Board of Noida authorities approves a 10% increase in land prices.

NOIDA: The allotment rates for residential, group housing, and institutional plots were raised by 6% to 10% by the Noida Authority on Sunday. However, there was no adjustment in the rent for either the Authority-built apartments or the commercial properties it was leasing.

On Sunday, the Authority’s board of directors authorised the decision to raise the land charges. Manoj Singh, the Authority’s commissioner for infrastructure and industrial development, presided over the meeting.

The Authority has updated land tariffs twice in the last eight months. The allotment rates were raised by 20–30% in August of last year. However, during the pandemic’s first two and a half years, there was no change in the rates.

Residential plots in the E category experienced a maximum rise of 10% on Sunday. Plots in sectors 102, 115, 158, 162, and every other sector outside commercial ones are included. The prices for plots in the A, B, C, and D category sectors increased by 6%, but the rates for plots in the A+ category remained unchanged.

The rates of allotment for institutional, industrial, IT/ITES, and group housing plots were also raised by 6%.

It was also decided at the Sunday meeting to increase the Authority’s budget by about 40% this year. Compared to the 4,579 crore allocated previous year, the board authorised a budget of Rs 6,503 crore. Additionally, the Authority raised its revenue goal by 40% to Rs 6,920 crore.

Both the income and the expenditure in the most recent fiscal year exceeded the Authority’s goal. In 2022–2023, the Authority collected Rs 6,481 crore as opposed to the aim of Rs 4,880.6 crore. In addition, it spent Rs 4,990 crore instead of the Rs 4,579 crore budget.

The allocation of plots through online auctions, according to officials, was the primary factor in the increased revenue. The gap between the goal and the actual result was the largest in in a decade, according to the officials.

The Authority has set aside Rs 500 crore this year for land acquisition, and Rs 1 billion would be spent on plots in New Noida (the Dadri-Noida-Ghaziabad investment region).

A corpus of Rs 1,906 crore was authorised for building and development work. According to officials, this includes work on the Noida-Greater Noida Expressway’s two underpasses, the Chilla and Bhangel elevated highways, the Authority’s administrative building in Sector 96, and a few other sectors.

The development of rural areas, which includes road maintenance and urban maintenance work, was also funded with Rs 141 crore.

The discussion also covered the Authority’s involvement in airport construction in Noida. According to officials, the Authority made a total of Rs 1,830 crore available for the airport project up till December of last year, based on its 37.5% share.

The Authority also contributed its fair part, or Rs. 1,467 crore, to the total estimated cost of Rs. 3.913 crore for the purchase of private land.