The Greater Noida Industrial Development Authority (GNIDA) board has announced a 5.30% increase in land allocation rates for the fiscal year 2024-25. This strategic decision, outlined in an official statement released on Saturday, aims to align property prices with the influx of major projects such as the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub.
Effective from April 1, the revised rates will apply across various property categories including industrial, residential, commercial, institutional, and builder properties. GNIDA has characterised the hike as “modest,” reflecting a balanced approach to accommodate upcoming developments while ensuring affordability.
The board meeting, presided over by Uttar Pradesh’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and GNIDA CEO N G Ravi Kumar, also saw a revision in the one-time lease rent payment scheme for non-residential properties. The updated scheme will increase the charge to 15 times the annual lease rent from the previous 11 times, effective three months from the announcement. During this transition period, allottees can still opt for the existing rate of 11 times the annual lease rent. Additionally, the GNIDA board approved an increase in the Floor Area Ratio (FAR) within 500 meters of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes an additional FAR of 0.5 for residential groups, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for entertainment and greenery areas, and 0.5 for IT/ITES sectors. This enhancement will allow more extensive construction on given plots, catering to the growing demand for space in these prime areas.
In a move to provide relief to property allottees, GNIDA extended the deadlines for executing lease deeds and obtaining completion certificates for residential plots and buildings. Allottees now have until October 30, 2024, to execute lease deeds with a late fee and until June 30, 2026, to obtain completion certificates. This extension applies to several areas including Alpha, Beta, Gamma, Delta, and Swarn Nagri. Beyond these deadlines, allotments will face cancellation.
Moreover, the board has addressed issues related to the allocation of increased plot areas under the farmer population category. For increases up to 10% in plot area, the price will be based on the nearest residential sector’s allocation rates, subject to approval by the Additional CEO. In cases where the increase exceeds 10%, the CEO’s approval will be required. This measure aims to resolve past difficulties due to the absence of set rates for such increases.
These strategic decisions by GNIDA are poised to enhance the real estate landscape of Greater Noida, accommodating burgeoning infrastructural projects and ensuring streamlined processes for property allottees. As these initiatives unfold, Greater Noida is set to witness a significant surge in property prices, reflecting the region’s evolving urban development.
