People who are planning to purchase land in Noida have to pay more as the Noida Authority decided to increase land allotment rates by six percent in all categories other than residential and corporate plots. As per reports, the rates have been hiked in the face of rising inflation, and the Noida Authority has nearly 50 plots of land measuring around 17,500 square meters (sq m) across A, B, and C categories for residential use, Moneycontrol said, quoting sources.
The report added that the increase in land allotment rates comes after the Noida Authority Board of Directors meeting in Lucknow, where the decision was taken, and approval of a budget of Rs 7,700 crore for the financial year 2024-25.
Currently, Noida is divided into six residential land allotment categories: A+, A, B, C, D, and E. The Noida Authority has increased the prevailing rates for sectors in categories A to E by six percent for residential plots. Still, the price of A-plus residential plots will remain unchanged at INR 1.75 lakh per sq m.
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Land allotment rates in Category A sectors (14, 44, 47, 30, 35, 17, 19, 36, 39, 52, 93, 50, 51, 93A, and 93B) have been increased to INR 1.25 lakh per sq m from the existing INR 1.18 lakh per square meter. In categories B, C, D, and E, land prices range between INR 82,420 and INR 45,380 per sqm currently and after the hike, will range between INR 87,370 and INR 48,110 per sqm. For group residential properties and plots, the current allotment rates in categories A to E are INR 1.18 lakh per sqm to INR 65,250 per sqm which has now been increased to INR 1.09 lakh per sqm to INR 69,170 per sqm. Square.
The Noida Authority last increased land prices in April 2023. Land prices were hiked by 6-10 percent across categories at that time.