In a significant move, the Greater Noida Industrial Development Authority (GNIDA) board convened on Tuesday evening and made the critical decision to raise the minimum rates for various land categories. This new directive considerably impacts the local real estate landscape.
- Residential Rates: Allotment rates have surged from Rs 5,900 per square meter to Rs 10,500 per square meter.
- Group Housing Land Rates: These rates have been adjusted upwards from Rs 5,900 per square meter to Rs 10,000 per square meter.
- Industrial Land Rates: The base rates for industrial plots will now stand at Rs 3,000 per square meter, a sharp increase from the previous Rs 1,400.
- Commercial Land Rates: The minimum rates for commercial properties have risen significantly from Rs 12,000 to Rs 20,000 per square meter.
Overall, the average increase in land rates across Greater Noida is estimated at about 60 to 70 percent, indicating a robust shift in the market. Furthermore, the GNIDA board has taken additional measures to standardize forms for lease deeds pertaining to residential, commercial, and industrial plots.
Lalit Srivastava, the chairman of GNIDA, stated, "When there are auctions for any land, the minimum price will become the reserve price," emphasizing the board's strategy to enhance transparency and bidding processes for land acquisitions.