In a recent board meeting held on Tuesday, the Greater Noida development authority approved a 12% increase in the prices of industrial plots measuring up to 20,000sqm. This marks the second adjustment of its kind within the past year.
According to the revised rates, plots up to 1,000sqm (a quarter of an acre) will now be priced at Rs 29,238 per sqm, while land parcels spanning 1,001-20,000sqm will cost a minimum of Rs 23,975. Notably, there is no alteration in the pricing for plots larger than 20,000sqm.
Officials attribute this rate hike to a shift in the land allotment process. Previously conducted through e-auctions, the Greater Noida Authority has now opted for interviews based on objective parameters.
Both Noida and Greater Noida authorities have granted industrial, IT, and ITES plot owners an extension until December of the next year to complete their projects. This decision applies to projects allocated several years ago with an initial completion deadline of 2022. The Noida Authority, however, will assess plot inspections on a case-by-case basis before deciding on deadline extensions.
Similarly, Greater Noida has extended the deadline for owners of institutional plots to register until December 2024. Project map approvals and completion deadlines have been pushed to December 2025.
Additional decisions made at the Greater Noida board meeting include a requirement for group housing societies to allocate 5% of their areas for visitor parking. The introduction of an OTS scheme aims to clear water dues, with the Authority seeking to collect Rs 34 crore from defaulters.
In a bid to enhance infrastructure, the Authority plans to collaborate with the Central Road Research Institute to implement modern road construction technologies, ensuring increased transparency and quality. This initiative encompasses the use of footpaths made from waste material-based tiles, third-party assessment of roads, and comprehensive traffic planning.
Furthermore, the Authority board has endorsed a proposal to allocate 10% of developed abadi plots to farmers who have received 64.7% additional compensation. The final decision rests with the state government.
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