Buying The Residential Property In Greater Noida Gets Costlier
Buying a residential property in Greater Noida
, Noida and also the Yamuna Expressway areas has become costlier. In an exceedingly board meeting endured on July twenty five, the 3 development authorities announced a considerable hike within the allotment cost across all categories of land.
The hike comes into impact from later on soon once the authorities publish a proper notice. The Greater Noida and also the Yamuna Expressway authorities have also increased the compensation rate to be offered to farmers for acquisition by 11%.
While in Noida, the allotment rates of group housing, residential and commercial property in Greater Noida are hiked by 10.41%, commercial and industrial land rates are hiked by 15 percent and 8 percent.
In Greater Noida, the allotment rate for land across all categories has been uniformly hiked by 11%. The Yamuna Expressway location has seen the steepest hike in allotment rates as residential property in Greater Noida have gone up by regarding forty percent, while, the allotment rate for industrial and institutional properties are hiked by twenty eight to forty two percent.
The authorities had last hiked the land rates by regarding 12.5% in May, 2011. The rise in costs could be a routine affair meted out every year. It ought to have happened in March. However, because of the model code of conduct in place and also the state elections that followed, the method got delayed. The hike in allotment rates is additionally crucial considering the rise in land prices, inflation rates, etc.
The hike is particularly vital for the Greater Noida Authority that's reeling under a serious money crunch. The hike in rates was essential considering our current funds shortage. The year-old land row has imposed an additional burden on the Authority within the type of enhanced compensation and rehabilitation packages for the farmers who prescribed a compromise. Besides, several development of residential
property in Greater Noida have remained stalled for months.
Already in an exceedingly debt of Rs 4000 crore and several other development projects in limbo in the Noida Extension-Greater Noida location, the Greater Noida Authority had recently written to the Noida Authority requesting for a loan to tide over the crisis.
The hike in allotment rates means residential property in Greater Noida became dearer by a minimum of Rs 5100 per sq m in A category sectors like 14,14A, 15A, 17 and 44 and by Rs 1855 per sq m in E category sectors like 102,115,158. The group housing flats in Greater Noida became costlier by nearly Rs 7000 per sq m within the A category locality and by Rs 4640 per sq m in B category areas.
In the institutional category for IT/ITES properties, patrons can got to shell out Rs 29515 per sq m currently. For residential plots falling within the part II and III areas along the Noida-Greater Noida Expressway, the allotment rates are mounted at Rs 10660 per sq m.
Justifying the steep hike of nearly forty percent in residential and institutional land falling within the Yamuna Expressway Industrial Development Authoritys area, that compared to Greater Noida that they had not increased their land rates. Considering the new Master Plan of 2031 having a bigger expanse of greener areas and a lot of land engross for roads and the residual land for construction and allotment has reduced resulting in the necessity for a increase in land rates.
Meanwhile, the rise in land rates within the 3 areas has invited criticism from many developers. Considering the economic slowdown already being experienced, the hike in land would influence be a counterproductive move for the real estate market. It'll boost the prices for the client and the residential property in Greater Noida becomes costlier.
by: lokeshmanu24
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