Noida Land Prices: At the 209th board meeting of New Okhla Industrial Development Authority (NOIDA) on April 23, the government body has decided to hike land rates by 6-10% across categories, while the rates for the A-plus category have remained unchanged.
Noida was constituted under the UP Industrial Area Development Act, 1976.
According to a report by Moneycontrol, the Authority revised the land allotment rates for industrial plots, IT parks, ITES plots, and data centres by 6%.
Similarly, the Authority has increased the group housing rates by 6%, the Authority said in a statement after the meeting. Earlier, plots for group housing projects were priced between Rs 61,000 and Rs 1.5 lakh per square metre (sqm), the report said.
The Authority also increased the prices of A to D category plots (priced between Rs 46,800 to Rs 1.11 lakh per sqm) by 6%.
Land allotment rates in E category sectors have been revised upwards by 10% to Rs 45,375 per sqm from Rs 41,250 per sqm earlier, the Authority noted.
The rates for the A-plus category have remained unchanged at Rs 1,75,000 per sqm.
Reportedly, the Authority noted that an upward revision in land allotment rates was imperative because of inflation. It said that the Authority had seen a 5-6% increase in land costs, hence it had decided to hike the land allotment rates.
The last time the Authority had increased rates was August 2022.
Moreover, the Authority has approved a budget of Rs 6,920 crore for the financial year 2023-24.
Meanwhile, in a recent report by data analytic firm PropEquity, unsold stocks in Noida dipped 7% to 6,843 units from 7,371 units in the first three months of 2023, while in Ghaziabad fell 8% to 11,542 units from 12,614 units. In Greater Noida, unsold inventories fell 5% to 23,865 units from 25,241 units.
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