In FY25, the Greater Noida Authority would increase land allocation rates by 5.30%.

NOIDA: An official release states that the board of the Greater Noida Industrial Development Authority (GNIDA) approved a proposal on Saturday to raise land allocation rates by 5.30 percent for the 2024–25 fiscal year.

According to the GNIDA, Greater Noida and Greater Noida West (also known as Noida Extension) will soon see the completion of several development projects, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub.

Each financial year’s property allocation rates are set in light of these development projects. The board has authorized the proposal to raise the current allocation rates by 5.30 percent for builder, commercial, institutional, residential, and industrial properties for the fiscal year 2024–2025.

“In this regard, the finance department will shortly issue an office order. The 5.30 percent rate increase was described as “modest” by the GNIDA, which stated that the higher rates would be effective as of April 1.

During a meeting presided over by GNIDA CEO N G Ravi Kumar and UP’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh, the board also authorized the amendment of its one-time lease rent payment program, which excludes residential properties.

Comparable to the Noida Authority, the board of the Greater Noida Authority has determined to impose a one-time lease rent payment of fifteen times the annual lease rent. This was eleven times the yearly lease rent previously, the statement said.

“But in three months, this ruling will come into effect. Allottees may pay a one-time lease rent payment at a rate equal to eleven times the yearly lease fee during this time. Residential properties will not be affected by this adjustment and will carry on with business as usual,” the statement continued.

A 500-meter radius around the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West has received approval from the authority board for an enhanced Floor Area Ratio.

“This includes a further FAR of 0.5 for residential groups, 0.2 for commercial, 0.2 to 0.5 for organizational, 0.2 for entertainment/greenery, and 0.5 for IT/ITES,” the GNIDA stated.

A higher FAR permits more buildings to be built on a given plot, boosting the area’s population density.

A considerable amount of relief has also been given by the board to allottees who, for a variety of reasons, have not yet completed their residential plots or buildings or executed their lease agreements.

“The board has decided to prolong the due dates for acquiring completion certificates until June 30, 2026, and for leasing deed execution with a late charge until October 30, 2024.

Allottees in regions such as Alpha, Beta, Gamma, Delta, Swarn Nagri, etc. now have an additional chance to comply. The GNIDA stated that the allotments will be canceled after these deadlines.

In addition, rates have been established by the board for the expanded area of plots assigned to the farmer population group.

With approval from the Additional CEO, the price will be determined using the allocation rates of the closest residential sector if the plot’s area grows by up to 10%. If the increase is greater than 10%, the CEO will approve the price determination method based on that of the closest residential sector.

The statement stated that “previously, the lack of set rates for the increased area caused difficulties in allocation.”