Buying land in Noida becomes more costly as allotment rates hiked by 6%

Buying land in Noida has become costlier as the Noida Authority decided to raise land allotment rates by six per cent in all categories except the commercial and corporate house plots, it was reported. The rates have been raised amid rising inflation and the Noida Authority has almost around 50 land parcels measuring approximately 17,500 square metres (sqm) across categories A, B, and C for residential use.

The hike in land allotment rates comes after the board meeting of the Noida Authority in Lucknow where the decision was taken as well as the ₹7,700 crore budget for financial year 2024-25 was approved, the report added.

Presently, Noida is divided into six categories for residential land allotment: A+, A, B, C, D, and E. For residential plots, the Noida Authority has increased the prevailing rates for sectors in categories A to E by six percent but the rate for A-plus category residential plots will remain unchanged at ₹1.75 lakh per square metre (sqm).

Land allotment rates in A category sectors (14, 17, 19, 30, 35, 36, 39, 44, 47, 50, 51, 52, 93, 93A, and 93B) have been hiked to ₹1.25 lakh per sqm from existing ₹1.18 lakh per sqm. In B, C, D, and E categories, the land rates range between ₹82,420 and ₹45,380 per sqm currently and after the hike, they will range between ₹87,370 and ₹48,110 per sqm. For group housing properties and plots, the current allotment rates in categories from A to E are ₹1.18 lakh per sqm to ₹65,250 per sqm which have now been increased to ₹1.09 lakh per sqm to ₹69,170 per sqm.

The Noida Authority last increased rates in April 2023. At the time, land rates were hiked by 6-10 percent across categories.

Also Read: More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya