Noida, 12th August, 2022: Purchasing residential, industrial, institutional, or group housing plots in Noida will be more costly now as the Noida Authority has increased the cost of these plots of land by 20-30%, implying that houses in the city will become more expensive.
The authority approved over 20 proposals for revising land rates in Noida for the fiscal year 2022-23 on Thursday.
With the new rates, prices in the residential sector have increased by 20%. However, prices in affluent areas such as Sector 14-A, 15-A, and Sectors 44 A and B blocks have not been raised.
According to Noida Authority CEO Ritu Maheshwari, the rates for Grade E residential plots have been raised from Rs 36,200 to Rs 41,250 per square metre.
Prices for grades A, B, C, D sectors and institutional land have increased by 20%, while industrial plots in Phases 1 and 3 have increased by 20%.
Meanwhile, the authority has granted JP Infratech a six-month extension to complete the plot in light of the coronavirus pandemic. If the previous extensions are added, the total time would be a year.
Several projects are running behind schedule because construction activities were halted due to the pandemic.