Noida Authority annonces 5% rate hike for land near metro stations at Noida-Greater Noida Expressway

Noida : Residential plots near metro rail line and the expressway will now cost more by at least 5 per cent, while land rates for group housing society and institutional plots have also been raised by at least 7 per cent, the Noida Authority announced on Friday.

The decision was taken during the 197th board meeting of the New Okhla Industrial Development Authority (NOIDA) held here and attended by its chairman Alok Tandon, CEO Ritu Maheshwari, among others.

Land rates have not been altered since 2016-17 but in view of increased expenditure in land acquisition, development and maintenance in 2019-20 it has been decided that rates of commercial plots with floor area ratio (FAR) 2 will be reduced by 15 per cent, while those with FAR 4 will remain unchanged, the authority said.

The authority said it has approved a proposal for developing a golf course, a club and a multi-purpose open space with a place for adventure sports and other tourist attractions like restaurant in a 120 acre land in Sector 151.

A helipad will also be developed in public-private participation model on a 10-acre land in the sector, it added.

It also approved a proposal for the Noida Convention and Habitat Centre for which land has been identified in sector 94. The Convention and Habitat Centre will have two auditoriums with a seating capacity for 2,505 and 750 people, respectively.

It will also have six banquet halls, a hotel with 150 rooms, an art gallery and an open-air theatre, retail space and space for exhibitions with all facilities.