The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for 2024-25, driven by upcoming projects like the Greater Noida West Metro and Multimodal Logistics Hub. This increase applies to industrial, residential, commercial, institutional, and builder properties, effective April 1. The board also approved revised lease rent payments, increased Floor Area Ratios near the Metro route, and extended deadlines for lease deed execution and completion certificates, aiming to support regional growth and property demand.
The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for the 2024-25 fiscal year. This decision is tied to upcoming regional projects, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub.
Due to these projects, property allocation rates are reassessed annually. The board has decided to raise the rates for industrial, residential, commercial, institutional, and builder properties by 5.30% for 2024-25. This increase, described as "modest," will be effective from April 1, with the finance department issuing an official order soon.
In a meeting chaired by Uttar Pradesh's Infrastructure and Industrial Development Commissioner Manoj Kumar Singh, with GNIDA's CEO NG Ravi Kumar present, a revision of the one-time lease rent payment scheme was approved. The new scheme, which excludes residential properties, will charge 15 times the annual lease rent, up from 11 times. This change will take effect after three months, allowing allottees to make one-time payments at the old rate during this period. Residential properties will continue under the existing arrangement.
The board also approved an increase in the Floor Area Ratio (FAR) within 500 metres of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes an additional FAR of 0.5 for residential groups, 0.2 for commercial properties, 0.2 to 0.5 for institutional properties, 0.2 for entertainment/greenery areas, and 0.5 for IT/ITES properties. Increased FAR allows for additional construction on a given plot, thereby increasing population density.
Significant relief has been provided to allottees who have not yet executed their lease deeds or obtained completion certificates for their residential plots/buildings. The deadline for lease deed execution, with a late fee, has been extended to October 30, 2024, and the deadline for obtaining completion certificates has been extended to June 30, 2026. This extension offers allottees in areas like Alpha, Beta, Gamma, Delta, and Swarn Nagri another opportunity to comply with the risk of allotment cancellation if deadlines are not met.
The board also set new rates for increased area in plots allocated under the farmer population category. If the plot area increases by up to 10%, the price will be based on the allocation rates of the nearest residential sector with approval from the Additional CEO. If the increase exceeds 10%, the price will be set based on the nearest residential sector's rates with approval from the CEO. Previously, the absence of set rates for increased areas caused allocation difficulties.
In summary, GNIDA's recent decisions aim to accommodate ongoing and future development projects, reflecting the region's growth and increasing property demand. By adjusting land allocation rates, revising lease rent payments, increasing FAR, and extending deadlines for lease deed execution and completion certificates, GNIDA is preparing to support more extensive construction and higher population densities. These measures encourage development while providing flexibility and relief to current and prospective property owners, ensuring Greater Noida and Greater Noida West remain attractive for investment and living.
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