The Noida Authority has approved a 6% increase in land allotment rates for residential and industrial plots, effective from the financial year 2024-25. This decision accompanies a budget approval of INR 7,700 crore for the upcoming year. The hike affects residential plots in categories A to E, with prices ranging from INR 1.25 lakh to INR 48,110 per square metre. Group housing and industrial plot rates have also risen by 6%, impacting developments across the region.Officials attribute the increase to inflation and anticipate generating substantial revenue to support ongoing development projects in Noida.
The Noida Authority has announced a 6% increase in land allotment rates for residential and industrial plots, effective for the financial year 2024-25. This decision comes alongside a recently approved budget of INR 7,700 crore for the upcoming year.
The price hike will affect residential plots in categories A to E, with the exception of A+ category plots which will maintain their current rate of INR 1.75 lakh per square metre. For example, residential plots in category A (sectors 14, 17, 19, etc.) will see an increase from INR 1.18 lakh to INR 1.25 lakh per square metre. Similarly, plots in categories B, C, D, and E will experience a price rise, with the new range falling between INR 87,370 and INR 48,110 per square metre.
The price increase extends to group housing projects and industrial plots as well. Land allotment rates for group housing properties will now range from INR 1.09 lakh to INR 69,170 per square metre. This is a 6% increase from the previous range of INR 1.18 lakh to INR 65,250 per square metre.
Officials cite rising inflation as the primary reason for the land price hike. The additional revenue generated, estimated at INR 7,700 crore, is expected to contribute to Noida's ongoing development projects. The Noida Authority currently has approximately 50 land parcels available for residential use across categories A, B, and C, totaling roughly 17,500 square metres.
This is not the first time Noida has adjusted land allotment rates in recent years. Previous hikes occurred in April 2023 (6-10% increase) and August 2022.
Overall, the land price increase of 6% is expected to impact the cost of residential and industrial projects in Noida. While the long-term effects remain to be seen, this move could influence future developments and potentially impact affordability for buyers.
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