Noida: Land prices have risen by around 20%.

After a three-year hiatus, the Noida Authority has updated plot pricing across several categories. Numerous selections were made at a recent meeting, along with an increase in land charges, changes to group housing plot allocation, and a time extension policy. These adjustments were made with the interests of purchasers and builders in mind. Continue reading for more information.

The Noida Authority has raised plot rates in several parts by 20-30%. The board agreed to raise the rates by 20% for residential plots in the A to D categories, with prices ranging from Rs 39,440 per square metre to Rs 92,950 per square metre. These prices were already raised in October 2019.

What are the new land prices?

Although a 20% rise in land prices across the division, residential plots in the A+ category remain unchanged at Rs 1.75 lakh per sq m. E category plots were also raised from Rs 36,200 to Rs 41,250 per square metre. Plot rates for group housing developments have been increased by 20%, varying from Rs 51,000 per sq m to Rs 1.3 lakh per sq m.

Educational sites not connected to residential buildings, the IT and ITES category, and industrial plots in Phases 1 and 3 will see a 20% price increase. The cost of Phase 2 has been increased by 30%. Moreover, there was no increase in the pricing of plots for commercial or residential construction.

Allottees will additionally receive a 2% refund if they pay the lump sum payment within a certain time frame for the residential, industrial, IT/ITeS, and institutional categories.

What are the new plot allotment changes?

A few changes have been made to the group home site allocation to accommodate the needs of purchasers and builders. Members of the consortium must now have a 100 percent stake till occupation. Furthermore, following allocation, the complete premium amount must be deposited within 90 days. The developer must also create an escrow account and provide information on the purchasers’ names, assigned flat numbers, and the quarterly sum to be placed in the account. After allocation, no division or fusion of plots is permitted. Additional adjustments in other categories will be communicated as the brochure is completed.

What adjustments have been authorised in the time extension policy?

The board also authorised changes to its time extension policy. Previously, there was a 4% tax in the first year for group dwellings and residential plots. From the second through the sixth year, it climbed by a percentage point each year. 

From the seventh to the tenth year, the rate climbed to 10%. Following that, there was a 25% fine.

The Noida Authority will now charge 1% of the allocation rate in the first year, and subsequently 2% to 10% between the second and tenth years.

Following the worldwide pandemic, allottees with unfinished projects or whose leases expired on March 21 would be allowed a year’s extension.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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