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
Tags:
Related News Articles
Mumbai Property Registration Sees 5% Rise in November: Knight Frank
Knight Frank India, a leading real estate consultant, reported a 5% increase in property registrations in Mumbai during November 2023. A total of 9,736 units were registered, highlighting the city's ongoing growth in the real estate sector.
NCR Experiences 61% Surge in Office Absorption Despite 22% Drop in Net Supply in 2024
The National Capital Region (NCR) saw a significant 61% increase in office absorption in 2024, primarily fueled by the robust demand from Global Capability Centers (GCCs) and the technology sector, despite a 22% decline in net supply.
Maharashtra's Housing Dilemma: Encroachers Receive Free Housing
In an unprecedented move, the state of Maharashtra has become the only state in India where encroachers of public land are being provided with free housing. This controversial decision has sparked debates and raised questions about the fairness and long-t
Multiple Factors Behind Pune's Deteriorating Air Quality
Pune's air quality has significantly worsened, influenced by a combination of weather patterns, urbanization, and Diwali celebrations. The city's Air Quality Index (AQI) has surpassed recommended thresholds, raising concerns about public health and sustai
Government to Revise Capital Gains Formula for Real Estate Investors
The government has announced a proposal to modify the capital gains tax formula for real estate investors, providing an option to choose between a 12.5% tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024
Mumbai's Byculla ROB Set for Modern Makeover with Cable-Stayed Bridge by June
Mumbai's Byculla Road Over Bridge (ROB) is set to undergo a significant transformation with the installation of a modern cable-stayed bridge, scheduled to be completed by June. The project aims to alleviate traffic congestion and enhance the city's infras