New Delhi: After a big move by authorities, the Greater Noida property prices are all set to increase. The Greater Noida Industrial Development Authority (GNIDA) has increased plot allocation rate by 5.30 per cent for the financial year 2024-25 (FY25). The increased rates are applicable with retrospective effect from April 1, 2024. Consequently, if you are looking to buy land in Greater Noida, be prepared to shell out much more money than you considered doing earlier.
The price hike will affect a huge number of developmental projects that are coming up in areas like Greater Noida and Greater Noida West (also known as Noida Extension.) Some of these notable development projects are Greater Noida West Metro, Multimodal Logistics Hub, Transport Hub and more.
The popular localities in Greater Noida where demand for plots is high include Yamuna Expressway, Noida Extension, Ghodi Bachheda, Sector 20, Pari Chowk, etc. Now, prices of properties in these areas may go up courtesy, the authority’s plot allotment rate hike decision.
Currently, Greater Noida authority plot rates in various areas go as high as Rs 1.25 lakh per square metre. Although, rates vary according to the location and size of the plots. The authority in the past had rolled out a lot of residential plot allotment schemes.
The authority is slated to commence e-auction of one such residential group housing plot scheme in June this year. Several notable developers like Godrej, Sobha, etc are expected to be part of this housing scheme. The plots in Sector 12 and Sigma III are expected to be allotted under this scheme. The allotment rates for these plots range from Rs 36,500 per sqm to Rs 48,300 per sqm.
Residents in these areas can increase construction of their homes
The authority has also has approved additional Floor Area Ratio (FAR) in areas in 500 metres vicinity of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. It has approved additional FAR of 0.5 for the residential sector. Consequently, residents will be able to have additional construction on their plots than earlier permitted in the concerned areas. This will also increase density of those areas.
The Greater Noida authority plot allocation rate hike is applicable in retrospective effect from April 1, 2024. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
