Property
rates in Greater Noida are set to go up as Greater Noida Industrial
Development Authority (GNIDA) has increased allotment rates by 10.21
% in all categories across the city. This rise will come into effect
on 1st
of April, 2014 in every sector including residential, commercial,
institutional and group housing. This hike of 10.21% is relevant to
all categories excluding industrial in Greater Noida Phase II, to woo
industrialists, authority has reduced allotment rates by almost 27%.
Last
year the authority has increase the land rates by 8.53%. Harish
Verma, the CEO of Greater Noida Authority said that, the increase in
prices happens every year. The new per square meter rates will be
pertinent from April 1, 2014. The hike in allotment rates is critical
considering increase in land costs, inflation rates among other
factors"
According
to the new rates, the allotment rate for residential properties has
been revised by Rs 2, 068 per square meter and the rates of
commercial properties has been hiked by Rs 4, 099 square meter. The
rate of institutional properties will be charged from 11,589 per
square meter compared to last year's rate of Rs 10,517 per square
meter. While the rate of industrial properties have been reduced from
the existing to give a boost to the industry.
The
land allotments rates have disturbed the real estate business as many
developers have already booked their properties and now the booking
rates will also rise, while other claims that Greater Noida will
still be affordable compare to other Delhi NCR and other neighboring
region.
RK
Arora, Vice President of CREDAI (West UP) and Supertech Group CMD
said that “The market is in a revival stage and if buyers delay in
buying property they would have to shell out extra. This is the
perfect time for making an investment". So if you are planning
to buy a property in Greater Noida then certainly you must hurry as
it will be a costly affair every year for now.
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