Noida likely to increase land allotment rates by 10-15 pc

The Noida Authority is set to announce a rise in land allotment rates by about 10-15 per cent across all categories of land use, other than commercial, despite the real estate slump, according to a published media report.

A source quoted in the report said that commercial land allotment rates in Noida may not be changed because demand has slowed down, and higher prices would further discourage investment.

Noida has been trying to sell its commercial plots through consecutive schemes in the past one year but has so far had no takers. However, group housing and institutional land could see a hike of 10 to 15 per cent.

Land rates were last hiked in Noida in February last year. At the time, land allotment rates were increased by a steep 18.4 per cent across all categories of land including group housing, residential and institutional properties. Land allotment rates for commercial purposes were, however, not enhanced.

While the Greater Noida Industrial Development Authority (GNIDA) had raised land rates ranging from 4-49 per cent depending on the category of land from April 01, 2015, the Yamuna Expressway Industrial Development Authority (YEIDA) had announced a hike ranging from 5 per cent to 20 per cent that was implemented from January 01, 2016.