Recently, the group housing, industrial and institutional plot allotment rates were increased by six percent by the Noida Authority for Financial Year 2024-25. Earlier in April 2023, the authority revised the rates by ten percent across E-category residential plots. All the plots across different categories, excluding commercial ones, witnessed a hike. Prior to this, the land rates in Noida were hiked by 20-30 percent in August 2022.
Let’s delve further into this article to know the latest changes to the land rates in Noida in 2024.
Latest land rates in Noida in 2024-25
In its 214th board meeting on 12 July 2024, the Noida Authority increased the land allotment rates in the city by six percent for the Financial Year 2024-25. With this move, the rates of group housing and industrial and institutional sectors are set to witness a rise. The cost of residential land in Noida has also witnessed an increase of six percent, excluding the ‘A+’ category, where the prices have not changed.
The revised rates further included industrial areas and commercial spaces, particularly impacting prices for IT/ITES sectors.
During its meeting, the authority also discussed some critical issues, which are explained below:
Important matters such as the resolution of legacy stalled projects and implementing the Amitabh Kant committee’s recommendations were discussed. Another crucial decision taken was the approval of proposal to increase the construction duration of the housing projects. Those developers facing delays in their projects due to unforeseen circumstances will now be required to pay 10 percent annual surcharge extension. This is after the initial period of 12 years, extending upto three years.
The extension will be provided only for specific conditions. However, the projects where time extension fee has been paid will not be covered.
The board also accepted a few other initiatives, such as:
- Five percent allocation of residential plots to Noida’s displaced farmers
- Development of green spaces and biodiversity parks in certain sectors
- Approval of new civil work related to an International Golf Course construction in Sector 151, Noida
- Development of a deer park and a biodiversity park in Sector 91, Noida, adhering to every environmental guideline
Previous revisions in land rates in Noida
The Noida Authority previously also made changes in the land allotment rates in April 2023 and August 2022, respectively. Read on to know in detail what changes were made to the prices and how they impacted the buying sentiment in Noida.
Land rates in Noida in April 2023
Earlier in 2023, the authority revised the rates of E-category residential plots by ten percent. Plots in Sectors 102, 115, 158, 162 and all other sectors except the commercial land in Noida experienced the hike. Rates for plots in the A, B, C and D category sectors were increased by six percent, while rates for plots in the A+ categories remained unchanged. The new rates of A, B, C, D and E category at that time stood at Rs 1,11,540 per sq m, Rs 77,750 per sq m, Rs 56,620 per sq m, Rs 47,330 per sq m and Rs 41,250 per sq m, respectively. The allocation rates for group housing, industrial, IT/ITeS and institutional plots were also increased by six percent.
Land rates in Noida in August 2022
Despite the overall 20 percent increase in the land price in Noida city in 2022, residential plots in the A+ category remained the same at Rs 1.75 lakh per sq m. E-category plots also saw a hike from Rs 36,200 to Rs 41,250 per sq m. There was also a 20 percent increase in plot rates for group housing projects, ranging between Rs 51,000 per sq m and Rs 1.3 lakh per sq m.
Institutional plots that are not linked to residential properties, the IT and ITES category, and industrial plots in Phases 1 and 3 witnessed about a 20 percent price hike. The price for Phase 2 has been were hiked by 30 percent. However, there was no increase in the prices of plots in the commercial and residential building categories.
The allottees also got a rebate of two percent if they paid the lump sum amount within a timeline for residential, industrial, IT/ITeS and institutional categories.
How will the hike in land rates affect the homebuyers?
The property market's increasing unaffordability is a worrying sign for potential buyers in the mid-income segment. According to a report by Cushman and Wakefield, the city is witnessing a hike in demand for properties in high-end and luxury segments in 2024. The upcoming Noida International Airport in Jewar is further expected to boost the premium housing sentiment in Noida. Also, with the recent hike in the land allotment rates, buying a property in Noida will become more expensive. This move will likely affect the mid-income homebuyers seeking affordable housing facilities in Noida compared to Delhi and Gurgaon.
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