Property Price- Big Shock for Homebuyers! Noida Authority Hikes Property Rates by 11%

Property Price: The aspiration to purchase a home, plot, or industrial land in Noida has just become pricier. The Noida Authority has raised the allotment rates for residential, industrial, institutional, and group housing properties by as much as 11 percent. These new rates took effect on Thursday. Consequently, all new allotments by the authority will now be at these elevated prices.

It’s important to mention that in recent years, the authority has generally raised rates by 5 percent, but this time the maximum hike is 11 percent. This could pose an even greater challenge for middle-class individuals looking to buy property in Noida. With property prices already on the rise, this decision will add further strain to buyers’ finances.

What prompted the rate increase?

According to officials from the authority, the decision to raise property prices stems from increased development costs and higher expense charges. The new rates will impact not only new purchases but also property transfer fees, meaning that transferring property will now be more costly.

Industrial plots have also seen a price hike

The prices for industrial properties have been increased by up to 11 percent as well. In Phase 1, the new allotment rate for industrial plots up to 4,000 square meters is set at Rs 55,880 per square meter. In Phase 2, the fee for plots larger than 60,000 square meters is now Rs 20,000 per square meter.

Commercial property prices stay unchanged

On the other hand, the authority has not altered the rates for commercial properties this time around. Officials indicate that there is a declining interest in purchasing commercial properties, which is why prices were not adjusted. In residential areas, the rate for EWS and Shramik Kunj buildings has been established at Rs 10,140 per square meter. This is anticipated to offer some relief to lower-income groups. According to

the Noida Authority , this decision was made due to the consistently high bids for plots in the e-auction. An 11 percent increase has also been made in the rates for industrial properties. In Phase 1, the allotment rate for industrial plots up to 4,000 square meters will start at Rs 55,880 per square meter. In Phase 2, the fee for plots larger than 60,000 square meters will be Rs 20,000 per square meter.

Greater Noida Authority also increased the prices

The Noida Authority stated that rates for commercial properties have not been increased. It has been observed that people are still reluctant to purchase commercial properties, so the increase has been made only for residential, institutional, and industrial plots. It should be noted that this month, the Greater Noida Authority also announced a property rate increase of approximately 3.5 percent.