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.