Noida Authority Hikes Land Allotment Prices by Six Per Cent

The Noida Authority has approved a six per cent increase in land allotment prices for the financial year 2024-25, influencing group housing, institutional, and industrial sectors. Additional discussions included resolving stalled projects and implementing green initiatives, with key focus areas covered in the 214th board meeting chaired by UP Chief Secretary Manoj Kumar Singh.

The Noida Authority has announced a six per cent increment in land allotment prices for the financial year 2024-25 following its 214th board meeting on Friday. This adjustment impacts group housing, institutional, and industrial sectors. The announcement was made during a board meeting chaired by UP Chief Secretary and Authority Chairperson Manoj Kumar Singh, attended by various senior officials and board members.

An official statement clarified that the allotment prices for different types of land have been increased, excluding residential plots in the A+ category where the prices remain unchanged. The rate adjustments extend to industrial areas and commercial usage, particularly affecting the IT/ITES sectors. The meeting also addressed critical issues like resolving legacy stalled projects and implementing recommendations from the Amitabh Kant committee to protect home-buyers' interests and expedite the completion of delayed projects. Following these recommendations, the Uttar Pradesh government instituted a policy aimed at reviving stalled projects.

Progress under this policy includes 27 out of 57 projects successfully utilising scheme benefits, covering about 47 per cent of the total developments, with completed registration for these projects as of June 18, 2024. The Authority anticipates receiving Rs 830 crore within a year for the remaining 75 per cent of the funds, enabling the registry of approximately 3,000 flats. The board also approved an extension of the construction period by up to three additional years for delayed projects, subject to specific conditions. Other initiatives included allocating residential plots for displaced farmers, developing green spaces, and forming a committee to study new Sustainable Development and Building Regulations.