Noida Property Rate Hike: With setting up of industries in Noida, people will have to spend more money to build houses. You will be surprised to know how much the prices have increased this year.
Noida Property Rate: Now even the dream of buying and building a house has become expensive in Noida. In the board meeting of Noida Authority held on April 23, the allotment rates for residential plots, group housing and institutional use properties have been increased by six to ten percent.
With this, people will have to spend more money in setting up industries and building houses. In the year 2022 also, the authority had increased the allotment rates by 10 to 15 percent. This year also the rates have increased by 10 percent.
The decision was taken in the board meeting of Noida Authority
A board meeting was held in the board room of Noida Authority on 23 April under the chairmanship of Manoj Kumar Singh, Commissioner of Infrastructure and Industrial Development and Chairman of Noida Authority. During this, 19 proposals were kept. During the board meeting, maximum 10 per cent hike has been done in E-category residential sectors. There is no change in the rates of A-plus category.
These types of plots have been increased by six percent.
Whereas in A, B, C and D category sectors, the rates of plots have been increased by six per cent. There has been no increase in the rates of residential buildings ie flats and commercial property. In the last months, higher rates were received by the authority in the auction of industrial plots.
In such a situation, the rates of phase one, phase two and phase three of the industrial sector have been increased by six percent. In the institutional property sector, IT-ITES and data center use properties located in phase one, phase two and phase three have also been increased by six per cent.
1 square meter of land became costlier by Rs 9180 in just 8 months
Before August 11, 2022, the cost of residential plots in Sectors 102, 115, 158 and 162 etc. was 36200 square meters. Now the base price of buying a plot in these E-category sectors has become Rs 45,380 per square metre. That too will be auctioned during the e-auction and the plot will be given to the highest bidder above this best price.
This means that 1 square meter of land has become expensive by Rs 9180 in just 8 months. If this increase is seen in percentage, then there has been an increase of about 24 percent. On August 11, 2022, the prices were increased by about 14 percent and in the meeting held on April 23, 2023, the proposal to increase the prices by 10 percent has been approved.
40 percent increase in industrial sectors
Along with this, if we talk about the plots available in the industrial sector, then there has been an increase of about 40 percent in just 8 months. While if we talk about the price of gold during these 8 months, then there has been an increase of only 24 to 28 percent. It will be a matter to be seen that the land available for residential and industrial work in Noida is increasing faster than the price of gold.
Committee decides
When a proposal to increase the price is presented during the board meeting inside any authority, a lot of paperwork is done before that. Research is done and at the same time a team works on it. A committee has been formed in the authority to increase the price of land.
This committee fixes the rates per square meter by adding land acquisition expenses, development expenses, external development expenses, maintenance expenses and other expenses. Along with this, category and location are also seen. Also, the Consumer Price Index Urban of RBI is seen. There has been an increase of 6 percent in this index in the last financial year.
Land prices are skyrocketing in Greater Noida
Land prices are skyrocketing in Noida and Greater Noida. Town planners do not express any surprise about this matter. They say that this was bound to happen, because the way the town planning of Noida and then Greater Noida was done, it is going to be the costliest city of NCR in the coming times.
Town planner Abhinav Singh Chauhan said that considering the manner in which the sectors were settled here, the roads built, the transportation facilities, the prices here were bound to increase. Along with this, as the network of transportation is being laid here, the prices here are increasing even more rapidly.
He told that the most important thing that the authority did on time was town planning and because of that planning has been done keeping the future in mind, after Noida, Greater Noida and Yamuna Authority where the much talked about projects are going to come up. Because of this, the prices of land are continuously touching the sky.
