Land rates climb by up to 30 per cent in Noida - property in Mumbai

Land rates climb by up to 30 per cent in Noida - property in Mumbai

A substantial increase in land allotment rates was announced on Monday by all three development authorities under Gautam Buddh Nagar.

The Noida Authority announced an increase in rates between 15 to 30 per cent and the Greater Noida Authority declared a raise of 8.53 per cent. The Yamuna Expressway Authority raised land allotment rates between 14 and 18 per cent.

The hike was announced at the 179th Board Meeting of

the three development authorities on Monday.

Senior Noida Authority officials said the increase in rates

was based on the rise in demand for property in the national capital region.

"With dearth of space in Delhi, there will be a huge boom in the real estate of the region. The change in rates has been undertaken after several surveys of real estate prices and current markets," an official of Noida Authority said.

When asked why Greater Noida kept the increase in rates lower than Noida and Yamuna Expressway, an official of Greater Noida Authority said: "This is a reflection of the market situation in Greater Noida. The Noida Extension is still reeling under buyer trouble, and is beset by farmer trouble. Farmers have appealed against the land acquisition in the Supreme Court, and, therefore, the investor confidence is not high. The land allotment rates are merely reflections of the real estate markets."

Noida Authority officials said the incoming revenue from the increased land allotment rates would help in developing the area. "The increased revenue will be a boost for development projects in the area. According to our budget outlay, Rs 4,215 crore has been allocated for development in the Noida area alone," Rama Raman, CEO of the Noida and Greater Noida Authority, said.