Noida Authority announces 6-10% hike in allotment rates for residential and institutional plots

The Noida Authority has announced a 6% to 10% increase in allotment rates for residential, group housing, and institutional plots. The decision was made during the Authority’s board meeting on Sunday, chaired by Manoj Singh, the Authority chairperson and infrastructure and industrial development commissioner.

The rates for flats built by the Authority or commercial properties leased by it remain unchanged. This is the second time in eight months that the Authority has revised land rates, with the last hike being 20-30% in August 2022.

The residential plots in the E category saw the highest hike of 10%, while plots in the A, B, C, and D category sectors saw a 6% hike, and there was no change in rates for A+ category plots. The Authority also increased the allotment rates for group housing, industrial, IT/ITES, and institutional plots by 6%.

The board also approved a budget of Rs 6,503 crore, almost 40% higher than last year’s allocation of Rs 4,579 crore. The revenue target was also increased by 40% to Rs 6,920 crore. The higher revenue was attributed to the allotment of plots through e-auctions.

The Authority has also made a provision of Rs 500 crore for acquiring land in Noida and Rs 1,000 crore for plots in New Noida (Dadri-Noida-Ghaziabad investment region). A corpus of Rs 1,906 crore was approved for development and construction work, including the construction of the Authority’s administrative office, elevated roads, underpasses, and other sectors. A provision of Rs 141 crore was made for developing rural areas, including road repairs and urban maintenance work.

The Authority’s share in the construction of the Noida airport was also discussed, with a total of Rs 1,830 crore made available by the Authority for the project, based on its 37.5% share. The Authority has also paid its share of Rs 1,467 crore for the acquisition of private land, out of a total estimated amount of Rs 3.913 crore.

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