approved by the authority, land titles and details of ownership and facilities in case of encumbrances. Developers, under the act, are also required to specify the likely date of completing and delivering the project, besides the penalty they would have to pay to buyers in the event of any delay.
According to authority officials, the decision to increase allotment rates in various categories has been taken to raise authority revenue. The hike in allotment rates is crucial considering increase in land costs, inflation rates, among other factors. “Since we have announced a multitude of projects across the region, we need funds to complete them. We have been planning to generate revenue, which will be compensated to farmers whose lands were acquired earlier and will also be allocated in various projects. This apart, increase in property rates across the country is also a reason for hiking allotment rates,” said Rama Raman, Chairman of all three authorities of Gautam Buddh Nagar.