Business news: Property prices in Uttar Pradesh's Noida are going to get costlier in the days to come. During the board meeting of Noida Authority held on April 23, the allotment rates for residential plots, group housing and institutional plots have been increased by six to 10 per cent.
Due to the hike in land allotment rates, people will have to spend more money in setting up industries and building houses. In 2022 as well, the Noida Authority had increased the allotment rates by 10 to 15 per cent. This year also the property rates have been increased by 10 per cent.
In the board meeting held under the chairmanship of Manoj Kumar Singh, Infrastructure and Industrial Development Commissioner and Chairman of Noida Authority, 19 proposals were proposed. During the meeting, a maximum 10 per cent hike was done in e-category residential sectors. However, there is no change in the property rates of A-plus category residential sectors.
While the rates of plots in A, B, C and D category sectors have been increased by six per cent. There has been no increase in the rates of residential buildings and commercial properties. The Noida Authority had received higher rates in the auction of industrial plots in the past few months. In such a situation, the property rates of phase 1, 2 and 3 of the industrial area have been increased by six per cent. In the institutional property sector also, there has been an increase of six per cent in IT/ITES and data centre use properties located in phase 1, 2 and 3.
Residential plots cost:
Before August 11, 2022, the cost of residential plots in Sectors- 102, 115, 158 and 162, etc., was 36,200 square metre. Now the base price for buying a plot in these e-category sectors has become Rs 45,380 per square metre. That too will be auctioned during the e-auction and the plot will be given to the highest bidder above this base price.
This means that one square metre of land has become costlier by Rs 9,180 in just eight months. If this increase is seen in percentage, then there has been a hike of about 24 per cent. Land prices are continuously increasing due to two hikes within two months.
On August 11, 2022, the property prices were increased by about 14 per cent and in the meeting held on April 23, 2023, the proposal to increase the prices by 10 per cent was approved. If we talk about the plots available in the industrial sector, then there has been an increase of about 40 per cent in just eight months while the price of gold during the same time period has increased by 24 to 28 per cent. Therefore it remains to be seen that the land available for residential and industrial work in Noida is increasing faster than the price of gold.
When a proposal to increase the property price is presented during the board meeting, a lot of paperwork is done before that by any authority. Research is done as well as a team works on it. A committee is formed by the authority to increase the price of land.
This committee fixes the property rates per square metre by adding land acquisition expenses, development expenses, external development expenses, maintenance expenses and other expenses. Category and location are also considered as well along with the Consumer Price Index fixed by the Reserve Bank of India (RBI). There has been an increase of six per cent in this index in the last financial year.
Land prices are skyrocketing in Noida and Greater Noida. Town planners are not surprised at this move as they say that this was bound to happen because the way the town planning of Noida and then Greater Noida was done, they are going to be the most expensive properties of NCR in the coming times.
Town planner Abhinav Singh Chauhan told media onsidering the manner in which the commercial sectors were settled here, the roads built, transportation facilities, etc., the prices here were bound to increase. Along with this, now the network of transportation is being laid here.
He said that the most important thing that the NOIDA authority completed on time was town planning and because of that further planning has been done keeping the future in mind. After Noida, Greater Noida and Yamuna Authority where the much talked about projects are going to come up. Because of this, the prices of land are continuously touching the roof.
(With IANS inputs)
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