If you are planning to buy land in Noida, you have to shell out more money now. The Noida Authority has decided to raise land allotment rates by six per cent in all categories except the commercial and corporate house plots, MoneyControl reported quoting officials aware of the matter. The decision is talent due to rising inflation.
Noida is divided into six categories for residential land allotment -- A+, A, B, C, D, and E. For residential plots, the Authority has increased the prevailing rates for sectors in categories A to E by six per cent for FY 2024-25. However, the rate for A-plus category residential plots will remain unchanged at Rs 1.75 lakh per square metre (sqm).
Land allotment new rates
According to Noida Authority officials, the 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 Rs 1.25 lakh per sqm from existing Rs 1.18 lakh per sqm. The land rates in B, C, D, and E categories range between Rs 82,420 and Rs 45,380 per sqm. After the hike, these land rates will now range between Rs 87,370 and Rs 48,110 per sqm.
For group housing properties and plots, the current allotment rates in categories from A to E are Rs 1.18 lakh per sqm to Rs 65,250 per sqm. Now after the six per cent hike, these land rates will be increased to Rs 1.09 lakh per sqm to Rs 69,170 per sqm, a Noida Authority official said. The last time the Authority increased rates was in April 2023 when land rates were hiked by 6-10 percent across categories.
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