Board Approval and Rate Hike
People aiming to establish industries in Greater Noida will encounter increased costs, as confirmed by officials within the Greater Noida Industrial Development Authority (GNIDA). The GNIDA board, in a recent meeting chaired by Manoj Kumar Singh, Uttar Pradesh’s Industrial Development Commissioner and Chairman of Noida and Greater Noida Authorities, sanctioned a noteworthy 12 percent hike in the rates of industrial plots.
Revised Plot Rates
According to a senior GNIDA official, the board’s decision encompasses a 12 percent rise in rates for industrial plots spanning up to 20,000 square meters. The revised rates, set to be formally notified soon, specify an increase to Rs 29,238 per sq m for plots up to 1,000 sq m, while plots between 1,001 sq m to 20,000 sq m will see rates elevated to Rs 23,975 per sq m.
Reasoning Behind the Increment
The official indicated that this increase stems from a modification in the land allotment procedure. Previously conducted through e-auctions, the Uttar Pradesh government has shifted the allotment criterion towards interviews and objective parameters like company profile, turnover, and work experience. As a result, industrial plot rates have surged by 12 percent.
This year marks the second instance of industrial plot rate increments. In April, there was a 4.42 percent elevation in land allotment rates for industrial and data center category plots. Presently, industrial plot allotment rates in Greater Noida range from Rs 14,097 to Rs 26,105 per sqm, contingent on the area and plot size.
Diverse Plot Rates
Distinguishing between plot types, residential plots fall between Rs 29,900 and Rs 39,000 per sq m, commercial plots from Rs 52,000 to Rs 75,000 per sq m, IT plots from Rs 15,000 to Rs 30,000 per sq m, and institutional plots from Rs 13,000 to Rs 22,500 per sq m.