Noida Authority Hikes Land Allotment Prices by 6% to Boost Revenue
The Noida Authority has increased land allotment prices by 6% for the financial year 2024-25, impacting group housing, institutional, and industrial sectors. Get the latest real estate news and updates.
Noida AuthorityLand Allotment PricesReal Estate NewsUttar Pradesh GovernmentGroup HousingInstitutional And Industrial SectorsReal Estate NewsJul 12, 2024
The new rates will apply to residential plots, except in the A+ category, where prices remain unchanged. The adjustment also affects industrial areas and commercial usage, specifically the rates for the IT/ITES sectors.
The board meeting focused on several critical issues, including the resolution of legacy stalled projects and the implementation of recommendations from the Amitabh Kant committee. The primary objective of this committee was to protect the interests of homebuyers and ensure the completion of delayed projects.
Following the committee's recommendations, the Uttar Pradesh government adopted a policy to revive stalled projects in a timely manner. So far, 27 out of 57 projects under this policy have successfully utilized the scheme's benefits, covering approximately 47% of the total developments.
The Authority expects to receive Rs 830 crore within a year for the remaining 75% of the funds, paving the way for implementing registry of approximately 3,000 flats in these projects. Another important decision was the approval of a proposal to extend the construction period for housing projects. Developers facing delays due to unforeseen circumstances will now have a 10% annual surcharge extension beyond the initial 12-year period, up to a maximum of three years.
Additional initiatives approved by the board include allocating 5% of residential plots for the displaced farmers of Noida, developing green spaces and biodiversity parks in specified sectors, and approving new civil work for the international golf course construction in Sector-151.
The board also approved forming a committee to study and report on the new Sustainable Development and Building Regulations (SDBR-2023) prepared by the Bureau of Indian Standards (BIS) of the Centre.
Frequently Asked Questions
What is the percentage increase in land allotment prices by the Noida Authority?
6%
What are the sectors affected by the new land allotment prices?
Group housing, institutional, and industrial sectors
What is the primary objective of the Amitabh Kant committee?
To protect the interests of homebuyers and ensure the completion of delayed projects
How many projects have successfully utilized the scheme's benefits under the new policy?
27 out of 57 projects
What is the expected revenue for the Noida Authority from the remaining 75% of the funds?
Rs 830 crore within a year
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