Land becomes costlier in Noida as the Authority hikes land allotment rates by 6% Moneycontrol.com
The Noida Authority has decided to raise land allotment rates by six percent in all categories except the commercial and corporate house plots making land costlier in the city, officials aware of the matter said. The rates are being raised due to rising inflation. Currently, the Authority has around 50 land parcels measuring approximately 17,500 square metres (sqm), across categories A, B, and C for residential use.
The decision to hike the land allotment rates was taken at the board meeting of the Authority in Lucknow last week. In the meeting the Authority also approved Rs 7,700 crore budget for the financial year 2024-25. Noida has been divided into six categories for residential land allotment and these include 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 percent 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), the Authority noted.
