Greater Noida Land Rates Up by 5.30% for FY25

Land allocation Rates

The Greater Noida Industrial Development Authority (GNIDA) has approved a 5.30% increase in land allocation rates for the fiscal year 2024-25. This decision announced recently, aligns with the ongoing and upcoming developmental projects in the region, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub.

Development Projects Driving Rate Hike

In light of these major infrastructure projects, GNIDA has revised the property allocation rates across various categories, including industrial, residential, commercial, institutional, and builder properties. The updated rates will take effect from April 1, 2024. Describing the hike as "modest," GNIDA emphasized that the new rates are set to support the area's development without placing a significant burden on stakeholders.

One-Time Lease Rent Payment Scheme Revision

In a meeting chaired by UP's Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and GNIDA CEO N G Ravi Kumar, the board also approved changes to the one-time lease rent payment scheme. This scheme, now aligned with the Noida Authority's structure, will charge 15 times the annual lease rent for one-time payments, up from the previous 11 times. However, this change will be implemented after three months, allowing current allottees to make payments at the old rate until then. Notably, residential properties are excluded from this revision and will continue under the existing terms.

Additional FAR Approval Near Metro Route

The board has approved additional Floor Area Ratio (FAR) allowances within 500 meters of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes:

  1. Additional FAR of 0.5 for residential groups
  2. 0.2 for commercial spaces
  3. 0.2 to 0.5 for institutional areas
  4. 0.2 for entertainment/greenery zones
  5. 0.5 for IT/ITES sectors

Increased FAR will enable more extensive construction on given plots, thus boosting population density in these areas.

Extension for Lease Deed Execution and Completion Certificates

To provide relief to allottees who have not yet executed their lease deeds or obtained completion certificates due to various reasons, the board has extended the deadlines:

  1. Lease deed execution with a late fee: Until October 30, 2024
  2. Obtaining completion certificates: Until June 30, 2026

This extension benefits allottees in areas such as Alpha, Beta, Gamma, Delta, and Swarn Nagri, offering them another opportunity to comply with the regulations before facing cancellation of allotments.

Rate Setting for Increased Plot Areas

GNIDA has established rates for increased areas in plots allocated under the farmer population category. For increases up to 10%, prices will be set based on the nearest residential sector's allocation rates with the approval of the Additional CEO. For increases exceeding 10%, the CEO's approval will be required.

This structured approach resolves previous difficulties caused by the absence of set rates for increased plot areas.

For more detailed information and the latest updates, visit the GNIDA official website 

News source: Business Standard

Published on 19th June 2024