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Residential land rates in Greater Noida to be revised in FY 21

Posted by Urban Avenues on December 2, 2019
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In the latest board meeting, the GNIDA decided to divide the city into four different zones and frame the land rates accordingly.

GREATER NOIDA: Residential land rates in various Greater Noida sectors would be revised by next fiscal to match the prevailing market rates, said Greater Noida Industrial Development Authority (GNIDA) officials.

In the latest board meeting, the GNIDA decided to divide the city into four different zones and frame the land rates accordingly.

Having divided Greater Noida into four broad zones — A, B, C and D — the Authority would try to bring down the disparity in price points. It has been charging a flat fee of Rs 23,100 per sqm from residential plot allottees. It was using the same benchmark irrespective of the existing urban infrastructure or civic amenities.

The decision to rework on the prices was taken due to the disparity in price points of properties across different sectors. While the final blueprint is being worked out, officials said Zone A would include the oldest sectors Alpha, Beta and Gamma while Zone B would cover Xu, Delta, Mu and Omicron. Zone C is currently under development while Zone D is yet to be developed. The move would enable the Authority to convince people to consider investments in zones C and D.

CEO of the Authority, Narendra Bhooshan, said: “The officials would carry out surveys and finalise the rates. In the next financial year, we would release the revised rates.”

Apart from focusing on residential properties, the officials would also carry out estimates on property rates of commercial and office plots in Zone A and B to evaluate whether the price points match the general perception.

The Authority has not included allotment rates of institutional and industrial land under the purview of the assignment since it offers subsidies on such plots.

News Linkhttps://realty.economictimes.indiatimes.com/news/residential/residential-land-rates-in-greater-noida-to-be-revised-in-fy-21/72324501

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