• Source:JND
Add as a preferred

Noida Property Rate Hike:  The Noida Authority has approved a 6 percent increase in property rates starting Tuesday. The hike will apply to residential property, group housing, institutional, industrial, and data center plots as allotment and registration for them will be done at the new rates. However, the authority has said that there would not be any changes in the rates of commercial and corporate office plots. The Noida Authority board approved the rate hike in a meeting held on July 12.

The new rates will influence transactions like flat purchases, house construction, and industrial setups across the city. The Authority has not revised the rates since April 2023.

Plots are divided into section

The Noida Authority sectors are divided into A Plus to E, with commercial areas divided from A to D and industrial regions divided into Phases 1, 2, and 3. The A Plus-grade residential plots' rates will increase by 6 percent, while prices of A to E grades will also surge at the same rate. The rates of industrial plots, group housing, and other assets will also increase by 6%.

Also Read: Stock Market: Sensex, Nifty Gain in Early Trade; Mahindra & Mahindra, HCL Technologies Top Gainers

Noida Authority Approves Rs 7,700 Crore For FY 2024-25

Noida Authority recently approved a Rs 7,700 crore budget for the fiscal year 2024-25 in a board meeting held in Lucknow. The land allotment rate adjustment decision was also made official at this meeting, which reflects the authority's strategy to manage economic pressures while supporting planned urban development. Category B, C, D, and E residential land prices will now range from Rs 48,110 to Rs 87,370 per square meter, as per the revised rates, which will differ according to location and category.

With these changes, property prices in Noida are expected to rise even more. This indicates the region's dynamic real estate sector amid emerging economic conditions. In other words, property rates might increase even more in the coming months.

Also Read: Ola Electric Shares Fall 5% Ahead Of June 2024 Quarter Results; Details