Noida Authority hikes land use charges
Noida: After a three-year lapse, the Noida Authority revised land rates across all categories, including residential and group housing, making an increase of up to 30%, according to officials.
The decision was made on Thursday during the 205th meeting of the board of directors of the New Okhla Industrial Development Authority (NOIDA). The meeting was chaired by Uttar Pradesh Industrial Development Commissioner Arvind Kumar and was attended by, among others, Noida Authority CEO Ritu Maheshwari.
On the determination of land rates for the financial year 2022-23, the Noida Authority stated: "The land rate of the 'E' category sectors of residential lots is Rs 41,250 per square meter, there has been an increase in 20% in category sectors 'A' to 'D', while those in category 'A +' remained unchanged at Rs 1.75 lakh per square meter.
A Group housing rates have been increased by 20%, while the residential building rate has been kept the same as before, "a statement read.
A 20 percent rate hike was made in the category of institutional land that is not connected to residential properties, the Noida Authority said.
“The tariffs for industrial land in phases one and three were increased by 20%, while those in phase two increased by 30%. For the IT and ITES sector, land rates in phases one and three have been increased by 20%, while in phase two the increase is 30%, "he said.
The rates for plots in the commercial category remained unchanged, he added.
Maheshwari said the finalization of the Industrial, Institutional (IT / ITES), Group and Residential Property Program brochure was done to attract investment to the region.
“As a great relief for people, a six-month extension was granted to assignees in the wake of the COVID-19 pandemic. Extension fees for residential and group housing have been streamlined and limited to 10%, "he tweeted.
Maheshwari also said that the board approved the drone investigation proposal under the Swamitva scheme by the district administration to prepare the property documents.
