The Noida Authority has announced a significant 6% increase in property rates across various categories, effective from Tuesday. This move will impact residential, group housing, institutional, industrial, and data center plots. However, commercial and corporate office plots have been exempted from this increase. This rate adjustment comes as part of the Authority’s broader strategy to manage economic pressures while supporting urban development in Noida.
Affected Property Categories
The rate hike will influence several types of properties, including residential plots, group housing projects, and industrial areas. The Noida Authority has divided its sectors into various categories, ranging from A Plus to E for residential areas and Phases 1, 2, and 3 for industrial regions. All these categories will see a uniform 6% rate increase, impacting transactions like flat purchases, house construction, and the establishment of industrial setups across the city.
For residential land, the new rates for categories B, C, D, and E will now range between Rs 48,110 to Rs 87,370 per square meter, depending on the specific location and category. These changes are expected to push property prices even higher in the already dynamic real estate market of Noida.
Budget Approval for FY 2024-25
In addition to the rate hike, the Noida Authority has approved a budget of Rs 7,700 crore for the fiscal year 2024-25. This budget was finalized in a board meeting held in Lucknow, where the land allotment rate adjustment was also made official. The approved budget highlights the Authority’s commitment to addressing economic challenges while continuing to support the city’s planned urban development.
Future Implications
The recent rate hike is the first since April 2023 and reflects the Authority’s response to emerging economic conditions in the region. With the increased property rates, Noida’s real estate market is expected to continue its upward trajectory. Property buyers and investors should be aware that further rate hikes might be on the horizon as the Authority continues to adapt to economic changes and urban development needs.
