Greater Noida Approves 5.30% Increase in Land Rates for FY25

The Greater Noida Industrial Development Authority (GNIDA) has announced a significant update regarding land allocation rates for the fiscal year 2024-25. On Saturday, the GNIDA board sanctioned a proposal to augment land allocation rates by 5.30 per cent across various property categories including industrial, residential, commercial, institutional, and builder properties. This decision comes in light of several developmental projects poised to enhance the region's infrastructure and economic landscape.

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Greater Noida and its extension, known as Noida Extension, are set to witness the inception of key projects such as the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub. These initiatives are expected to bolster the region's connectivity and logistical capabilities, thereby increasing its attractiveness to investors and residents alike. The GNIDA has stated that the new rates will be effective from April 1, describing the rate hike as modest.

In a meeting led by UP's Infrastructure and Industrial Development Commissioner Manoj Kumar Singh, with GNIDA's CEO N G Ravi Kumar in attendance, the board also revisited its one-time lease rent payment scheme. Aligning with the Noida Authority's policy, it has been decided that henceforth, 15 times the annual lease rent will be charged for one-time payments, marking an increase from the previous rate of 11 times. This adjustment will be put into effect after a three-month period, during which allottees can still avail of the one-time payment at the old rate. Notably, residential properties are exempt from this revision.

Furthermore, the authority has approved additional Floor Area Ratio (FAR) within 500 metres of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This adjustment in FAR is aimed at facilitating denser development proximate to the metro line, potentially enhancing urban living spaces and commercial activities in the area. The revised FAR values vary across different property types, including residential groups, commercial entities, institutional bodies, entertainment/greenery zones, and IT/ITES sectors.

In an effort to accommodate allottees facing challenges in executing their lease deeds or obtaining completion certificates for their properties, GNIDA has extended crucial deadlines. Allottees now have until October 30, 2024, to execute their lease deeds with a late fee and until June 30, 2026, to secure completion certificates for their residential plots/buildings. This extension is particularly beneficial for residents of sectors such as Alpha, Beta, Gamma, Delta, and Swarn Nagri.

Additionally, the board has addressed the issue of increased plot areas under the farmer population category by setting rates for any additional land up to 10 per cent based on the allocation rates of the nearest residential sector with approval from the Additional CEO. For increases beyond 10 per cent, rates will be determined by the nearest residential sector's allocation rates with approval from the CEO. This measure aims to streamline allocations and address previous challenges encountered due to undefined rates for expanded plot areas.

This suite of decisions by the GNIDA board reflects a strategic approach towards accommodating growth and development in Greater Noida while ensuring fairness and transparency in property allocations and transactions.