Greater Noida Industrial Development Authority today announced a hike of 10.21% in the allotment rates of land. In 2013, this rate was hiked by 8.53%. The increased new rates will be applicable from 1st April 2014.
According to the Harish Verma, CEO of Greater Noida Authority, the hike in the allotment rates is crucial considering the increasing cost of land. Inflation and some other factors were also considered for making the final decision.
With the hike, Greater Noida Authority plans to overcome the burden imposed by the 2 year old land row between authorities and farmers. It plans to enhance the compensation and provide rehabilitation package to the farmers and speed up the projects that have been stuck for past several months.
After the new rates are applied from the 1st of April, buyers will have to extra pay at least Rs. 2,068 per square meter for the residential plots and Rs. 4,099 per square meter for commercial plots. Authority have decided to completely exclude the industrial plots from the hike this year in order to give boost to the industry. In fact the rates in the developing industrial sectors have been reduced from existing rate of 8,900 per square meter to Rs. 6,500 per square meter.
Institutional plots will be available at an extra cost of Rs. 1,072 per square meter.
While there are mixed reactions from around the city, experts are saying that this is the right time to invest in Greater Noida Real Estate.