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Buying land in Greater Noida expensive, land allotment rate hiked by 5.30 percent

Nita Yadav

By Nita Yadav

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Greater Noida Industrial Development Authority.

The board of the Greater Noida Industrial Development Authority (GNIDA) on Saturday approved a proposal to increase land allotment rates by 5.30 per cent for the financial year 2024-25. GNIDA said many projects including Greater Noida West Metro, Multimodal Logistics Hub and Transport Hub are coming up in Greater Noida and Greater Noida West (also known as Noida Extension).

Keeping these projects in mind, the asset allocation rate is determined for each financial year. The Board has approved the proposal to increase the existing allocation rate by 5.30 per cent for the industrial, residential, commercial, institutional and builder properties for the financial year 2024-25.

The new rates will be effective from April 1

GNIDA termed the rate hike of 5.30 per cent as insignificant and said that the Finance Department will soon issue an office order in this regard. The new rates will be considered applicable from April 1. Chaired by UP Infrastructure and Industrial Development Commissioner Manoj Kumar Singh in the presence of GNIDA CEO NG Ravi Kumar, the board approved the amendment of its Lump Sum Lease Rent Payment Scheme to exclude residential properties.

Charge 15 times the lease rent

According to the statement, similar to the Noida Authority, the Greater Noida Authority Board has decided to charge 15 times the annual lease rent for the lump sum lease rent payment. Earlier, it was 11 times the annual lease rent. However, this decision will be implemented after three months. During this period, allottees who wish to pay the lease rent in lump sum can do so at the rate of 11 times the annual lease rent. Residential properties are and will continue to be excluded from this change.

Floor area ratio approved

The authority board has approved an additional FAR (floor area ratio) within 500 meters of the proposed metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes an additional FAR of 0.5 for residential clusters, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for recreation/greenery and 0.5 for IT/ITES, GNIDA said. An increased FAR allows additional construction on a given plot and thereby increases the population density in the area.

Time till June 2026

Meanwhile, the Board has also provided significant relief to allottees who have not yet executed their lease deeds or have not received completion certificates for their residential plots/buildings due to various reasons. The Board has extended the deadline for execution of lease deed with late fee to October 30, 2024 and the deadline for obtaining completion certificate to June 30, 2026. This provides another opportunity for allocators in sectors like Alpha, Beta, Gamma, Delta. GNIDA said that after this deadline, the allotment will be cancelled.

The rates for the increased area in the plot are also fixed

Apart from this, the Board has also fixed the rates for increased area in plots allotted under the peasant population category. If the area of ​​the plot increases by 10 percent, the price will be fixed based on the allotment rates of the adjacent residential area with the approval of the additional CEO and if the increase exceeds 10 percent, the price will be fixed with the same. Allotment of residential area was decided based on approval rate of nearby CEOs. According to the statement, earlier there were problems in allotment due to non-fixed rate for increased area.

Nita Yadav

Nita Yadav

I am Nita Yadav, specializing in writing about politics and breaking national news. My focus is on delivering insightful and timely perspectives on these crucial topics, aiming to inform and engage my readers effectively.

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