Land Rates In Greater Noida To Be Revised By Next Fiscal

Greater Noida Industrial Development Authority (GNIDA) officials said in a recently held board meeting that residential land rates in several Greater Noida Sectors would be reviewed by the next financial year to meet the current market rates.

The board has also decided to divide the city into 4-different zones and set the rate accordingly.

Having divided Greater Noida into 4-wide zones namely A, B, C, and D, the Greater Noida Authority would try to reduce the difference in price ends. It has been charging a flat fee of Rs 23,100/sq.m from residential plot allottees. It was practicing the same standard regardless of the current urban infrastructure or civic amenities.

The decision was taken to revise the prices due to the difference in price points of properties across various sectors. While the final blueprint is being figured out. As per the official,  Zone A would cover the oldest sectors Alpha, Beta, and Gamma while Zone B would cover Xu, Delta, Mu, and Omicron. Zone C is currently under construction while Zone D is yet to be constructed. The initiative would allow the Authority to convert people to reconsider investments in zones C and D.

CEO of Greater Noida Authority, Narendra Bhooshan told that the official would execute the survey and finalize the rates and would release the revised rates by next financial year.

Apart from centering on residential properties, the officials would also finalize estimations on commercial property rates and office plots in Zone A and B to decide whether the price points match the general opinion.

The Authority has not added allotment rates of institutional and industrial land under the purview of the task as it allows subsidies on such plots.