GNIDA Hiked The Land Allotment Rates In Greater Noida

Buying a property in Greater Noida has become exorbitant because the Greater Noida Industrial Development Authority (GNIDA) has declared a substantial increase in land allotment rates by 10.21%. The hike will be executed from 1^st April, 2014. The allotment rates across Greater Noida will be raised in all categories including residential, commercial, institutional and group housing but the industrial sector in Greater Noida Phase II, will be excluded from the hike as to woo the industrialists, authority has reduced allotment rates by almost 27%.

Harish Verma, the Additional CEO of Greater Noida Authority said, "The increase in prices happens every year. The new per square meter rates will be applicable from April 1, 2014. The hike in allotment rates is crucial considering increase in land costs, inflation rates among other factors."

According to the new rates after the hike, the allotment rates for residential plots have got high by Rs. 2,068 per square meter, while in the commercial area it has been hike by Rs. 4, 099 per square meter. And the rate of institutional properties will be charged from Rs. 11, 589 per square meter in comparison to last year's rates of Rs. 10, 517 per square meter. Harish Verma said, "In developing industrial sectors we have reduced the rate by Rs 2,400 per square meter, bringing down the existing rate of Rs 8,900 per square meter to Rs 6,500 per square meter."

The proposed increase in land allotment rates, has become a periodical feature, which affect buyers and real estate developers of Greater Noida but the developers will also get a benefit from it as they can have an increase in prices of new launches in the future. Because of this hike across Greater Noida, finding an affordable home has become a daunting task for the home buyers. The economy is already in recession, expansion is at its peak and the authority has announced the hike, which surely make a huge difference in the current scenario. As this hike in allotment rates is been seen as extra stress being put upon developers who are already lurching under input cost pressures and high inventory.