Greater Noida is set to see a notable increase in property prices starting April 1, 2024, as the Noida Authority announces a 5 to 5.5 percent rise in allotment rates across all property categories. This adjustment follows a substantial 55 percent hike in land rates, which has led to the reclassification of several sectors in Greater Noida West from the fourth to the first category. Consequently, rates in these sectors have surged by nearly 56 percent compared to the previous year.
The recent rate revision also impacts builder projects, making both residential and commercial properties more expensive. For instance, the rate for residential flats, currently priced at ₹50 lakh, is expected to increase to a range of ₹52 lakh to ₹55 lakh, depending on how the new rates are applied. The updated allotment rates for various sectors including Sectors 1, 2, 3, 4, 10, 12, 16, 16B, and 16C, as well as Alpha 1 and 2, Gamma 1 and 2, Beta 1 and 2, Delta 1, 2, 3, and Swarn Nagari, will now be ₹47,227 per square metre, up from ₹44,850 last year. Industrial land rates have also seen a dramatic increase, with costs rising from ₹9,920 per square metre to ₹30,788 per square metre.
These changes are set against the backdrop of ongoing and planned development projects in Greater Noida and Greater Noida West. The CEO of Greater Noida Authority highlighted that property allotment rates are revised annually with these future developments in mind. This rate adjustment is expected to further drive up the cost of setting up industries in the area, reflecting the area’s growing appeal and development prospects. The increase in property rates underscores the evolving dynamics of Greater Noida’s real estate market, which continues to attract significant interest from both residential and industrial investors. As development progresses, these new rates are likely to influence market trends and investment decisions in the region.
