According to the latest news in real estate industry, Greater Noida properties are getting costlier as in the board meeting in last week, the GNIDA (Greater Noida Industrial Development Authority has announced about the 10.21% of hike in the allotment price across all varieties of land in the city. This hike will be applicable from April 1 this year and the formal notice will be coming soon officially.
According to the officials "official rates across all categories (except Greater Noida Phase-II) have been hiked by 10.21 %. The Chairman and CEO of GNIDA Mr. Rama Raman said "Plots in Phase II will be cheaper by almost 27%".
Last year in May 2013, the authority had increased the rates of the land by 8.53% and as per the trends, the hike is happening every year and this time the new per square meter rates will go to be applicable from April 1, said Harish Verma, CEO, Greater Noida Authority. Further they told that the hike in the allotment rates is crucial considering increase in the land costs, inflation rates among other factors.
As many of others, you might also probably thinking about why this is happening. The hike is actually important for GNIDA as it is facing big cash problems and in past 2 years the authority and farmers have faced some clashes and this caused extra burden on GNIDA in the form of enhanced compensation and rehabilitation for the farmers. GNIDA also says that there is several real estate development Projects in greater Noida already stuck due to such problems.
As per the new rates, the Residential plots in greater Noida got dearer by almost 2068 per sq. meter. While for commercial and extra Rs. 4099 per sq. meter will be charged. The institutional plots will be priced Rs. 11,589 per sq. meter as compared to Rs. 10,517 per sq. meter.
Mr. Verma said "we have excluded the new developing industrial sectors from the hike to give the boost to the industry. In the developing industrial sectors, we have reduced the rate by Rs. 2400 per sq. meter, bringing down the existing rate of Rs. 8,900 to Rs. 6,500 per sq. meter.
There was sweet and sour reaction among developers upon this hike. Some says booking rates will go up now while others said that property in Greater Noida will still be affordable compared to other regions in the NCR. Rates did not slip even when there was a slump and there is strong possibility of a steep hike in rates after Lok Sabha polls. Market is in the revival stage and if the buyers delay in buying the property then they might have to pay the extra cost at that time so it’s the right time.
If you are planning to buy residential properties in Greater Noida then hurry up and book your flats before the price rises.
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