Blog Details

For the financial year 2024-25, Noida Authority has increased land allotment rates by 6%. This is the first time in the last three years that the Authority has raised rates. They expect to earn an additional Rs 1000 crores from this hike, which will be utilized for infrastructure development projects in Noida.

The Authority clarified this increase by stating that land prices in Noida have been rising in recent years. They also mentioned that the increase is essential for the development of the city.

In Noida, this hike is expected to impact the real estate market in different ways. On the one hand, it could make housing more expensive for buyers. On the other hand, it could also lead to an increase in demand for land, driving up prices even further.

Overall, the increase in land allotment rates is a positive development for the Noida Authority, as it helps finance infrastructure development projects. However, it will also affect the real estate market.

Details of the Price Hike

The increase in allotment prices includes a six percent rise for all land types, including residential plots, according to an official of the Authority. However, the rates for the A+ category residential plots have been kept unchanged. The price revision also includes industrial and commercial uses, impacting rates for the IT/ITES sector. This decision aligns with price adjustments based on global economic conditions to ensure the financial stability of the Authority and sustain its development.

Additional Initiatives and Approvals

The board also approved several initiatives to boost Noida's infrastructure and development support:

• Allotment of Residential Plots for Displaced Farmers: Five percent of the total residential plots will be reserved for farmers displaced from Noida. This ensures their rehabilitation and participation in the region's growth.
• Green Spaces & Biodiversity Park Development: Some sectors will see the development of green spaces and biodiversity parks, adding to environmental sustainability and improving the residents' living environment.
• International Golf Course Construction in Sector-151: The Authority approved new civil work for the construction of an international golf course, further enhancing Noida as a prime real estate location.
• Development of Deer Park and Biodiversity Park in Sector-91: This project will comply with environmental regulations, supporting ecological stability and providing recreational spaces for citizens.

Conclusion

These decisions taken by the Noida Authority are strategic steps toward reviving real estate in the region. Both developers and homebuyers are expected to be significantly affected by the increase in land allotment prices, along with extended construction periods and the launch of green initiatives. The aim is to ensure balanced real estate growth, timely project completion, and sustainable urban development in Noida. With these changes, Noida is set to attract investment and establish itself as a key real estate destination.