Noida authority increased the land rate by 6% across categories except commercial plots. It become costlier to buy property in Noida.
According to recent reports, Noida building lands allotment cost increased by 6% in all categories except the commercial and corporate house plots, Buying of property in Noida has become costlier. The land allotment rates are increased as inflation also hiked up and Moneycontrol reported citing people in the know that the Noida Authority has almost 50 land plots evaluating approximately 17,500 square metres (sqm) across categories A, B, and C for residential use.
According to reports, The Noida authority in Lucknow decided to hike up the rate of land allotment after the meeting as well as the budget for the financial year 2024-25 is 7,700 crores has been decided in the meeting.
Presently, Noida is divided into six categories for residential land allotment: A+, A, B, C, D, and E. For residential plots, the Noida Authority has raised the current rates for sectors in categories A to E by 6% but the rate for A-plus category residential plots will remain static at ₹1.75 lakh per square metre (sqm).
Land allotment rates in A category sectors (14, 17, 19, 30, 35, 36, 39, 44, 47, 50, 51, 52, 93, 93A, and 93B) have been increased to ₹1.25 lakh per sqm from current ₹1.18 lakh per sqm. In B, C, D, and E categories, the land rates range between ₹82,420 and ₹45,380 per sqm currently and after the increment, they will range between ₹87,370 and ₹48,110 per sqm. For group housing properties and plots, the current allotment price in categories from A to E are ₹1.18 lakh per sqm to ₹65,250 per sqm which have now been raised to ₹1.09 lakh per sqm to ₹69,170 per sqm.