Greater Noida, India — The Greater Noida Industrial Development Authority (GNIDA) has greenlit a 5.30% rise in land allocation rates for the upcoming fiscal year, according to an official statement released Saturday.
As reported by Business Today the decision, announced after a meeting chaired by Uttar Pradesh’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and GNIDA CEO N G Ravi Kumar, aims to accommodate the area’s expanding infrastructure projects. These include the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub, which are set to boost demand for industrial, residential, commercial, and institutional properties.
The rate hike, described as “modest” by GNIDA officials, will take effect from April 1, pending the issuance of an office order by the finance department.
Key Changes in GNIDA’s Policy
Lease Rent Adjustment
Effective three months from now, GNIDA will adjust its one-time lease rent payment scheme, increasing charges for non-residential properties from 11 to 15 times the annual lease rent. This move is expected to impact cost structures in the commercial and industrial sectors.
Additional FAR Approval
The GNIDA board also approved an increase in Floor Area Ratio (FAR) within 500 meters of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes additional allowances ranging from 0.2 to 0.5 FAR for residential, commercial, institutional, and IT/ITES properties, aiming to optimize land use efficiency and accommodate future growth.
Relief Measures for Allottees
Recognizing operational challenges faced by allottees, GNIDA extended deadlines for lease deed execution with late fee waivers until October 30, 2024, and completion certificate procurement until June 30, 2026, for residential plots/buildings in designated sectors like Alpha, Beta, Gamma, Delta, and Swarn Nagri.
Pricing Adjustments for Increased Plot Areas
GNIDA clarified pricing for increased areas in plots allocated under the farmer population category, basing rates on nearby residential sector allocations with oversight from the Additional CEO. This step aims to streamline processes and enhance transparency in land allocation.
Market Outlook
The decision to increase land rates underscores GNIDA’s proactive stance amid rapid urbanization in Greater Noida. Stakeholders are advised to monitor further regulatory developments closely to capitalize on emerging opportunities in the evolving real estate landscape.
Conclusion
In conclusion, GNIDA’s decision to hike land allocation rates amidst significant infrastructural projects underscores its commitment to sustainable development and proactive governance. As the region braces for transformative growth, stakeholders are encouraged to navigate evolving regulatory landscapes with foresight and strategic acumen.
For more updates and insights on Greater Noida’s real estate market, stay tuned to authoritative sources and regulatory announcements.