New property rates in NCR
The Noida Authority has approved of hike in land rates by 20-25%. The board also cleared way for fresh draw of plots for the infamous residential scheme of 2004, while the matter is still pending in court.
The Noida Authority has approved hike of land rates of residential, industrial and institutional plots by 20-25%. Fresh rate hikes would be announced soon, said Mohinder Singh, chief executive officer, Noida Authority. According to him, other major decision approved by the board was the reversal of July 2007 board order in respect of residential plot categories of A, B, C under which allotment was only through auction.
At the same time, Greater Noida Authority is bringing down these rates. The Authority approved the rational rates formula, thereby decreasing land rates of institutional and industrial plots by 30%.
During the last board meeting all land rates were hiked by 70-80% due to hike in land compensation rate, informs Lalit Srivastava, chairman and chief executive officer of Greater Noida Authority. Under the new rational formulae approved by the board, rates of institutional and industrial plots bigger than 5 acre would be cheaper by 30%.
Residential land rates have been hiked from Rs 5900 to Rs 10,500 per sq m. Srivastava announced major overhauling of Noida and Greater Noida for Commonwealth Games 2010. We have decided to spend Rs 9000 crore for development of Noida and Greater Noida this financial year, says Srivastava.
The board approved Rs 4009 crore for year 2008-09. Keeping in view the Commonwealth Games several development projects have been planned for the city and Rs 3918 crore would be spent for that. This was necessitated due to hike in land compensation rates which are now Rs 1000 per sq m in Noida for developing villages on a par with other sectors.
Rural development fund has also been hiked from Rs 16 crore to Rs 55 crore for electricity infrastructure such as sub-stations of 220 KV and other capacities, Rs 40 crore has been earmarked in the budget. The land rates hike proposal in Noida was however not approved by the board. It has asked for a revision in costing. Rates were proposed to be hiked in view of hike in land compensation.
Rs 300 crore has been approved for the land acquisition and Rs 200 crore for development. As the authority has no funds, Rs 500 crore would be provided by Greater Noida Authority and Rs 1000 crore by the Noida Authority, which would be used for the land acquisition and development purposes.
The migration trend which has started with the IT and software companies moving to Noida and Greater
Noida is now being followed by people looking for quality of life.
In all developed sectors, the hike may go up to 50%, say sources. The hike was necessitated to meet capital projects like Metro, bus services and flyover projects.
To keep the traffic free, about 10 to 15 more flyovers are being planned. The commercial and hotel plots are offered on lease hold basis for ninety years and are located in Sectors 44, 51, 52, 62, 71, 72, 98, 135 and 142, in Noida.
The emerging sub-city is being developed. The roads, water supply and basic amenities have been developed with lot of planning, considering comfort as prime factor and this in turn has attracted investment in the city.
Polluting industries have been prohibited from setting shop here. J B Kramchandani, vice president, Parsvnath Group, says that even for those allowed in, the authority not only ensures speedy clearance and approvals but also provides incentives to promote early commissioning of projects, due to which the city has become a favourite choice of the investors, both domestic as well as multi-national.
The Noida Authority has approved hike of land rates of residential, industrial and institutional plots by 20-25%. Fresh rate hikes would be announced soon, said Mohinder Singh, chief executive officer, Noida Authority. According to him, other major decision approved by the board was the reversal of July 2007 board order in respect of residential plot categories of A, B, C under which allotment was only through auction.
At the same time, Greater Noida Authority is bringing down these rates. The Authority approved the rational rates formula, thereby decreasing land rates of institutional and industrial plots by 30%.
During the last board meeting all land rates were hiked by 70-80% due to hike in land compensation rate, informs Lalit Srivastava, chairman and chief executive officer of Greater Noida Authority. Under the new rational formulae approved by the board, rates of institutional and industrial plots bigger than 5 acre would be cheaper by 30%.
Residential land rates have been hiked from Rs 5900 to Rs 10,500 per sq m. Srivastava announced major overhauling of Noida and Greater Noida for Commonwealth Games 2010. We have decided to spend Rs 9000 crore for development of Noida and Greater Noida this financial year, says Srivastava.
The board approved Rs 4009 crore for year 2008-09. Keeping in view the Commonwealth Games several development projects have been planned for the city and Rs 3918 crore would be spent for that. This was necessitated due to hike in land compensation rates which are now Rs 1000 per sq m in Noida for developing villages on a par with other sectors.
Rural development fund has also been hiked from Rs 16 crore to Rs 55 crore for electricity infrastructure such as sub-stations of 220 KV and other capacities, Rs 40 crore has been earmarked in the budget. The land rates hike proposal in Noida was however not approved by the board. It has asked for a revision in costing. Rates were proposed to be hiked in view of hike in land compensation.
Rs 300 crore has been approved for the land acquisition and Rs 200 crore for development. As the authority has no funds, Rs 500 crore would be provided by Greater Noida Authority and Rs 1000 crore by the Noida Authority, which would be used for the land acquisition and development purposes.
The migration trend which has started with the IT and software companies moving to Noida and Greater
Noida is now being followed by people looking for quality of life.
In all developed sectors, the hike may go up to 50%, say sources. The hike was necessitated to meet capital projects like Metro, bus services and flyover projects.
To keep the traffic free, about 10 to 15 more flyovers are being planned. The commercial and hotel plots are offered on lease hold basis for ninety years and are located in Sectors 44, 51, 52, 62, 71, 72, 98, 135 and 142, in Noida.
The emerging sub-city is being developed. The roads, water supply and basic amenities have been developed with lot of planning, considering comfort as prime factor and this in turn has attracted investment in the city.
Polluting industries have been prohibited from setting shop here. J B Kramchandani, vice president, Parsvnath Group, says that even for those allowed in, the authority not only ensures speedy clearance and approvals but also provides incentives to promote early commissioning of projects, due to which the city has become a favourite choice of the investors, both domestic as well as multi-national.