Greater Noida property buyers should brace for a significant price increase as the Greater Noida Industrial Development Authority (GNIDA) has announced a 5.30% hike in plot allocation rates for the financial year 2024-25 (FY25). This increase, effective retroactively from April 1, 2024, is set to impact numerous development projects and the overall property market in the region.
This rate hike will notably affect areas such as Greater Noida and Greater Noida West, also known as Noida Extension. Key projects in these regions, including the Greater Noida West Metro, Multimodal Logistics Hub, and the Transport Hub, are expected to experience the ripple effects of this decision.
Popular localities in Greater Noida where demand for plots remains high, such as Yamuna Expressway, Noida Extension, Ghodi Bachheda, Sector 20, and Pari Chowk, are likely to see property prices surge as a result of the authority’s decision. Currently, plot rates in these areas can reach up to ₹1.25 lakh per square metre, although prices vary based on location and plot size. The GNIDA has a history of rolling out several residential plot allotment schemes, which will now be affected by the new rates.
One notable upcoming event is the e-auction of a residential group housing plot scheme, slated to begin in June this year. This auction is expected to attract prominent developers such as Godrej and Sobha. Plots in Sector 12 and Sigma III will be allotted under this scheme, with rates ranging from ₹36,500 to ₹48,300 per square metre.
In a related development, GNIDA has approved an additional Floor Area Ratio (FAR) for areas within a 500-metre radius of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. The additional FAR of 0.5 for the residential sector will enable residents to construct more on their plots than previously allowed, thus increasing the density of these areas. This move is expected to further impact the property market, potentially driving up demand and prices.
The GNIDA’s decision to raise plot allocation rates is seen as a strategic move to capitalise on the growing demand for land in Greater Noida, driven by the region’s rapid development and urbanisation. However, this increase is likely to burden potential buyers, who will now have to adjust their budgets to accommodate the higher costs.
The 5.30% increase in plot allocation rates by the Greater Noida Industrial Development Authority marks a significant shift in the property landscape of the region. With retrospective application from April 1, 2024, this decision is set to influence a broad range of development projects and property transactions. Buyers and developers alike will need to navigate this new financial terrain as Greater Noida continues its trajectory towards becoming a key urban hub.
