Noida Board Authority Approves Hike in Property Rates from 6% to 10%

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Noida Board Approves Hike in Property Rates from 6% to 10%. The decision to increase the property rates was approved at the authority’s board meeting on Sunday 23 april 2023. The meeting was chaired by Manoj Singh, the Authority chairperson and infrastructure and industrial development commissioner.

“We have increased the allotment rates for few category of the land because we have in past realized that the property cost has gone up and also the consumer price index for urban areas has witnessed a hike of 6%. Therefore the Noida board has approved the hike from 6% to 10%”, Said Ritu Maheshwari ‘CEO of Noida Authority’.

She also added that group housing plot rates hiked from ₹61,550 per square meter to ₹1,62,900 per square meter, while IT and industrial plot rates hiked from ₹23,140 per square meter to ₹65,160 per square meter. Rates for builtup houses and commercial properties remained the same, while institutional land rates increased by up to 6%. Rates for industrial, institutional, and information technology related units also increased by 6%.

However some property consultants warn the rise in allotment rates would translate to a hike in the circle rate that the administration sets later, along with additional fees in stamp fees for consumers. “With the hike in the allotment rate by the authority the consumer will have to cough up more money if he wants to buy the property in Noida in the future”, said Chandan Singh ‘property consultant’.

This is the second time that the Authority has revised land rates within eight months. In last year, the allotment rates were hiked by 20% to 30%. But about 2 years before on the time of pandemic there was no change in the property rates.

Writer & Editor: Ravikant Upadhyay (+91.8085883358)
(Entrepreneur, Programmer, Trader, Investor, Writer, Reporter, Thinker, Mentor, Astrophile)

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Keywords: Farm, Homes, Land, Noida, Plot, Property, Real estate, Realestate,

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