Buying property in Greater Noida is about to become more expensive. The Noida Authority announced an increase in the allotment rates for all property categories by 5 to 5.5 percent, effective April 1, 2024. In addition to this general hike, the authority raised land rates by a substantial 55 percent. As a result, various sectors in Greater Noida West have been upgraded from the fourth category to the first category. This adjustment has led to a 55.95 percent increase in rates compared to the previous year.
The rise in rates also affects builder projects in these sectors, making residential and builder properties more costly. SK Singh, ACEO of Greater Noida Authority, stated that the proposal was approved during the 135th authority meeting held in June. Following the issuance of the order, the new rates are now in effect, he said.
New Rates for Key Sectors
In Greater Noida, the updated rates for sectors such as sectors 1, 2, 3, 4, 10, 12, 16, 16B, and 16C, Alpha 1 and 2, Gamma 1 and 2, Beta 1 and 2, Delta 1, 2, 3, and Swarn Nagari will now be Rs 47,227 per square metre, up from Rs 44,850 last year.
Furthermore, the cost of setting up industries in the area has also increased. The allotment rate for industrial land has risen from Rs 9,920 per square metre to Rs 30,788 per square metre. Previously, these rates ranged from Rs 9,920 to Rs 29,238 per square metre.
As a result of these changes, the price of residential flats is expected to rise. A flat currently valued at Rs 50 lakh may now cost between Rs 52 lakh and Rs 55 lakh, depending on the application of the new rates.
NG Ravi Kumar, CEO of Greater Noida Authority, said that numerous development projects have been planned for Greater Noida and Greater Noida West. He explained that property allotment rates are set each financial year with these upcoming projects in mind.
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