Noida homes to cost more, following steep hike in residential land rates

In a move that could affect home buyers and make homes more expensive, the Noida Board has hiked land allotment rates by 14.19%

Residential land rates in Noida are set to increase, with the New Okhla Industrial Development Authority (NOIDA) Board, at its meeting on June 9, 2016, approving a 14.19% hike in land allotment rates. All land rates are in rupees per square metre. Commercial land rates were, however, not hiked.

 New rates

• Following the hike, residential land rates in category E newly-developed sectors in  Noida, now stands at Rs 29,600, up from the earlier Rs 25,000.
• For category D residential sectors, the increase is from Rs 29,170 to Rs 34,540.
• C-category residential sector rates have been hiked to Rs 41,320 from Rs 34,900.
• In B-category, the hike is from Rs 47,920 to Rs 56,740.
• Land rates in A-category highly-developed residential sectors, have been enhanced from Rs 68,750 to Rs 81,400.

For group housing, the minimum reserve price, which was between Rs 35,420 and Rs 93,750 depending on the category of sectors, the rate has been raised to Rs 41,940 to Rs 1,11,000. Institutional land rates for R&D, film studios and IT/ITES in Sectors 1, 16A and 24, have been hiked from Rs 37,500 to Rs 44,400. In phase 2 and phase 3 areas, the increase is from Rs 13,550 to Rs 16,040. For biotech parks, the hike is from Rs 10,240 to Rs 12,120. For telecom centres, post offices, supermarkets, milk, vegetable and fruit centres, land allotment rates have been raised from Rs 7,300 to Rs 8,640. Land rates of farm houses on agricultural land, have been enhanced from Rs 5,525 to Rs 6,540. Industrial sector rates in phase 1, have been pushed up from Rs 22,640 to Rs 26,810. In phase 2, the hike is from Rs 8,060 to Rs 9,540. In phase 3, the increase is from Rs 8,350 to Rs 9,890. The authority has also regrouped the sectors in the various categories. The new categories are as follows:

• Category A: Sectors 14, 14A, 15A, 17, 30, 35, 36, 39, 44, 50, 51 and 52.
• Category B: Sectors 15, 19, 20, 21, 23, 25 to 29, 31, 33, 34, 37, 40, 41, 46, 47, 48, 49, 53, 55, 56, 61, 62, 82, 92, 93, 93A, 93B, 96, 97, 98, 99, 100, 105, 108 and 122.
• Category C: Sectors 11, 12, 22, 42, 43, 45, 70 to 78, 104, 107, 110, 119, 120, 121, 128, 129, 130, 131, 133, 134, 135, 137, 143, 143B, 144, 151 and 168.
• Category D: Sectors 63A, 86, 112, 113, 116, 117 and 118.
• Category E: Sectors 102, 115, 158, 162 and other remaining sectors.

PTI