Noida Property News: If you are thinking of taking land in Noida you will have to do it and lose your pocket, the rate has increased by 20-30%

Noida Property News: If you are thinking of taking land in Noida you will have to do it and lose your pocket, the rate has increased by 20-30%

Now, customers will have to pay a little more to buy land in Noida. The Noida authority has raised plot prices by 20-30%. Now in Noida, property has become expensive by 20% in all residential areas except Grade A areas.

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Chief Correspondent, Noida: If you plan to take a plot under the Noida Authority schemes, you will have to lose a little more pocket. Noida Authority has increased the rates for its properties. At the board meeting held on Thursday, it was decided to increase ownership rates by 20-30%. With the exception of category A sectors, real estate has become more expensive by up to 20% in all other categories of residential sectors. At the same time, in some industrial areas, ownership rates have been increased up to 30%. Apart from that, the news of relief for people is that if you make property in your own name by blood, you will not have to pay transfer fees. Previously where thousands of rupees had to be spent on behalf of transfer fees. This has brought great relief, especially to people who wish to share ownership of their children while they are alive so that there is no litigation later. Chairman of the Authority, Arvind Kumar hosted a Board meeting at Sector 6 office. Besides Ritu Maheshwari, CEO of Noida Authority, CEO of Greno Authority and Yamuna Authority and others were present on this occasion .
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According to the decision taken at the board meeting, the land tariff in the residential sectors of the city should be Rs 41,250 per m² in the sectors of category E (the smallest category) and 1.75 lakh per m² in A+ sectors (the largest category). Depending on the width of the roads, these rates are also expected to be higher or lower. Apart from category A+, fares went from category A to category E in the meeting. The price of 1.75 m² category A+ is the same as before, which has remained the same. The rates for multi-family housing plots have also been increased by 20%, whereby now if a builder takes a plot for a new project, he will get it expensive, so obviously he will keep the apartment rate too expensive. Lots of collective housing are available, particularly in developing sectors. There is no room for new multi-unit housing plots in older areas of the city. In addition, the rate of institutional plots has also been increased by only 20%. Apart from this, there was an increase of 20% in phase I and phase III of the industrial category and 30% in phase III. Similarly, there was a 20% increase in IT and ITS Phases I and III and 30% in Phase II. There has been no change in commercial property rates.

Modification of the conditions for allocating plots

Under the authority’s electronic auction program, if someone takes a parcel and deposits the lump sum, they will receive a 2% discount. Apart from this, the plot allocation process will be implemented on the lines of DDA. For this, the authority is preparing to launch the program soon with a detailed plan, in which a candidate will be able to apply for more than one plot but after obtaining one, he will not be involved in the electronic auction of the plot. ‘other. In addition, the percentage of the amount to be deposited at the time of application is also likely to be reduced. At the same time, the builder who takes the land for collective housing will have to deposit all the money within 90 days. The builder will also have to open an escrow account for this project. The detailed report of the flat sale of the project and the cash receipts must be updated every three months. For this reason, neither the authority’s money will be trapped nor there will be chances of getting trapped by buyers. The builder must carry out his project in complete transparency.

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After a long legal battle to complete Jaypee Infratech’s unfinished projects, the security agency was given responsibility, but due to lack of orders from NCLT, work has yet to begin. In the Board of Directors, the authority set December 31, 2025 as the deadline for completing them according to the conditions for allocating the plots. If the time exceeds this time, it will have to be extended by paying a time extension fee. Similarly, other multi-unit housing projects will also have to pay a time extension fee after March 31, 2022. At present, under the conditions for allocating multi-unit housing lots, there was no time limit as to when the project was to be prepared and completed by the authority. Extension fees were only levied in the residential, industrial and institutional sectors.

These are also ownership decisions

  • Those who were unable to build on their land within the time frame due to the outbreak of the Covid epidemic, will be granted a free extension of 6 months. This will be for residences and all other types of plots.
  • From September 1 to November 30, the authority is offering the OTS (Lumpsum Resolution Scheme), under which late registry fees will be waived upon registration.
  • Time extension fees have been reduced for construction in residential and multi-family housing plots. Which for the first year, this charge was reduced from 4 percent to 1 percent of the grant rate. Apart from this, the fees for 2-10 years and over 10 years have also been reduced by 40-50%.
  • From now on, the allocation of land for the installation of a gasoline pump, a CNG pump and an electronic charging station will be done through electronic auctions.
  • The allocation program for businesses located in the city’s bus station and the biodiversity park will be launched soon.
  • The amount to be paid for the purchase of FAR will now also be considered a lump sum.
  • The recipients of industrial grade plots who wish to build a data center on their plot, if they obtain a letter of comfort from the government level, the authority will allow them to build a data center.

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