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Noida sector rates shoot up. Authority Increases Residential Land Rates By Up To 80%.

The New Okhla Industrial Development Authority (Noida) has hiked the sector rates of residential land in the city by an average of 70% to 80%.

The sector rates, the minimum official allotment price of Noida for such property, and the rate to which the transfer fees on property will now relate, have also been hiked for group housing land and other categories of land including commercial, industrial and institutional.

Noida spokesperson P D Sharma said the new sector rate for category A land, including Sectors 14A, 15A, 17 and 44 is now Rs 38,900 per square metre against the earlier Rs 22,100 per square metre.

For category B, comprising Sectors 14, 15, 19, 21, 25-30, 33, 35-37, 39, 40 and 51 the new rate is Rs 27,800 against the earlier Rs 15,800. For category C property, comprising Sectors 20, 23, 31, 33, 34, 41-43, 46-50, 52, 53, 61, 71 and 92, the new rate is Rs 16,750 against Rs 9,500 per square metre. In category D, comprising Sectors 11, 12, 22, 55, 56, 72, 105 and 108 the rate has been hiked from Rs 8,000 to Rs 14,100. And, for category D land, the new rate is Rs 13,200 against the earlier Rs 7,500.

The new transfer fee for land under the respective categories is now Rs 1940, Rs 1590, Rs 1060, Rs 880 and Rs 800 per square metre. Sharma said that the new Sector rates for group housing land are Rs 50,000 for category A, Rs 32,000 for B, Rs 27,000 for C, and Rs 19,000 for E per square metre. These have also gone up from the previous rates by about 70 per cent.

For institutional land, Phase I (Sectors 1, 16A and 24) the rates are now Rs 18,000 per square metre and for Phase II and Phase III (along the Noida-Greater Noida expressway the new rate is Rs 6,500 per square metre. For land for IT units in Phase II, rates have been reduced by Rs 4,900 per square metre, as per state policy to encourage the sector. For schools and colleges, the rate in the residential sectors is the same as that for residential land, and in institutional sectors the same as that for institutional land.

Sharma said land for industrial use has also been hiked by an average of about 70 per cent.

Source: TimesofIndia