The Noida Authority has decided to increase land allotment rates by 6 percent across various residential categories, excluding commercial and corporate house plots, due to rising inflation.
As reported by the Money Control, this decision, made during a board meeting in Lucknow last week, is expected to significantly impact residential land parcels in the city.
The Authority currently has around 50 land parcels, measuring approximately 17,500 square meters, designated for residential use. The hike in land allotment rates will vary by category.
New Rates by Category
Noida’s residential land is categorized into six groups: A+, A, B, C, D, and E. The new rates for FY 2024-25 are:
- Category A+: Remains unchanged at Rs 1.75 lakh per square meter.
- Category A: Increased from Rs 1.18 lakh to Rs 1.25 lakh per square meter.
- Category B: Increased from Rs 82,420 to Rs 87,370 per square meter.
- Category C: Increased from Rs 71,000 to Rs 75,260 per square meter.
- Category D: Increased from Rs 60,000 to Rs 63,600 per square meter.
- Category E: Increased from Rs 45,380 to Rs 48,110 per square meter.
For group housing properties and plots, the current allotment rates in categories A to E range from Rs 1.18 lakh to Rs 65,250 per square meter. With the 6 percent hike, these rates will now range from Rs 1.09 lakh to Rs 69,170 per square meter.
In addition to the rate hike, the Noida Authority has approved a Rs 7,700 crore budget for the financial year 2024-25. This substantial budget underscores the Authority’s commitment to infrastructure development and urban planning in the region.
The previous rate increase occurred in April 2023, with land rates rising by 6-10 percent across categories. Prior to that, rates were also hiked in August 2022. These adjustments reflect the Authority’s ongoing efforts to address economic conditions and maintain financial stability.